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Donald Morrison: Oh, the bold new world of Bitcoin Local News

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My wife and I talked about it, and when she dies, she will turn me into an unpleasant sign.

Not entirely sure what this is, but do you know that an NFT, as it is called, was sold at a Christies auction in Mars for $ 69 million.

Okay, I saw it: A non-volatile token is an asset registered in a cryptocurrency block. E more?

Almost anything can be turned into an NFT, from sneakers (Nikes CryptoKicks) to music albums (When You See Yourself by Kings of Leon) to corpses. It’s easy. Simply upload a digital file of your asset to an NFT and Bobs entrepreneur website.

The $ 69 million digital file sold to Christies was a work of art created by an artist named Beeble. As with all NFTs, the blocked wrinkle guarantees that the item will remain uniquely unique and harmless, i.e., non-transferable, except under certain conditions. So, when my body is associated with NFT, my wife will be a rich woman.

Our NFT madness is proof that this whole cryptocurrency thing is getting out of control. You’ve heard of Bitcoin, the first and, by far, the largest of the race. It’s a kind of digital wampum that you can send to someone electronically, without the need for intermediaries, like banks. Transactions are verified through computer-coded code and recorded, anonymously, in a publicly distributed book called a blockchain.

This last feature, which ensures an open and decentralized record of each exchange, is being adopted by industries such as banks and supply chain management. But, its biggest use so far is keeping Bitcoin and its many imitators.

So far, Bitcoin worth nearly $ 700 billion is in circulation. In fact, the currency does not circulate much, except speculation. But, quite a few people believe in Bitcoin to give it a visible value.

Trust, in fact, is the foundation of a modern currency, which like the US dollar has no intrinsic value. In other words, it is not supported by something real, such as gold or silver, but by the credibility of the issuing authority.

This is one reason Bitcoin was created. In 2009, an unknown person or group using the name Satoshi Nakamoto issued a digital currency that could not be controlled by governments. In fact, it is not really controlled by anyone except a bunch of computer algorithms and volunteer geeks.

Partly because it lacks a central bank, Bitcoin shakes a lot against the dollar. Life started worth a few cents, reached an all-time high of $ 64,000 in April and has since dropped by almost half. Digital currencies are risky, but people have made a fortune by buying little and selling a lot.

Or just being held. Because supply is limited by its algorithms, Bitcoin has a shortage value somewhat similar to that of gold. Thus, many holders see it more as a long-term investment than a volatile currency.

Bitcoin fans appreciate its rebellious, libertarian origins. Also its almost perfect anonymity, which makes it convenient for money laundering, tax evasion, breaking international sanctions (Iran and Russia) and, of course, making ransom payments as in recent hacker attacks on Colonial Pipeline and JBS meat packers.

Governments do not like digital currency. He can not be easily fixed, he plays havoc with monetary policy and her dream of criminals becomes a reality.

Another problem: Creating or launching new Bitcoin, which, in theory, anyone can do, requires large amounts of computing power, and thus, electricity. The process currently consumes more terawat than Norway. The environmental cost is staggering.

Recently, however, some countries are warming up with the idea of ​​crypto. El Salvador just became the first place where Bitcoin will be the legal tender. China is developing a digital renminbi. Our Federal Reserve is looking at a potential crypto dollar.

The expectation is that digital currencies will eventually be suitable for ordinary purchases, once the right machinery is in place. Sure enough, an entire industry has emerged to provide the necessary retail platforms and digital wallets.

Meanwhile, one thing you can buy with digital currency, legally and relatively easily, is an unpleasant sign. (Google can show you how.)

When I described my real estate plan to my wife, her eyes lit up. I explained that my post-NFT value must endure, given my undeniable absence. So, I can leave this Earth without worrying about its financial well-being.

In fact, they stand above me now ostensibly to show her gratitude and to make sure that I take every word of this man towards humanity the crypto-new bright future exactly.

Or maybe something else. I see sell holding a knife.

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