A cryptocurrency is a tradable digital asset or digital form of money, built on the blockchain that is completely digital. Cryptocurrencies use encryption to authenticate and protect transactions. There are many different cryptocurrencies in the world. A cryptocurrency or crypto is digital currency designed to work as a medium of exchange through a network that is not centralised. Keeping up with the latest demand around NFTs and Crypto, FilmOn TV has launched its latest channel Crypto Wealth Builders. This channel aims to provide information and trends in the crypto market and an analysis of the economy and financial markets.
Looking below at some of the most common terms used in Crypto and NFT space.
NFT
An NFT is a digital asset that represents real-world objects like art, music, digital content, photographs, and videos. They are bought and sold online, frequently with crypto, and are generally encoded with the same underlying software as many cryptos. If something is non-fungible it means it has unique properties so it can’t be interchanged with something else. With NFTs, it is all tokenised to create a digital certificate of ownership that can be bought and sold.
Minting
Minting is how a file, such as a JPEG or GIF, is recorded to a blockchain. After an NFT is minted, it can be sold or traded. You can hold it, sell it, or trade it.
Blockchain
Every cryptocurrency transaction is processed, verified, and recorded on a virtual ledger known as a blockchain. When someone buys or sells using cryptocurrency, another entry is made on this virtual ledger.
Altcoin
Any digital coin apart from Bitcoin is referred to as an altcoin.
Wallet
A cryptocurrency wallet is an app or storage that allows you to store and retrieve your digital currency. Wallets can hold multiple cryptocurrencies, so you’re not limited to any one currency.
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