Ethereum explained to my mom

Now ranked No. Despite the hype around Terra and its token Luna, it's important to research and understand the risks before investing since financial experts view cryptocurrencies as volatile, speculative investments. As quickly as one reaches a new high, it could go back down. Created by start-up Terraform Labs and its co-founders Do Kwon and Daniel Shin in , the Terra blockchain underpins a decentralized finance DeFi ecosystem that creates algorithmic stablecoins. Stablecoins, or cryptocurrencies pegged to reserve assets like the U.

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WATCH RELATED VIDEO: How does a blockchain work - Simply Explained

What Is Cryptocurrency?

Yes, you now own a token on the block of the Ethereum blockchain! You better find out. Because someone crazy like me might give you one.

Thinking of buying digital artwork or collectibles? Why and why not? Join the conversation below. Behind this vast and wild collection of digital tokens lies the same idea: people buy and sell — primarily with cryptocurrency — unique, verifiable and irreplaceable things online. Well, why do people do most things? I know. You are confused that you want to hide under true bed in your true house, catch you true Teddy bear.

I was there. And why do some cost more than a Faberge egg? I realized that the best way to understand this — and explain it — is to roll up my sleeves and do the NFT. I do not suggest you try this at home. But not necessarily. Think of the blockchain as a giant computer party — without music and appetizers. Each computer on a software network runs its own copy of a similar program.

And the party never ends. The network processes transactions constantly and maintains a database, often called a ledger, with every transaction that occurs — every transfer, every purchase, etc.

These transactions are grouped into blocks connected in a chain. And so…the blockchain! Blockchains are used to power cryptocurrency but they can also manage other things, such as NFTs. Most of the NFTs are on the Ethereum-compatible blockchain, which is tied to the digital currency Ether also known as Eth. There are other blockchains for Bitcoin, Dogecoin, etc.

My colleague Paul Vigna has a great explanation of cryptocurrencies here. One of the big reasons the experts gave me for why I wanted NFT: to have something from an artist I like. And the artist I love the most is my 4-year-old son.

So I took one of his works, scanned it with my iPhone and asked the animator to animate it for me. The result was a simple video file. Sure, I could have uploaded it to social media and wsj. This is what the NFT coinage does.

In the process, you take a file and convert it into a token with a record of your ownership on the blockchain. There are plenty of places for an NFT instrument. Photo: Enterprise. Buying your first cryptocurrency was a lot like buying your first bottle of vodka after you turned 21, scary but surprisingly easy.

Now, I needed to put it into a crypto wallet, an online tool that was created to hold digital money and NFT. Coinbase has its own wallet, but I subscribed to MetaMask — one of the most popular Ethereum wallets — via their iPhone app. Many NFT markets require cryptocurrency, although some, like Sweet. There are still gas fees, but these platforms hide it all from you.

On these sites, your NFT lives in a wallet provided by the platform. Ethereum has some of the highest gas fees, and they fluctuate like other energy costs, based on network activity and usage.

Energy use is also an environmental concern, as not all energy sources are carbon neutral. Once the transaction was completed, I confirmed the presence of our rhino on the Etherscan blockchain, a website that lists all Ethereum transactions. She was there, right in box number Instead, I made my mom her own MetaMask wallet and transferred it to her.

More gas! Purchasing an NFT from a market does not require many steps. But buying something always costs more than making it yourself, and this case is no different.

While I was doing all this, I questioned a lot of people in this space. You are buying with the intention of selling in the future. Just look how crazy the NFT art market has gotten. Want to have things in the metaverse — You know, the next virtual world where we work, shop, hang out, and more. Photo: boredom monkey yacht club.

She said NFTs could also be used to certify and transfer ownership of physical objects, such as a rare Scotch bottle, in the real world. You want exclusive access. NFTs are already used as tokens or passes to private groups online. At Bored Ape Yacht Club — whose members include Steve Curry and Jimmy Fallon — your one-of-a-kind cartoon comes with perks, including invitations to real events.

You like an artist or a brand. This allows you to own something unique from them. Who do you know? Maybe my son will become the next sentinel. Oh that poor untouched crypto wallet! Save my name, email, and website in this browser for the next time I comment. We capture and unleash the untapped power to deliver visceral, authentic moments at the intersection of sports and culture. Sign in. Forgot your password?

Get help. Privacy Policy. Password recovery. By admin. December 13, Joanna aka Daughter of the Year. Share your thoughts Thinking of buying digital artwork or collectibles? Subscribe to newsletters personal technology Joanna Stern and the rest of the personal tech team review new products and technologies. Comment: Please enter your comment! Name: Please enter your name here. Email: You have entered an incorrect email address! Stay in Touch.

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How two brothers went from nearly jobless to multi-millionaires with a bizarre crypto bet

Misfits network. We bring some old friends together for our th show. The esports industry is a tough place to work. Misfits Flat is estimated to have fallen 8. Misfits US remake is happening, if you want it or not Space Misfits is an online sci-fi video game that can be played by a very large number of people at the same time. But as it's set to air on network television, you can rest assured that the U.

Inside is an NFT of your grandson's artwork. Yes, you now have a token on block of the Ethereum blockchain!

Vitalik Buterin

I narrowed my eyes and I laughed. Along the way, Dogecoin was making people millionaires. Frankly, it was so dumb as to bring clarity. Each are tokens you can digitally swap as money without having to rely on a third party, like Visa or SunTrust. ETH is a particularly popular cryptocurrency: Ashton Kutcher likes to talk about it. In addition to carrying out transactions, ETH has the added value of carrying out digital contracts. Ethereum Classic , on the other hand, does almost nothing. It was created when a hacker stole millions of dollars worth of crypto through a vulnerability in the code of a separate program.

Everything You Need to Know to Make it Through a Conversation About NFTs

ethereum explained to my mom

Paris Gray, upstanding vice president of her about-to-graduate high-school class in Jonesboro, Georgia, was suspended last Friday when administrators figured out what her yearbook quote meant. It read:. Whatever wisdom might be drawn from that song is at odds with Gray's sunny interpretation of the phrase: "You have to go back and start all over. Administrators barred Gray from participating in a senior walk on Friday, Willis reported.

I met Nick thanks to the active partnership between Oracle and Movable Ink. He agreed to take the challenge and try to explain what he does in words my mom would understand.

wknd notes: Learning to Take a Profit

Buterin became involved with cryptocurrency early in its inception, co-founding Bitcoin Magazine in He lived in the area until the age of six when his parents emigrated to Canada in search of better employment opportunities. After high school, Buterin attended the University of Waterloo. There, he took advanced courses and was a research assistant for cryptographer Ian Goldberg , who co-created Off-the-Record Messaging and was the former board of directors chairman of the Tor Project. In , he visited developers in other countries who shared his enthusiasm for code.

3 Ways To Explain Bitcoin to Your Mom on Mother’s Day

We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. And by the time we all thought we sort of knew what the deal was, the founder of Twitter put an autographed tweet up for sale as an NFT. Right, sorry. A one-of-a-kind trading card, however, is non-fungible. At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs.

A Chula Vista single mother who is fighting cancer has a warning about and the ATM operator calls you to explain that your transactions.

Ethereum Price (ETH)

The essay explored the history of money. This started my deep-dive into Cryptocurrency. At the time, Warren, a client who I had been mentoring, left his successful content management business to become a full-time Crypto-currency trader.

Why Did Someone Pay $560,000 for a Picture of My Column?

Ruja Ignatova called herself the Cryptoqueen. She told people she had invented a cryptocurrency to rival Bitcoin, and persuaded them to invest billions. Then, two years ago, she disappeared. Jamie Bartlett spent months investigating how she did it for the Missing Cryptoqueen podcast , and trying to figure out where she's hiding. In early June a year-old businesswoman called Dr Ruja Ignatova walked on stage at Wembley Arena in front of thousands of adoring fans. She was dressed, as usual, in an expensive ballgown, wearing long diamond earrings and bright red lipstick.

Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.

Vitalik Buterin Is A Dogecoin Hodler, Says Meme Crypto Has Proved One Of 'Best Investments'

Follow See on Twitter. Download PDF. It is 79 pages long, my pride and joy, the cumulative product of years of learning and a week of insane effort. The triple halving may become a meme, but there is a serious investment case here. I put everything I had into this piece.

New York CNN On the morning of April 17, two brothers in Westchester, New York, woke up to learn that they had become millionaires overnight, thanks to an unlikely wager on a cryptocurrency that was originally created as a joke. More Videos Cryptocurrencies plunge after Elon Musk's bitcoin u-turn.

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  1. Morg

    wonderfully, very entertaining thought