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Working with digital assets is certainly a way forward to making money in today’s world, with a million different ways of doing it – and unfortunately, a whole new set of vocabulary to understand. While we can’t offer you an ultimate guide to your asset business, here we have picked out what we think are the three most important things to understand about digital asset business.
Table of Contents
1. Cryptocurrency
When people talk about having a digital asset business, this is really what they’re talking about – so we’ll take a look at this first. Cryptocurrency is the currency of the internet essentially – it has no physical form, but it has a place in the stock market and can be used to trade on certain sites and in certain industries. There are a few different ways to get hold of cryptocurrency. The most well known cryptocurrency is of course Bitcoin, which has to be ‘mined’ – this means finding and completing complex equations online at the end of which you earn currency. You can also trade currencies and play games to earn bitcoin and many other currencies. The landscape of cryptocurrency has been growing and changing in recent years, with different currencies popping up everywhere – outside of bitcoin, the most well known are Ethereum, Chainlink and Uniswap. The most important development recently has been the advent of currencies like Hedera Hashgraph, a much more efficient cryptocurrency which does not need to be mined and which can operate at a much faster speed than the established currencies, enabling speedier and more secure transactions.
2. Crypto Wallets
The ways you can store cryptocurrencies have also developed; although you can still opt for a simple cryptocurrency wallet for which you have the code key, lately you can look into MPC crypto wallets which allow multiple parties to be required to access a digital asset wallet. This is extremely secure as it’s impossible for any one person to access the wallet, and it is also harder to trace – furthermore, it’s great if you’re setting up a digital asset business as a group, as you are all responsible for your assets equally.
3. Digital asset
This may seem obvious, but it’s a surprisingly widely misunderstood term. A digital asset is just anything you own or have rights to online that you can sell or have control over. This can be anything from a photograph or a soundtrack to a bitcoin wallet worth millions. And there are plenty of ways you can use various digital assets to earn you money that don’t involve a lot of computer words and mining bitcoin; creating a downloadable life planner or diet tracker, for instance, is a great way to create yourself some passive income through digital assets.
So there you have it – we hope this gives you a better understanding of what you need to know about digital asset business!
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