What is Cryptocurrency in Simple Words (2022)
What is Cryptocurrency and How it Works
What is Cryptocurrency in Simple Words (2022).Cryptocurrency is the reality of this age. The time is coming for “Metavers” and “Web 3”. The significance of this can be gauged from the fact that the world’s largest social media company Facebook had to change its name to “Meta” to prove itself modern.
The question is, what is a Metaverse? In 2009, a Hollywood movie “Surrogates” was released. The film showed everyone lying in a special type of computerized chair in their home or in a particular lab wearing special glasses and living a virtual life. The characters in the imaginary world are actually robots in the form of those who are roaming outside the society, which they are completely controlling with their brains. If any of them get into a fight, the one who dies is a robot, the real man is lying on a computerized chair in the house.
Have you ever thought that you are in Pakistan and talking on video with a friend sitting in the United States and I wish the two of them could come face to face and talk regularly inside a house or in a hotel etc. This may seem like an impossible task, but to make it possible, the age of the Internet has come, “Web 3” and “Metavers”.
Thanks to Metaverse, you can choose your favorite city, building, etc. from the comfort of your own home with the help of special devices such as “VR glasses” and go into the world of computers, where you can find a shape similar to “Avatar”. ‘Will be present Now the building you are standing in can be your own and you can rent it. In Web3, people will have digital property that they will sell or rent out. That’s why, as soon as Mark Zuckerberg announced Metavers, stocks of cryptocurrency projects that make digital equipment went up. You may have heard the name “NFT” these days. This is actually the name of digital art. That is, a collection of pictures, which people will be able to take digital property, house building, etc. and put it on the walls.
The money used in the world of this web 3 internet is cryptocurrency. A cryptocurrency is actually a digital currency in which you put money and it stores the value of your money. As the market fluctuates, its value fluctuates, but since it was first bought by individuals, then by institutions, then by businesses, then it is now up to the countries that are buying cryptocurrencies. Its value is increasing year by year and its future is secure.
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When Bitcoin came, all the countries of the world opposed it and imposed sanctions on it. But Hong Kong has shown foresight by introducing its own cryptocurrency, the USDT, which is worth a dollar. The way it works is that whenever someone buys a USDT, the company buys the same amount of dollars and keeps it in the account. That way, the value of the coin and the dollar would be the same. That is why it is called a balanced coin. Thus, Hong Kong, instead of being the enemy of the corrupt, became its partner. Today every cryptocurrency from bitcoin is bought and sold in USDT.
