Tag: bitcoin

Top 4 Best Crypto and NFT Wallets in 2022 (and which one you should use)

When you purchase crypto for the first time, you will probably use an exchange.

While centralized exchanges have a number of benefits, you often do not have direct control over your digital assets when keeping them there.

Establishing your own self-custodial crypto wallet enables you to access dapps, transact in crypto, trade NFTs, as well as attain greater control and sovereignty over your money.

For this reason, its a good idea to move some of your crypto off the centralized exchange and into your own non-custodial wallet.

The next step is actually getting your first real crypto wallet setup. The good news is you can access the blockchain from any wallet provider. Think of the wallet as your portal to the world of web3. Yes, some portals are better than others, but at the end of the day they should all take you to the same place.

There are 4 wallets that stand out from the rest of the market as being the best:

The Winners for the Best NFT / Crypto Wallets:

Best All Around

Trust Wallet

  • Many assets hosted
  • Ultra secure
  • Large community
  • NFT Optimized
  • Free to use

Best for Beginners

Coinbase

  • Buy with $USD
  • Easiest on-ramp
  • Buy popular tokens
  • NFT optimized
  • Free to use

Most Secure

Ledger Nano X

  • Max security
  • Offline, cold storage of your cryptocurrencies.
  • No NFTs
  • Costs $149.00

Best for Ethereum

Metamask

  • Ethereum optimized
  • Compatible with ERC-721 and ERC-1155 NFTs
  • Most popular ecosystem
  • Explore layer 2 rollups and web3 dapps
  • Browser and Mobile compatible
  • Free to use

1. All-Around Best Crypto / NFT Wallet: Trust Wallet

Trust Wallet Specs:

  1. Custodial / Non-Custodial: Non-Custodial
  2. Hot or Cold? Hot
  3. Security:
    • Open Source
  4. Tokens Supported: Supports 53 blockchains and over 53 million different assets.
  5. Price: Free
  6. Ease of use:
    • Easy to use compared to most crypto wallets.
    • As with any new system, it takes some getting used to but there are many instructional guides available.
    • Includes a Dapp browser which lets you connect to various web3 tools and dapps.
  7. Devices Supported: Mobile crypto wallet
  8. Popularity:
    • 168,000 reviews in the app store
    • has a very active user community with forums and comments where community members discuss topics and answer questions.
  9. NFTs Compatibility:
    • Displays images of your NFTs readily, as well as enables you to send and receive them.
    • Only displays NFTs from within the Ethereum Ecosystem. Not compatible with Solana NFTs, for example.
  10. Additional Features:
    • Direct Deposit: you can buy crypto using your credit card.
    • Staking: you can earn 11% APR on quite a few different coins.
    • Multisig: No

Trust Wallet Overview:

For the general user, Trust wallet is great because it has a huge community, open forum discussion, and supports one of the largest number of different assets of any wallet on the market.

For the user looking to stake crypto, you can earn a sizable yield on your assets as well.

From owning some of the most well-known blue-chip assets, to buying and trading NFTs on the Ethereum Ecosystem, as well as browsing dapps within the web3 internet, the Trust wallet provides a well-rounded experience within crypto and NFTs for any user.

2. Best Beginner-Friendly Crypto / NFT Wallet: Coinbase Wallet

Coinbase Wallet Specs:

  1. Custodial / Non-Custodial: Self-custodial aka Non-custodial
  2. Hot or Cold? Hot
  3. Security:
    • Open Source
  4. Tokens Supported: The Coinbase wallet supports popular tokens like BTC, ETH, BCH, LTC, XRP, XLM, and DOGE, all EVM-compatible and ERC 20 tokens, as well as some stable-coins like DAI. (read more)
  5. Price: Free
  6. Ease of use:
    • User friendly and easy to learn.
    • There are many instructional videos on YouTube to help new users learn the ropes.
    • Supports dark mode.
  7. Devices Supported: Browser and Mobile crypto wallet
  8. Popularity:
    • 103,000 app store reviews.
    • One of the most popular and well-known crypto exchanges has a large team behind the product.
    • Publicly traded company
  9. NFT Compatibility:
    • NFTs supported and displayed.
    • ERC-721 compatible.
  10. Additional Features:
    • Direct Deposit: support credit / debit direct purchases for crypto. Easy cash on ramp
    • Staking: Earn interest via smart contracts.
    • Multisig: not supported
    • Anything else? view crypto price movements directly from the app.

Coinbase Wallet Overview:

One of the largest publicly traded crypto exchanges in the world has a non-custodial wallet available for download.

The Coinbase wallet is best for beginners because it enables you to link your existing account on Coinbase.com to your self-custody wallet in order to move some of your funds off exchange.

Having the big tokens supported like Ethereum and Bitcoin as well as Polygon is key. Although it doesn’t have as many coins available as other wallets, it is great for getting started.

As staking is supported, this is a good opportunity for beginners to learn a bit more about DeFi and experience earning some yield on their assets, if that is within your risk tolerance.

One of the downsides to Coinbase is that you can’t use it in some jurisdictions, like Hawaii.

3. Best Crypto Wallets for Security: Hardware Wallets (Ledger Nano X)

Ledger Nano X Wallet Specs:

  1. Custodial / Non-Custodial: non-custodial
  2. Hot or Cold Storage? Cold
  3. Security:
    • Most secure hardware / cold storage. Open Source. Keeping your coins and NFTs offline and protected.
  4. Tokens Supported: over 5,500 tokens supported
  5. Price: $149.00
  6. Ease of use: Setting up the Nano Ledger X takes less than 30 minutes.
  7. Devices Supported:
    • Mobile friendly via bluetooth connection. Bluetooth enabled, access your wallet via your phone.
    • Install up to 100 dapps at a time.
    • You also have access to the Ledger Live, a browser and mobile wallet that enables you to access your funds on the go, if you don’t want to bring your physical hardware wallet with you.
  8. Popularity:
    • Ledger wallets have thousands of reviews on Amazon.
    • There is a community on Reddit with over 86,000 members.
    • Ledger Academy provides intro information for people to learn about crypto, such as how to keep their assets safe.
  9. NFT Compatibility: does not display your NFTs
  10. Additional Features:
    • Direct Deposit: no
    • Staking: no
    • Multisig: no

Ledger Nano X Wallet Overview

Ledger, a French company, has a number of hardware products designed to store crypto and NFTs in the most secure way possible.

The only real difference among the Ledger line of products is the number of features like which assets are supported. From a security perspective, all hardware wallets are equally secure because they keep your assets offline, aka in “cold storage”.

Ledger Nano X is the most advanced, and robust wallet from the Ledger line of products.

Granted security is of top priority here, the Nano X supports the most tokens and has the best screen display for usability.

4. Best Crypto Wallets for Ethereum Ecosystem: Metamask

Metamask Wallet Specs:

  1. Custodial / Non-Custodial: non-custodial
  2. Hot or Cold Storage? Hot
  3. Security:
    • Most popular wallet to use in the Ethereum ecosystem, enabling you to connect to web3 dapps as well as EVM powered networks such as Polygon and Optimism. Open Source. Your coins and NFTs are easily accessible.
  4. Tokens Supported: all ERC-20 tokens and EVM compatible NFTs (ERC-721 and ERC-1155)
  5. Price: Free
  6. Ease of use: Quick setup, many tutorials online as well as instructional how-to’s in the Metamask support site. As with all self-custodial wallets, make sure you store your private key in a safe, secure location.
  7. Devices Supported:
    • Browser and Mobile enabled. Access your wallet via computer or your phone.
  8. Popularity:
    • Most popular web3 wallet to date with more than 21 million active users.
    • Large Metamask community with forums and more.
  9. NFT Compatibility:
    • Displays your NFTs on mobile, but the functionality could be improved.
    • As the NFT display system is not optimized, Metamask users often find themselves going to OpenSea or Quixotic to view their NFT portfolios as opposed to the wallet display.
  10. Additional Features:
    • Direct Deposit: yes, via credit card, however transaction fees can be high.
    • Staking: no
    • Multisig: no

Metamask Wallet Overview

Metamask, an open-source software wallet built by Consensys, is by far the most popular wallet by user count in web3 as of 2022.

The wallet is focused on crypto and NFTs that leverage the Ethereum protocols, ERC-20, ERC-721, and ERC-1155. Additionally, the ability to add Ethereum Virtual Machine networks to your wallet makes bridging to layer 2 rollups easy and user-friendly.

For people that want to explore the emerging world of web3 decentralized applications (dapps), using a Metamask wallet is the way to go.

Crypto Explained in Under 200 Words: Blockchain-as-a-Currency

Crypto Explained in 156 words

The idea of cryptocurrency is not super novel – digital currency has been used in video games for decades.

Before blockchain, in-game currency never had real value because someone could just copy and paste the code, and counterfeit money would be undetectable.

Similarly, when transacting in cash with $USD, the US mint has made our dollar bills unique and difficult to forge, although someone could still attempt to pay you in counterfeit currency.

Before cryptocurrency, digital currency did not have value in the real world.

Crypto is Blockchain as a Currency

Ideally, money is difficult or impossible to counterfeit. Fortunately for cryptocurrencies like Bitcoin, Ethereum, MATIC, and Doge, counterfeit is programmatically impossible.

In the 2009 Bitcoin White paper, the counterfeit money problem was solved (dubbed the “double spend problem”) was solved, and cryptocurrency was invented.

The paper details highly technical cryptography enabling Bitcoin – the first cryptocurrency – to serve as the future method of exchanging value on the internet.

Bitcoin is simply a magical currency that sits on top of the more elusive technology called blockchain.

Go bankless and get a self-custodial crypto wallet:

How Crypto Follows the Hype Cycle

Between 2013 and 2021, Cryptocurrency has followed the Hype Cycle exactly as expected. Let me explain.

What is the Hype Cycle?

The Hype Cycle, coined by Gartner, is a law that describes how humans accept new and emerging technologies and adopt them into our everyday lives

Its a generalized way of estimating and predicting the rise and fall of a new technology and the way people react to it.

Figure 1: Phases of the Hype Cycle Curve. Source: Wikipedia; Olga Tarkovskiy – Own work

The curve above is a graph of TIME on the x-axis, and EXPECTATIONS on the y-axis.

In cryptocurrency, expectations is quantified by looking at the price or market cap of cryptocurrencies. For years, the price of cryptocurrency was not interesting. Price was flat.

Hype Cycle Phase: Technology Trigger Pre-R&D

Crypto wasn’t being discussed all over Twitter. It was a nerdy, boring conversation.

Cryptocurrencies like bitcoin were only being used by a few small groups of people, and was nowhere near mainstream discussion or adoption.

Just look at the market cap of Bitcoin between 2013 and 2017 below. Relative to where it is now, this is extremely insignificant

Figure 2: The market cap of bitcoin between 2013 and 2017. Source: CoinMarketCap

Bitcoin’s price and adoption wasn’t even relevant at this point. Compared to the Hype Cycle phases in Figure 1, cryptocurrency wouldn’t have even been on the charts.

But while the public vernacular and mainstream media ignored cryptocurrency, engineers and enthusiasts were quietly building. On the Figure 1 Hype Curve, at this point crypto is leading up to the R&D phase; it still early.

This is why venture capitalists like Marc Andreessen are famously interested in “what the nerds do at night“. By recognizing emerging tech trends before everyone else, you have the opportunity to invest in them at a favorable discount… when the technology principles have been proven, but the applications have not quite been built, they are not user friendly yet, and the mass majority of people aren’t even aware of the technology.

Vitalik Buterin was funded by Peter Thiel in 2015 to found Ethereum. As the potential applications of Ethereum started coming into light, a buzz started happening within tech circles.

Hype Cycle Phase: Early Adopters Investigate

People started to understand the power of this thing called blockchain, and could envision the possible smart contracts and more.

While Bitcoin was built to serve as digital gold, Ethereum was built as a platform from which blockchain applications would grow.

Coinbase.com became the de-facto place to purchase Bitcoin and Ethereum. It was easy to use and wasn’t that different from purchasing stocks at a place like Fidelity or Charles Schwab.

Working a desk job at a cubicle during this time, it felt like colleagues in the office were all starting to think about crypto and were considering buying it on Coinbase.

A few viral memes and Twitter conversations happened and before you know it, the prices of Bitcoin and Ethereum, the two big flagship cryptocurrencies, were pushing all time highs almost every day.

I hate to include a disclaimer here, but as you can tell, I’m going to be generalizing a lot in this post about the crypto community. I mean no disrespect. I love blockchain technology and the projects it has enabled… I want nothing more than what’s best for crypto as a whole. As an owner of bitcoin, ethereum, and other coins, I’ve seen the emotions of early adopters around me have experienced when the prices rise extremely fast (and inevitably fall just as quickly).

Hype Cycle Phase: Inflated Expectations

Towards the end of 2016 and into 2017, everyone started buying crypto. If you took a 10 minute uber ride across town, you would almost undoubtedly hear your driver mention something about the price of bitcoin.

Crypto millionaires were created. A friend of mine even managed to pay off his student loans from selling his stake in Ethereum, which he had acquired just months earlier.

At some point, it felt like people didn’t necessarily care about the applications of blockchain technology. Your average person was interested in trading, buying and selling, getting rich quick and only focused on the price rather than the underlying technology.

At the peak of inflated expectations, a few things can happen:

Engineering and developer teams tend to over-build. More crypto’s launched between the end of 2016 and early 2017 than anyone could keep track of. But the projects being built were not being used by anyone. The projects had no customers…

What the projects DID have, however, were investors. There was an abundance of over-eager individuals looking to throw $100 bucks into any coin with a slim chance of making it in hopes of returning 1000X on their investment.

The problem with this is that there are more people in the crypto community who are focused on making money from the technology than there are users and customers who are actually using the technology for the value it brings into their lives.

This fixation on price is a problem with the crypto community and it still exists to a large extent today.

Hype Cycle Phase: Trough of Disillusionment

As more cryptos were launched than there were users or customers, the over-inflated expectations started to become apparent.

The thing is, no one knows just how HIGH the peak of inflated expectations might go.

Peak of Inflated Expectations leads into the Trough of Disillusionment. Source: CoinMarketCap

In order to capitalize on investments in crypto, the smart ones on Twitter and Reddit communities preached the importance of holding onto the investments, not selling, and riding out the wave.

The thing is, this is a tricky thing to do. It is easy to decide to sell at the top, and even easier to decide to call it quits as an investment tanks and you lost 80-90% of your the value of your portfolio.

In some cases, those that sell at the top end up exiting while they’re ahead. In other cases, people with intentions to sell at the top end up waiting too long, and end up making an emotionally drastic decision to exit their crypto position at the worst possible time, during the trough of disillusionment.

Because the trough can last for years. In the case of Bitcoin and Ethereum, it lasted from the beginning of 2018 through late 2020.

The thing about cryptocurrency and blockchain technology (at least so far) is that the rise and fall of price of different cryptocurrencies are heavily correlated with each other.

As bitcoin rises, ethereum usually is rising also. As bitcoin enters the trough of disillusionment, ethereum was too. The same can be said for the other crypto’s that made it through the trough.

Bitcoin didn’t really start to enter the next phase until the coronavirus pandemic was in full swing mid to late 2020.

Hype Cycle Phase: Enlightenment to Productivity

Between late 2020 and today, the market cap of all cryptocurrencies has continued to push all time highs.

As of 2021, bitcoin has pushed all time highs. Source: CoinMarketCap

The reason for this may partly have been accelerated by the pandemic, but there’s more to it than that.

Within the crypto community, there is a large amount of funds going into projects that are receiving mainstream adoption.

NFTs (non-fungible tokens) are one example of an application that is seeing close to mass adoption.

Although it is still a fringe hobby, NFT collectibles have some resemblance to the enthusiasm around collectible sports cards and even Pokemon cards.

People are creating NFT masterpieces using artificial intelligence and listing them for sale as unique, one-of-a-kind tokens on websites like OpenSea.

For a fraction of an Ethereum, anyone can go on OpenSea and start collecting their own NFTs.

This is just one example. There are a number of other projects being built on top of Ethereum and discussed but we for many of these applications, it seems we still have a long way to go before mainstream adoption.

So as we’re pushing all time highs in almost every cryptocurrency, my question for the world is: are we entering another peak of inflated expectations? Or is this time for real? Are we truly in the Plateau of Productivity?

And this brings up a few follow up ideas and questions about the future… because at the end of the day, we can’t truly predict the future, we can only form hypothesis based on historic trends, proven laws, and observable principles.

Final Thoughts and Additional Questions

Could a technology go through the various phases of the Hype Cycle more than once?

Will cryptocurrency enter another trough of disillusionment?

How might other technologies follow the hype cycle?

Are there examples of technologies that do NOT follow the hype cycle?

As a technology follows the hype cycle, will the peak of inflated expectations ever over-extend the value of the technology as it reached the Plateau of Productivity?

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The Problem with The Crypto Community in 2021

The Problem with the Crypto Community Today

The community surrounding a token determines what the crypto project will ultimately become.

The community will make or break a cryptocurrency.

Sure, blockchain is the great enabler, but the technology is nothing without the people and the desire to build cool new projects.

Whether you’re a meme coin or a platform coin, the community is what dictates the success or failure of it.

crypto charts are dumb
source: r/cryptocurrency

And the same is true for cryptocurrency as a whole.

There is an overabundance of discussion online (reddit, twitter, discord groups) that focus solely on short term buy / sell strategies.

Surprisingly, it is difficult to find groups eager to engage in discussions about the long-term future of cryptocurrency as a utilitarian and functional technology that can improve human life.

Unfortunate Crypto Trends:

I’m in a small chat group with around 40 members. When I joined the group, I couldn’t help but notice a few disappointing trends:

There is almost no discussion on long-term strategy (even HODLing) in crypto. It is all discussion about trading, buying low selling high, buying the dip, etc.

Most are buying / selling multiple times in the same day, looking at charts with strange lines and who knows what else.

I really miss the “HODL culture”. HODL culture used to be a thing, and it really doesn’t feel like it is anymore. What happened?

There is less discussion about blockchain technology itself.

90% of people haven’t even read the bitcoin whitepaper.

They have no idea what the Double Spend problem is and how blockchain solved it in 2008 when the paper was published..

People brag about their profits from day to day arbitrarily trading coins.

The macro focus, where it exists, focuses on political aspects like how lawmakers are reacting to crypto, tax implications, which big organizations are investing in various cryptos (Tesla or El Salvador news for example).

The discussion almost never focuses on how a cryptocurrency project solves problems in the real world.

The fact that 99% of all discussion about cryptocurrency is catered towards trading isn’t healthy for the technology’s future.

What The Crypto Community Needs

I believe the crypto community needs to focus more on the execution of crypto’s promises like decentralized apps, smart contracts, and Web 3.

Thank God we have something like NFTs are taking off.

NFTs are finally one of the first mainstream applications of blockchain being used that isn’t solely focused on trading – are built on top of Ethereum. And it started with something as silly as Crypto Kitties.

Say what you will about silly artwork being sold on the blockchain – at least its a real application. Its as productive for society as Pokemon.

NFTs have had an impact because they do fit into a real market in the real world – the collection of trading cards and artwork.

Yet even with NFTs, there’s still that huge focus on buying low, selling high, and profiting.

Instead of trading, the people who actually CARE about cryptocurrency need to think about the long term future of these digital assets and bet with conviction in projects they believe in.

This ultimately comes down to the development team, the community, the real world problem that the coin solves.

This is one reason I appreciate assets that make it easier for other projects to be build. Those projects that serve as platforms for other apps in the blockchain arena.

And developers like Vitalik Buterin who are actually focused on building things that impact the real world, not just gaining hype for a coin and selling / trading and pump and dump schemes.

Ethereum is important because it allows other projects to be built on top of it.

It is almost similar to a hosting or infrastructure service for software projects.

In the early days of the internet, the companies that ended up surviving for the long term are those that focused on building the computers, infrastructure, programming languages, databases, servers and more.

As these tools were mandatory for any new internet based project, those companies were destined to be successful.

To figure out which cryptos are going to be successful…. look at the ones that help create a metaphorical “garden” for new projects to form.

Not all seeds will grow, but the garden will live forever.

That’s enough for today.

Leave a reply below and complain about crypto with me.

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What is Blockchain? Simplified Explainer

With blockchain’s level of hype, its a good idea to understand how it will affect our lives.

But many people don’t know what blockchain even is.

Most blockchain explanations use complicated terms like decentralization and consensus.

Instead of throwing around confusing words, let’s make it easy.

“its easy man” 1-of-1 NFT

Blockchains behave like referees

Let’s use an analogy to describe blockchain in simple terms: referees at a football game.

Refs serve as unbiased, independent reviewers, making sure that both teams follow the rules and play fairly.

Depending how high the stakes are, such as during tournaments or professional games, refs can make a lot of money for performing this level supervision.

However, before instant-replays were invented, referees couldn’t possibly catch everything happening in real time.

Even if the refs didn’t want to make bad calls, it was inevitable… There was no way to truly review each play and reach conclusive decisions.

referees serve the game as an independent

Equipped with the ability to review instant-replays, high-definition camera footage, and consult with other referees or analysts, call accuracy has increased.

Referees can watch exactly what is happening in every play, and consult with peers to ensure they make the best possible decision.

At the end of each play and after a decision is made, the game goes on – there is no way to go back and change the call.

How do referees relate to blockchains? (combine with above)

Now, instead of having seven or eight referees, imagine if there were 1,000 refs that reviewed and voted on every single play.

Assuming each ref was able to think independently and abide by the official rules, this would improve the accuracy of the entire decision making process for play review.

Blockchain technology takes this same approach with something called a validator network.

Just like referees review every situation that happens on the field during a game, this validator network reviews and verifies every transaction that happens on the blockchain.

Likewise, once a transaction is validated and published to the blockchain, it cannot be changed.

Let’s cut the complicated stuff:

Blockchain simplified explainer, TL/DR:

When two people trade something, a network (validators) verifies transaction data (aka blocks) before they are added to the transaction record (aka the blockchain).

Blockchain Facilitates Trade

When you agree on a deal and shake someone’s hand, can you trust them?

If transactions happen on the blockchain, then the answer is yes.

Blockchain enables people to form agreements and exchange items of value.

Neither party participating in this virtual handshake can cheat the system because every transaction occurs under the observation of a network of validators — computer code behind the scenes establishing trust.

Everyone in the network runs this code which reviews transactions for errors or malicious intent.

Since transactions are transparent, any attempt at fraud is seen by the network, and will either be corrected or rejected. This ensures that everyone follows the rules and no one gets cheated.

After all the validators on the network approve a transaction, a new block is created and published to the blockchain.

blockchain transactions happen in front of a network of trusted validators.
Each transaction is a virtual handshake.

Blockchains are made of blocks

The transaction data, plus signature of approval from the network, makes up a single “block”.

Similar to an accounting or book keeping system, transaction data stored within a block includes who participated in the agreement, what goods were exchanged, and how much they paid (currency).

Once a block is published to the blockchain, it is there indefinitely. Data cannot be altered.

blocks being added to the blockchain
Blocks being added to the blockchain

Did you know? You can see every single transaction that ever happened on the blockchain.

Instead of happening in private or behind closed doors, blockchain transactions are publicly available.

As new blocks are added, identical copies of the blockchain are updated and distributed to everyone on the validator network.

Thousands of computers (aka nodes) make up the network, and anyone can see transaction data.

Transaction validation happens extremely quickly, and distribution of new versions of the blockchain happens almost instantaneously. [1]

We use new search engines in web3: Block Explorers

On the traditional internet, you look stuff up with a search engine like Google.

In web3, users can view blockchain transactions using block explorers like Etherscan or Polygonscan.

These early stage databases will become the go-to search engines for web3.

Etherscan, the Ethereum Blockchain Explorer

Blockchain validator networks replace middlemen

In the traditional internet, your data is maintained and controlled by individual companies.

Think about how much information you submit when joining Facebook, creating a LinkedIn profile, or even purchasing a flight online.

And how about online commerce?

Marketplaces like ebay.com help people conduct business, facilitating transactions via traditional financial institutions.

When buying or selling something in web2, companies like Ebay control our data and maintain the trust. Ebay verifies the buyer and seller’s identities, and typically charges sellers a fee around 20% of the sale price for these services.

When we pay through Paypal or with a credit card, these companies also take a percentage of every payment.

On web3, blockchain eliminates the need for a middle-man like Ebay, or banks, and Visa.

Blockchain enables trustworthy commerce from one person to another without using services and databases controlled by a single entity. No single organization that can own or control the market.

Blockchain hard-coded protocols serve as the autonomous middleman. The code facilitates the rules of engagement – no intermediaries are involved.

The money gathered from blockchain transaction fees goes to the network rather than a single company.

Blockchains provide cryptographic security

Even if it does use an innovative form of cryptography, security software isn’t sexy.

Instead of being forced to listen to someone ramble on about topics like VPNs, authentication, decentralization, password managers, or Captcha, most people would rather stuff their ears with broken glass.

Check out this EASY summary of cryptocurrency in under 200 words – READ NOW

Although important for the internet, these conversations are not going to help at dinner parties — especially if your goal is to win friends and influence hotties.

As the web3 internet progresses, blockchain interfaces will do their job managing the complicated stuff behind the scenes.

Tools like wallets, fees, blockchains, swaps and bridges will be abstracted away from the user entirely. [2]

While blockchain keeps the internet running as an intrinsic background technology, the way that users interact with web3 will feel seamless, and the complicated stuff will be done under-the-hood.

Users won’t even need to know the blockchain is there, much like the cryptography and anti-virus apps that run in the background on our computers today.

One level up from blockchain, cryptocurrency is reaching mainstream adoption.

Tokens like Bitcoin, Ethereum, Polygon, or Doge may feel risky – there is always uncertainty. But, in some ways, there is just as much risk in not understanding these technologies as there is with being involved and owning just a little bit of crypto.

In 2022, blockchain may still feel like an obscure, fringe idea. My goal with this post was to highlight the essential elements of blockchain and make it easy to understand.

If you found this post helpful, please let me know on Twitter, at espressoinsight.

What to read next?

  • Intro to crypto in under 200 wordsread now
  • Why Ethereum matters – read now
  • Allocating funds between NFTs and ETH – read now
  • Best podcasts about crypto and NFTS – read now
  • 16 free tools to analyze NFTs – read now

Sources:

  1. https://bitcoin.stackexchange.com/questions/110079/how-do-nodes-agree-or-disagree-after-new-block-is-create
  2. https://polynya.medium.com/the-web3-stack-how-web3-will-offer-superior-ux-than-web2-6b8c82709163