User:Connorcwa/Digital economy

Blockchain
Blockchain is used for cryptocurrency by using individual nodes that run a system for cryptocurrency exchanges. Exchanges of cryptocurrency are validated by miners. Miners validity is checked by other nodes for correctness. The use of blockchain technology reduces transaction times and fraud. Companies, such as Tesla, take cryptocurrency as a form of payment but do not accept all. In 2021, Tesla began accepting Bitcoin (BCH) then several months later stopped accepting due to environmental issues with mining of bitcoin. Tesla stopped accepting Bitcoin due to the environmental implications created by mining cryptocurrency. Cryptocurrency mining takes a substantial amount of electricity, generating a significant carbon footprint. Wit Bitcoin, there are several different types of crypto currencies including Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Polkadot (DOT), Stellar (XLM), Dogecoin (DOGE), Biance Coin (BNB), Tether (USDT), Monero (XMR), with many more and a continuing amount of new currencies.

Non-Fungible Tokens (NFTs)
A Non-fungible Token (NFT) is data, a form of digital art, that are stored on Blockchain, which can be sold as a type of crypto currency. Many investors are purchasing NFTs due to the popularity promoted by several celebrities using them as profile photos, including such as Reese Witherspoon, Eva Longoria, Shonda Rhimes, Serena Williams, and many more. NFTs art sold as a piece of artwork that is completely unique and the owner of the NFT owns the piece of artwork.