Chapter 6: dApps & Defi

Metaverse: A New Perception of Reality

Interesting Fact:

Did you know that the term "Metaverse" originated from a science fiction novel called "Snow Crash" in 1992?

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9 minutes

Ever since Mark Zuckerberg - the CEO of Facebook - announced his company’s expansion into the realm of metaverses back in October of 2021, the concept has seemingly not left the lips of many people around the world. And YES, you might be surprised to find out that metaverses were a standalone concept long before Zuckerberg’s announcement - specifically, since the early 90s, and today I’ll explain to you what Metaverse is, the whole concept literally on my five fingers!

In this section, I’ll tell you all about the metaverse - what it is, what it has to do with crypto, and how is Mark Zuckerberg involved in all of this, in the first place. Let’s jump right into it!

So, then, first things first - let’s define the concept of a metaverse, shall we?

What is the Metaverse? (Meaning + Animated Examples)

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Video Explainer: Metaverse: A New Perception of Reality

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What is the Metaverse?

Now, admittedly, you’ll find many different definitions of the metaverse online. There are multiple explanations that are much more confusing than helpful!

The term itself came from the science fiction novel "Snow Crash" by the American writer Neal Stephenson in 1992.

Indeed, Mark wasn’t the first genius who came up with it!

Even in those days, Neil described the Metaverse as a virtual world, with virtual real estate - even the connection to it was made via special goggles, as we call them now, VR glasses! He was describing the whole subculture of “avatars” who choose to remain connected to Metaverse for-life, by wearing portable terminals. And you know what? Today this seems to me like the upcoming reality, not fiction.

By the way, it is a great, old book, I really recommend it to break your imagination!

So, to put it simply, a Metaverse is a digital world. The most common examples given revolve around some of the more popular video games today, such as Animal Crossing or Second Life. Within this digital world, you have your own avatar and are able to interact with the terrain, items, and other people’s avatars around you.

When someone talks about metaverses, most individuals will imagine a person with a VR headset on their head. This is because VR tools allow you to be more immersed in the aforementioned digital worlds - in other words, you are able to experience them in 3D.

What is a Metaverse: Concept of a Metaverse.

Notice how I use the plural version of the term - metaverses. That’s because, honestly, there can be multiple metaverses out there! This is not something that’s limited to a one, single project or design.

Let’s go over what users can actually DO in a metaverse, and why do we need it?

For starters, many individuals imagine metaverses as spaces for new-generation gaming. Today, there are already multiple VR-powered gaming options - different activities such as VR Saber or mountain climbing, and even cooperative games to play with friends.

There’s widespread speculation that, in the future, metaverse users will be able to virtually improve their working spaces, arrange meetings with friends or colleagues, visit digital meet-up hubs, travel to distant and alien lands, and do so much more. It probably wouldn’t be too surprising if, in 10 years' time, many of our daily activities (shopping, playing games, meeting friends) would be transferred to the metaverse, into a new illusive dimension or reality?

What is a Metaverse: What can you do in a Metaverse?

That being said, however, when people say “the metaverse” today, another concept that they are often referring to is a digital world built on blockchain technology. Let’s break that down, shall we?

A “blockchain” is an information storage area, you can call it “the new age database”. Just like you would store your family’s photos in an album, blockchains store information. Most of the time, this information relates to cryptocurrency transactions - that’s because many blockchains have their own, native cryptocurrencies associated with them.

Now, I can already hear you asking - what in the world do blockchains have to do with the metaverse? This is so confusing!

I can understand your frustration. Worry not, though - things are actually much simpler than you’d think!

When I say that the metaverse would be built on blockchain technology, it simply means three things:

The metaverse would be decentralized, at least in some form;
The metaverse would allow you to transact with cryptocurrencies;
Your profile information would be stored on the blockchain - the new generation database.

Most blockchains are decentralized. What this means is that there is no one central authority overseeing them. The simplest way to imagine it is this: when you go visit a social media platform, your experience will depend on the owners of that platform. The company behind the platform will moderate what you can and can’t see, what you can and can’t say, how you interact with others, and so on.

What is the Metaverse: Metaverse on a blockchain.

A decentralized version of such a social media platform wouldn’t have any of the aforementioned restrictions, if the community would decide to not impose them. In other words, decentralized platforms don’t have a single ruling authority behind them, and depend on the communities to be the decision-makers.

Within a decentralized metaverse, you would be able to make decisions with the rest of the community, in the form of democratic votes. The well-being of the metaverse would depend on each individual and not some central authority - how cool is that?

Now, let’s move on to the cryptocurrency transaction question in our new Metaverse world.

What is the Metaverse: Metaverse on a blockchain.

As I’ve mentioned earlier, most blockchains have their native cryptocurrency - think of Bitcoin, Ethereum, and the like. If a metaverse would be created with the help of blockchain technology, users would be able to pay for services with the native currency of that blockchain.

The simplest way to think of this is the way that you transact with the United States dollar. No matter which US state you might be located in, you will be able to use the same USD with all of your purchases - this is actually even true in many other parts of the world, as well!

Now, the popular opinion states that Ethereum is the most suitable blockchain for metaverse development. This is because this network is often described as “the global computer” on which many large projects have already been developed and created.

What is the Metaverse: Metaverse on a blockchain.

On that note, Ethereum is also often thought to be the foundational network behind Web 3.0, a new form of a decentralized internet. If you’re interested to learn more about this topic, I highly encourage you to check out another explanatory section by me on what Web 3.0 is!

Before we continue, why is Ethereum better than any other blockchain, though?

Well, it’s scalable, stable, reliable, and most importantly, it was the first blockchain to implement Smart Contracts - special automated processes, or an automated logic, that allows people to make agreements with one another, without having to trust if the other party will hold up their part of the deal. Everything is processed under the openly seen, coded logic and no third parties can affect it from outside after it was launched. In most cases, even its initial developers can’t!

Smart contracts allow for fast, safe, and decentralized transactions to happen on the network. Implemented into the metaverse, they would act in the background - whether you launch a game or pay for a virtual plot of land, smart contracts would be involved, without you even noticing it!

What is the Metaverse: Why is Ethereum the most suitable blockchain for Metaverse?

Lastly, let’s take a look at the third point - your metaverse personality, a profile of information being stored on the blockchain.

Imagine that you’d be able to remain anonymous within the metaverse, thanks to blockchain tech. You’d probably still want to create some sort of profile, though, right? Well, same as you can create a character in a video game, you would also be able to do so within the metaverse, with the help of crypto, as well - your profile would be anonymous, yet tied to your account.

Say, you’ve created a digital painting that has become very popular within the metaverse. How do you prove that YOU were the one who made it? Simple - no matter who owns it NOW, if it was created, also known as minted, on your profile, you will forever be listed as the creator! Thanks to the blockchain technology behind the metaverse!

Moving on, up to this point, we’ve discussed what the metaverse is, and what cryptocurrencies and blockchain tech have to do with the concept. That’s a lot of information to wrap your head around, I’ll admit! One big question still remains unanswered - what does the CEO of Facebook, Mark Zuckerberg, have to do with all of this?

As I’ve mentioned at the beginning of this explanation, towards the end of October of this year, Zuckerberg announced that Facebook would be rebranding to “Meta”, and would start developing its own iteration of the metaverse - a digital world where you could connect with other people, work, exchange information, spend time with friends, and do all sorts of other cool activities.

What is the Metaverse: Metaverse on a blockchain.

This was a huge announcement since it was the first time that a large, that a global brand would delve into the metaverse technology, in such a straightforward manner. Following this, the general public’s interest in the concept of metaverses spiked, quite noticeably!

Some people are very excited about trying out this new form of technology and communication. Others, on the flip side, are very skeptical, especially since this is a concept explored by Facebook - a brand that, let’s just say, doesn't have the best track record when it comes to user data collection and keeping users' best interests in mind.

No matter which camp you fall into, one thing seems to be certain - the metaverse will be an industry-changing innovation that will affect all of our lives. With crypto technology being intertwined with the idea of metaverses, this becomes an even more interesting concept to explore and familiarize yourself with!

What is the Metaverse: How is Mark Zuckerberg involved?

So, I hope that now you have a better understanding of what the Metaverse is! If you wish to learn about the world of crypto, even more, check out the other section - "What is the Blockchain?".

cryptocurrencies are. Understanding them and actually knowing where to trade crypto, however, are two very different things.<\/p>\n<p>The difference between places where you can trade crypto is a source for a heated debate. After getting to know every one of them, you’ll see what I mean. And, believe me - the last one will make you raise some eyebrows!<\/p>\n<p>In this section, I’ll cover where to trade cryptocurrencies, how to do so, what are the advantages and disadvantages of different types of platforms, and what is the best choice for beginners.<\/p>\n<p><em>Let’s dive into it!<\/em><\/p>\n<h2>What’s So Special About Trading Cryptocurrencies?<\/h2>\n<p>Crypto trading refers to the buying and selling of virtual or digital assets. As you know by now, these are usually coins or tokens, such as <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-litecoin-ltc/">Litecoin, and others. In most cases, the aim of crypto trading is to make a profit from price fluctuations.<\/p>\n<p>Many best crypto trading platforms that provide their clients with the ability to get together and trade their crypto assets seek profits, as well. It’s a service, after all! Companies that offer such services are called centralized exchanges, otherwise known as CEXs. Let’s start with them.<\/p>\n<h2>Centralized Exchanges (CEX)<\/h2>\n<p>In addition to the best platform to trade crypto, cryptocurrency trading requires knowledge, intuition, and understanding of such factors as market demand, regulatory developments, technological advancements, and so on.<\/p>\n<p>This goes without even mentioning the technical part of setting up all that’s necessary to actually be able to buy, sell, and trade crypto. It can get complicated! That’s where CEXs come in. They make life easier, especially for beginners, since they provide a simple answer to the question - where to trade crypto?<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Where to trade crypto: Centralized exchanges.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//where-to-trade-cryptocurrencies-01.jpg/" alt=\"Where to trade crypto: Centralized exchanges.\" width=\"1000\" height=\"518\" \/><\/p>\n<p><strong>It’s the most user-friendly and intuitive way of trading crypto assets. <\/strong>Here’s a way to look at it.<\/p>\n<p>Think of a centralized exchange as a supermarket, but for crypto. Just like in a regular supermarket, a CEX is a place where users can buy and sell cryptocurrencies using not only other cryptos, but traditional, fiat money as well.<\/p>\n<p>If you’re new to crypto and don’t have any cryptocurrencies yet, how else can you acquire crypto if not paying for it with dollars, euros, and other fiat currencies, on a crypto trading platform? That’s why most crypto journeys begin on centralized exchanges.<\/p>\n<p>Centralized exchanges are ‘centralized’ because <strong>they operate under a set authority that builds, develops, and maintains the platform in question<\/strong>. This means that the exchange holds control over funds and manages transactions, as well as controls the assets of their users, matches buyers and sellers, and facilitates trades. In other words - makes things less complicated for the trader.<\/p>\n<p>Users don’t have to worry about making sure that a particular crypto asset that they’re after is actually available, just like they don’t have to actively look for a buyer or a seller of the asset they want to obtain. The CEX organizes all of this for them.<\/p>\n<p>That’s a service. And by doing so, the company makes a profit. The platform applies a transaction fee to every trade that takes place on it.<\/p>\n<p>Among the best crypto trading platforms are such CEXs as <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance<\/strong><\/a>, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//kraken/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Kraken<\/strong><\/a>, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//coinbase/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Coinbase<\/strong><\/a>, and others. As time went by, these companies expanded the list of services they provide, so they could stay relevant and stand out from the crowd of competitors, providing their clients not only with a place where to trade crypto, but with a variety of additional features, as well.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Where to trade crypto: Benefits of centralized exchanges.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//where-to-trade-cryptocurrencies-03.jpg/" alt=\"Where to trade crypto: Benefits of centralized exchanges.\" width=\"1000\" height=\"618\" \/><\/p>\n<p>In order to become more accessible for newcomers, CEXs have made sure they have a user-friendly interface, easy-to-follow instructions and tutorials, as well as various payment options.<\/p>\n<p>They apply the so-called KYC procedures. <strong>“KYC” stands for “Know Your Customer”.<\/strong> It’s a measure employed to make sure people use their real identities to reduce the risk of fraudulent behavior. So, after you create an account and get verified, you can literally go and buy $20 worth of Bitcoin in a matter of minutes. It’s that easy!<\/p>\n<p>Besides that, CEXs have more safety guarantees for inexperienced users. These include more robust security measures, insurance for user funds, and, often, support teams that can assist with any issues that may arise.<\/p>\n<p>So, basically, CEXs are intuitive, user-friendly, and reduce the chances of losing one’s assets due to inexperience. That’s why they’re often considered to be the <strong>best crypto exchanges for day trading and investing<\/strong>.<\/p>\n<p>Once the traders level up, they often opt for something way more complex, yet more independent and wild. Instead of a centralized crypto exchange, they go for a decentralized exchange (DEX).<\/p>\n<h2>Decentralized Exchanges (DEX)<\/h2>\n<p>Now, this is where things get interesting.<\/p>\n<p>Earlier in this “where to trade crypto?” section, centralized exchanges were compared to supermarkets. Trading on CEXs is like buying groceries at Walmart: you receive a check, there are surveillance cameras, and you know that the cashier has no intentions of scamming you. They’re just performing a function within a system that’s set up, monitored, and implemented by an upper authority - the store owners.<\/p>\n<p>DEXs have none of this. You can look at them as, say, street vendors. The street is the blockchain, and various street vendors use it for their own good. They stand on their own, and you either find what you’re after, or you don’t. Not being scammed, and finding what you need, is entirely up to you.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Where to trade crypto: Decentralized exchanges.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//where-to-trade-cryptocurrencies-05-6412bb9bc1a11.jpg/" alt=\"Where to trade crypto: Decentralized exchanges.\" width=\"1000\" height=\"583\" \/><\/p>\n<p>But just like CEXs, some DEXs are often considered to be the best crypto trading platforms, too.<\/p>\n<p>Unlike CEXs, however, <strong>decentralized exchanges are not controlled by a central entity<\/strong>. They run on a decentralized network of computers.<\/p>\n<p>DEXs employ smart contracts to execute trades directly between users. If you feel like you need a reminder of what smart contracts are, be sure to check <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//what-are-smart-contracts/">this section<\/strong><\/a>!<\/p>\n<p>Users’ assets are not held on the exchange, and it’s thanks to smart contracts that the trades (or, swaps) are executed without the intervention of the service provider. <strong>Users participate in trades directly using their wallets.<\/strong><\/p>\n<p>Let’s illustrate this with an example. If a fire broke out in a single shop in a mall, the entire building would be evacuated, and a fire hazard would be announced. Everyone and everything within the supermarket would depend on the safety and the current state of the main platform. Be it a supermarket, or a CEX.<\/p>\n<p>That’s not the case with DEXs, though. There is no single platform, or a coin vault, or database that attackers could attempt to break in. It just doesn’t exist. <strong>The blockchain operates all over the place, all at once.<\/strong> Nevertheless, it’s important to keep in mind that hackers find other ways of intervening. For example, they may trick the oracle, and outplay the smart contracts. There is a <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//what-is-an-oracle-in-crypto/">section about oracles<\/strong><\/a>, as well - make sure to check it out!<\/p>\n<p>To add to that, as it was stated earlier, centralized exchanges conduct KYC procedures - they verify the identities of their users, and gather their personal & financial data to prevent fraud and malicious activities. Not everyone likes that.<\/p>\n<p>On DEXs, people who are looking at where to trade crypto don’t have to share their personal info in order to participate in trades.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Where to trade crypto: KYC.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//where-to-trade-cryptocurrencies-08.jpg/" alt=\"Where to trade crypto: KYC.\" width=\"1000\" height=\"487\" \/><\/p>\n<p>Yet, when it comes to DEXs, there’s one essential drawback. <strong>They are difficult to use and navigate.<\/strong> Beginners would simply not understand what’s going on. And that’s not something people want to feel when dealing with money.<\/p>\n<p>This results in DEXs having lower trading volumes or slower processing times, since they’re not as popular as, say, platforms such as Binance.<\/p>\n<p><strong>Another issue is the availability of various assets.<\/strong> Since the trading volumes are lower, chances are that a particular amount of specific crypto that a trader might be after could simply not be available on the exchange, due to the lack of its supply. This is where <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-liquidity-pool/">liquidity pools<\/strong><\/a> come in, but that’s a different topic, altogether.<\/p>\n<p>So, by now, we’ve established that, when it comes to the best platforms to trade crypto, there are two main places to participate in cryptocurrency trading. Specifically, centralized and decentralized exchanges. There’s an alternative option, altogether, though. Something that’s often seen as more intense, dangerous, and unpredictable.<\/p>\n<h2>Meetings In Real Life & P2P<\/h2>\n<p>We’ve talked about CEXs as supermarkets, about DEXs as street vendors, so now, let’s talk about buying stuff from a guy whose listing you saw on Craigslist.<\/p>\n<p><strong>Just like one-on-one deals happen through Facebook Marketplace, Craigslist, and other similar places, crypto trading can happen the same way.<\/strong><\/p>\n<p><strong><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Where to trade crypto: Face-to-face trading.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//where-to-trade-cryptocurrencies-09.jpg/" alt=\"Where to trade crypto: Face-to-face trading.\" width=\"1000\" height=\"626\" \/><\/strong><\/p>\n<p>Traders sometimes get in touch with each other online, meet in real life, and seal the deal. One person hands over the cash, while another transfers the agreed amount of crypto into their wallet right there, on the spot.<\/p>\n<p>If the deal is large, no one guarantees the trader won’t get jumped and robbed. There’s no safety net, everything relies on trust. Therefore, such deals mostly happen between people who are either connected, know each other, or belong to the same social circles, because otherwise, it’s just dangerous.<\/p>\n<p>Thus, an alternative was created. It’s called <strong>P2P trading. <\/strong>“P2P” stands for ‘’Peer-to-Peer”. Such platforms are websites or apps that allow users to trade crypto directly with each other, without the involvement of a middleman or centralized exchange.<\/p>\n<p>What they do is match buyers and sellers, facilitate the transfer of funds, and act as a trusted third party to hold the funds in <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-escrow/">escrow until the transaction is complete.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Where to trade crypto: P2P trading.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//where-to-trade-cryptocurrencies-10.jpg/" alt=\"Where to trade crypto: P2P trading.\" width=\"1156\" height=\"787\" \/><\/p>\n<p>Sounds a lot like a CEX, doesn’t it? The main difference is that <strong>users don’t have to transfer their crypto to a centralized exchange throughout the process of the trade<\/strong>. Having this in mind, sometimes, it’s the centralized exchanges themselves that provide P2P platforms, as a further emphasis on the idea that it’s the best place to trade crypto, feature variety-wise. An example could be the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//binance-p2p/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance P2P Exchange<\/strong><\/a>.<\/p>\n<h2>Final Thoughts<\/h2>\n<p>So, to sum up, centralized exchanges, decentralized exchanges, and P2P deals are where cryptocurrency trading takes place. Each of these options have their own pros and cons, as well as each of them vary in their level of security, anonymity, or accessibility.<\/p>\n<p>The bottom line is this. <strong>If you’re a beginner, centralized exchanges should be the obvious choice.<\/strong> Low risk and security - financial, and physical - are the main priorities for every cautious trader.<\/p>","definition":"Did you know that one of the ways to trade crypto is by meeting in real life?","status":"published","meta_title":"Where to Trade Crypto? Best Crypto Trading Platforms","meta_description":"Are you wondering where to trade crypto assets? If you are, you're in luck because you'll find the best crypto trading platforms right here!","meta_keywords":"where to trade crypto, crypto trading platforms, best crypto trading platform, best platform to trade crypto, crypto trading platform, best place to trade crypto, best crypto exchange for day trading, best crypto exchange","modified_content":"<p>In this section, you're going to find out <strong>where to trade cryptocurrencies<\/strong>!<\/p>\n<p>Trading cryptocurrencies sounds simple. Everyone’s talking about it, which makes you think that anyone could do it! And that’s true. But for a beginner, it’s easy to get lost, real quick. In some of the previous sections of this Crypto 101 Handbook, you can find explanations of what <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//what-is-a-cryptocurrency/">cryptocurrencies are. Understanding them and actually knowing where to trade crypto, however, are two very different things.<\/p>\n<p>The difference between places where you can trade crypto is a source for a heated debate. After getting to know every one of them, you’ll see what I mean. And, believe me - the last one will make you raise some eyebrows!<\/p>\n<p>In this section, I’ll cover where to trade cryptocurrencies, how to do so, what are the advantages and disadvantages of different types of platforms, and what is the best choice for beginners.<\/p>\n<p><em>Let’s dive into it!<\/em><\/p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 suggested-comparisons pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//images//compare-crypto-exchanges.gif/"/n alt=\"Where to Trade Crypto: 3 Best Approaches Explained (Animated)\"\n title=\"Where to Trade Crypto: 3 Best Approaches Explained (Animated)\" class=\"border-0\">\n <p>Video Explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: Where Can You Trade Cryptocurrencies?<\/h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"Where Can You Trade Cryptocurrencies?\" video explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"position-relative youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"LAQkWsx45gc\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"><\/div>\n <p class=\"text-left dyk-video-title\">Where to Trade Crypto: 3 Best Approaches Explained (Animated)<\/p>\n <img data-srcset=\"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/where-to-trade-crypto-3-best-approaches-explained-animated.jpg?tr=w-420 500w,\n https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/where-to-trade-crypto-3-best-approaches-explained-animated.jpg?tr=w-760 1000w\"\n alt=\"Where to Trade Crypto: 3 Best Approaches Explained (Animated)\"\n title=\"Where to Trade Crypto: 3 Best Approaches Explained (Animated)\"\n class=\"p-0 lazyload\">\n <img class=\"play-button lazyload\" data-target=\"#video-modal\"\n data-src=\"https:\/\/assets.bitdegree.org\/crypto\/assets\/video-button.png?tr=w-85\"\n alt=\"Where to Trade Crypto: 3 Best Approaches Explained (Animated)\">\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener noindex\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"><\/i>\n <\/div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE<\/h4>\n <span>ON YOUTUBE<\/span>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"><\/i>\n <\/button>\n <div id=\"iframe\"><\/div>\n <\/div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener noindex\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//crypto-subscribe.jpg/" alt=\"Subscribe\">\n <\/div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE<\/span>\n <\/p>\n <\/div>\n <\/div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease<\/h4>\n <span>New explainer videos every week!<\/span>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n<\/div>\n<h2>What’s So Special About Trading Cryptocurrencies?<\/h2>\n<p>Crypto trading refers to the buying and selling of virtual or digital assets. As you know by now, these are usually coins or tokens, such as <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-litecoin-ltc/">Litecoin, and others. In most cases, the aim of crypto trading is to make a profit from price fluctuations.<\/p>\n<p>Many best crypto trading platforms that provide their clients with the ability to get together and trade their crypto assets seek profits, as well. It’s a service, after all! Companies that offer such services are called centralized exchanges, otherwise known as CEXs. Let’s start with them.<\/p>\n<h2>Centralized Exchanges (CEX)<\/h2>\n<p>In addition to the best platform to trade crypto, cryptocurrency trading requires knowledge, intuition, and understanding of such factors as market demand, regulatory developments, technological advancements, and so on.<\/p>\n<p>This goes without even mentioning the technical part of setting up all that’s necessary to actually be able to buy, sell, and trade crypto. It can get complicated! That’s where CEXs come in. They make life easier, especially for beginners, since they provide a simple answer to the question - where to trade crypto?<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Where to trade crypto: Centralized exchanges.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//where-to-trade-cryptocurrencies-01.jpg/" alt=\"Where to trade crypto: Centralized exchanges.\" width=\"1000\" height=\"518\" \/><\/p>\n<p><strong>It’s the most user-friendly and intuitive way of trading crypto assets. <\/strong>Here’s a way to look at it.<\/p>\n<p>Think of a centralized exchange as a supermarket, but for crypto. Just like in a regular supermarket, a CEX is a place where users can buy and sell cryptocurrencies using not only other cryptos, but traditional, fiat money as well.<\/p>\n<p>If you’re new to crypto and don’t have any cryptocurrencies yet, how else can you acquire crypto if not paying for it with dollars, euros, and other fiat currencies, on a crypto trading platform? That’s why most crypto journeys begin on centralized exchanges.<\/p>\n<p>Centralized exchanges are ‘centralized’ because <strong>they operate under a set authority that builds, develops, and maintains the platform in question<\/strong>. This means that the exchange holds control over funds and manages transactions, as well as controls the assets of their users, matches buyers and sellers, and facilitates trades. In other words - makes things less complicated for the trader.<\/p>\n<p>Users don’t have to worry about making sure that a particular crypto asset that they’re after is actually available, just like they don’t have to actively look for a buyer or a seller of the asset they want to obtain. The CEX organizes all of this for them.<\/p>\n<p>That’s a service. And by doing so, the company makes a profit. The platform applies a transaction fee to every trade that takes place on it.<\/p>\n<p>Among the best crypto trading platforms are such CEXs as <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance<\/strong><\/a>, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//kraken/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Kraken<\/strong><\/a>, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//coinbase/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Coinbase<\/strong><\/a>, and others. As time went by, these companies expanded the list of services they provide, so they could stay relevant and stand out from the crowd of competitors, providing their clients not only with a place where to trade crypto, but with a variety of additional features, as well.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Where to trade crypto: Benefits of centralized exchanges.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//where-to-trade-cryptocurrencies-03.jpg/" alt=\"Where to trade crypto: Benefits of centralized exchanges.\" width=\"1000\" height=\"618\" \/><\/p>\n<p>In order to become more accessible for newcomers, CEXs have made sure they have a user-friendly interface, easy-to-follow instructions and tutorials, as well as various payment options.<\/p>\n<p>They apply the so-called KYC procedures. <strong>“KYC” stands for “Know Your Customer”.<\/strong> It’s a measure employed to make sure people use their real identities to reduce the risk of fraudulent behavior. So, after you create an account and get verified, you can literally go and buy $20 worth of Bitcoin in a matter of minutes. It’s that easy!<\/p>\n<p>Besides that, CEXs have more safety guarantees for inexperienced users. These include more robust security measures, insurance for user funds, and, often, support teams that can assist with any issues that may arise.<\/p>\n<p>So, basically, CEXs are intuitive, user-friendly, and reduce the chances of losing one’s assets due to inexperience. That’s why they’re often considered to be the <strong>best crypto exchanges for day trading and investing<\/strong>.<\/p>\n<p>Once the traders level up, they often opt for something way more complex, yet more independent and wild. Instead of a centralized crypto exchange, they go for a decentralized exchange (DEX).<\/p>\n<h2>Decentralized Exchanges (DEX)<\/h2>\n<p>Now, this is where things get interesting.<\/p>\n<p>Earlier in this “where to trade crypto?” section, centralized exchanges were compared to supermarkets. Trading on CEXs is like buying groceries at Walmart: you receive a check, there are surveillance cameras, and you know that the cashier has no intentions of scamming you. They’re just performing a function within a system that’s set up, monitored, and implemented by an upper authority - the store owners.<\/p>\n<p>DEXs have none of this. You can look at them as, say, street vendors. The street is the blockchain, and various street vendors use it for their own good. They stand on their own, and you either find what you’re after, or you don’t. Not being scammed, and finding what you need, is entirely up to you.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Where to trade crypto: Decentralized exchanges.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//where-to-trade-cryptocurrencies-05-6412bb9bc1a11.jpg/" alt=\"Where to trade crypto: Decentralized exchanges.\" width=\"1000\" height=\"583\" \/><\/p>\n<p>But just like CEXs, some DEXs are often considered to be the best crypto trading platforms, too.<\/p>\n<p>Unlike CEXs, however, <strong>decentralized exchanges are not controlled by a central entity<\/strong>. They run on a decentralized network of computers.<\/p>\n<p>DEXs employ smart contracts to execute trades directly between users. If you feel like you need a reminder of what smart contracts are, be sure to check <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//what-are-smart-contracts/">this section<\/strong><\/a>!<\/p>\n<p>Users’ assets are not held on the exchange, and it’s thanks to smart contracts that the trades (or, swaps) are executed without the intervention of the service provider. <strong>Users participate in trades directly using their wallets.<\/strong><\/p>\n<p>Let’s illustrate this with an example. If a fire broke out in a single shop in a mall, the entire building would be evacuated, and a fire hazard would be announced. Everyone and everything within the supermarket would depend on the safety and the current state of the main platform. Be it a supermarket, or a CEX.<\/p>\n<p>That’s not the case with DEXs, though. There is no single platform, or a coin vault, or database that attackers could attempt to break in. It just doesn’t exist. <strong>The blockchain operates all over the place, all at once.<\/strong> Nevertheless, it’s important to keep in mind that hackers find other ways of intervening. For example, they may trick the oracle, and outplay the smart contracts. There is a <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//what-is-an-oracle-in-crypto/">section about oracles<\/strong><\/a>, as well - make sure to check it out!<\/p>\n<p>To add to that, as it was stated earlier, centralized exchanges conduct KYC procedures - they verify the identities of their users, and gather their personal & financial data to prevent fraud and malicious activities. Not everyone likes that.<\/p>\n<p>On DEXs, people who are looking at where to trade crypto don’t have to share their personal info in order to participate in trades.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Where to trade crypto: KYC.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//where-to-trade-cryptocurrencies-08.jpg/" alt=\"Where to trade crypto: KYC.\" width=\"1000\" height=\"487\" \/><\/p>\n<p>Yet, when it comes to DEXs, there’s one essential drawback. <strong>They are difficult to use and navigate.<\/strong> Beginners would simply not understand what’s going on. And that’s not something people want to feel when dealing with money.<\/p>\n<p>This results in DEXs having lower trading volumes or slower processing times, since they’re not as popular as, say, platforms such as Binance.<\/p>\n<p><strong>Another issue is the availability of various assets.<\/strong> Since the trading volumes are lower, chances are that a particular amount of specific crypto that a trader might be after could simply not be available on the exchange, due to the lack of its supply. This is where <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-liquidity-pool/">liquidity pools<\/strong><\/a> come in, but that’s a different topic, altogether.<\/p>\n<p>So, by now, we’ve established that, when it comes to the best platforms to trade crypto, there are two main places to participate in cryptocurrency trading. Specifically, centralized and decentralized exchanges. There’s an alternative option, altogether, though. Something that’s often seen as more intense, dangerous, and unpredictable.<\/p>\n<h2>Meetings In Real Life & P2P<\/h2>\n<p>We’ve talked about CEXs as supermarkets, about DEXs as street vendors, so now, let’s talk about buying stuff from a guy whose listing you saw on Craigslist.<\/p>\n<p><strong>Just like one-on-one deals happen through Facebook Marketplace, Craigslist, and other similar places, crypto trading can happen the same way.<\/strong><\/p>\n<p><strong><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Where to trade crypto: Face-to-face trading.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//where-to-trade-cryptocurrencies-09.jpg/" alt=\"Where to trade crypto: Face-to-face trading.\" width=\"1000\" height=\"626\" \/><\/strong><\/p>\n<p>Traders sometimes get in touch with each other online, meet in real life, and seal the deal. One person hands over the cash, while another transfers the agreed amount of crypto into their wallet right there, on the spot.<\/p>\n<p>If the deal is large, no one guarantees the trader won’t get jumped and robbed. There’s no safety net, everything relies on trust. Therefore, such deals mostly happen between people who are either connected, know each other, or belong to the same social circles, because otherwise, it’s just dangerous.<\/p>\n<p>Thus, an alternative was created. It’s called <strong>P2P trading. <\/strong>“P2P” stands for ‘’Peer-to-Peer”. Such platforms are websites or apps that allow users to trade crypto directly with each other, without the involvement of a middleman or centralized exchange.<\/p>\n<p>What they do is match buyers and sellers, facilitate the transfer of funds, and act as a trusted third party to hold the funds in <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-escrow/">escrow until the transaction is complete.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Where to trade crypto: P2P trading.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//where-to-trade-cryptocurrencies-10.jpg/" alt=\"Where to trade crypto: P2P trading.\" width=\"1156\" height=\"787\" \/><\/p>\n<p>Sounds a lot like a CEX, doesn’t it? The main difference is that <strong>users don’t have to transfer their crypto to a centralized exchange throughout the process of the trade<\/strong>. Having this in mind, sometimes, it’s the centralized exchanges themselves that provide P2P platforms, as a further emphasis on the idea that it’s the best place to trade crypto, feature variety-wise. An example could be the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//binance-p2p/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance P2P Exchange<\/strong><\/a>.<\/p>\n<h2>Final Thoughts<\/h2>\n<p>So, to sum up, centralized exchanges, decentralized exchanges, and P2P deals are where cryptocurrency trading takes place. Each of these options have their own pros and cons, as well as each of them vary in their level of security, anonymity, or accessibility.<\/p>\n<p>The bottom line is this. <strong>If you’re a beginner, centralized exchanges should be the obvious choice.<\/strong> Low risk and security - financial, and physical - are the main priorities for every cautious trader.<\/p>","youtube_video":{"id":57,"channel_id":1,"sort":41,"video_title":"Where to Trade Crypto: 3 Best Approaches Explained (Animated)","description":"Where to trade cryptocurrencies?\n\n*How* to trade crypto and *where* to trade crypto are two very different questions. However, understanding what crypto exchanges are, and how they differ (CEXs VS DEXs) is an essential step in anyone\u2019s crypto journey.\n\nIn this video, I will explain where most crypto trades take place, how different the trading platforms can be, and what are their main advantages and disadvantages! By learning the fundamental definitions, differences, and practical use applications, you\u2019ll no longer be confused by all of the seemingly-difficult technical terms that are unavoidable in this space.\n\nDo you have a favorite platform where you trade cryptocurrencies? Do share it, in the comments below!\n\nVideo Time Table:\n0:00 Introduction to Where to Trade Crypto\n0:57 What is Crypto Trading?\n1:27 CEXs Explained\n4:17 DEXs Explained\n7:38 P2P Trading Explained\n9:08 Wrap-up: Where to Trade Cryptocurrencies?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps:\/\/twitter.com\/crypto_xplained\n\n#WhereToTradeCrypto #Binance #CEX","video_id":"LAQkWsx45gc","duration":595,"view_count":345,"thumbnail_url":"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/where-to-trade-crypto-3-best-approaches-explained-animated.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2023-04-06T14:15:02.000000Z","created_at":"2023-04-06T23:00:14.000000Z","updated_at":"2024-01-09T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}}" :prev-section="{"id":470,"chapter_id":6,"order":13,"featured_image_id":3084,"youtube_video_id":54,"author_id":1,"created_at":"2023-03-03T11:39:31.000000Z","updated_at":"2023-12-17T11:06:18.000000Z","slug":"crypto-gambling","title":"The Peculiarities of Decentralized Crypto Gambling","content":"<p>In this section, we’re going to talk about decentralized crypto gambling, and how it’s different from traditional gambling!<\/p>\n<p>Gambling is a bit of an interesting topic - that’s for sure. However, to this day, it’s one of the more popular forms of entertainment - this is something that can’t be denied, either. With how popular gambling is, though, it’s only natural that there are new and emerging technologies coming out in this field, continuously.<\/p>\n<p>This is where crypto gambling comes into play, as well. While the concept is probably as old as crypto itself, if you’re not an active participant in this space, you might be surprised to find out just how many different aspects of crypto tech the field of gambling has managed to employ!<\/p>\n<p>In this section, <strong>we’re going to discuss crypto gambling<\/strong>. To be more specific, I will tell you what this form of gambling is, to begin with, and how it’s different from your common, everyday gambling processes. Then, we’ll also talk about the key aspect that makes crypto gambling appealing, when compared to traditional gambling platforms.<\/p>\n<p><em>So, let’s get to it!<\/em><\/p>\n<h2>What is Crypto Gambling?<\/h2>\n<p>To start out, let me just say - crypto gambling isn’t a very simple topic, and it requires some fundamental knowledge about crypto, in general, and how certain blockchain-related processes work. If you’re unfamiliar with all of that, or feel like you need to brush up your “Crypto 101” skills, make sure to <strong>check out other chapters in this Handbook<\/strong> - I have sections dedicated to all of the core aspects of this technology!<\/p>\n<p>Assuming that you’re already crypto-savvy, though, let’s start off by outlining some definitions of just what crypto gambling is. This is where an example would probably suffice.<\/p>\n<p>So, imagine that, while shopping for groceries in your local mall, you’ve come across a magician booth. The so-called magician has 5 different cups lying on the table, faced down, and a marble. He proposes a deal to you - you pay him some money, and guess the cup under which the marble is placed. If you’re correct, you’ll get your money back, as well as an additional reward on top of it.<\/p>\n<p>Now, the magician also tells you that he has a <em>“special system”<\/em> of how he places the marble under the cups, and that <em>“the odds are definitely fair”<\/em>. So, would you participate in a game like this?<\/p>\n<p>I can hear you asking already - <strong>what does this have to do with crypto gambling?!<\/strong> Well, bear with me - while it’s no Ethereum casino just yet, all of this will make sense in a minute.<\/p>\n<p>Moving on, I’d like to give you an altered version of the earlier example. So, imagine that the situation is completely the same, but instead of a magician, there’s a special machine handling the marble & the cups, as well as paying out rewards. Furthermore, you can take your time and read about the <em>“special process”<\/em> of how the cups are selected, and how the marble is placed.<\/p>\n<p>Finally, if you’re still not convinced, you can step aside and view how the machine works when other people play, and how the rewards are paid out. So, to sum up, and in other words - the entire process is <em>provably<\/em> fair.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: Traditional gambling.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto-gambling-01.jpg/" alt=\"Crypto gambling: Traditional gambling.\" width=\"1000\" height=\"632\" \/><\/p>\n<p>Now, this latter example works well to represent crypto gambling, at least to a satisfactory extent! With traditional gambling processes, you never really know what algorithms are used in the game that you’re playing (unless you’re betting on a live sports event, that is). Furthermore, there are countless different horror stories where players would win big, and then suddenly, the underlying platform would come up with excuses for why the win doesn’t count. In turn, this would result in the winnings not being paid out, as well.<\/p>\n<p><strong>Crypto gambling offers a sort of solution for those problems - provably fair gambling processes<\/strong>. You see, when you play a game on a decentralized crypto gambling platform, the underlying mechanics are based on a <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-smart-contract/">smart contract<\/strong><\/a>. These <em>“mechanics”<\/em> (or, rules of the game, as well as the odds of you winning or losing) are predefined, and once the smart contract is activated (in other words - once you start playing), they are going to be enforced, no matter what. That’s the magic of smart contracts!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: Decentralized crypto gambling.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto-gambling-02.jpg/" alt=\"Crypto gambling: Decentralized crypto gambling.\" width=\"1000\" height=\"584\" \/><\/p>\n<p>On top of that, it’s probably still worth stating the obvious, as well - whether it be decentralized crypto gambling, or gambling with some sort of an established brand (such as Stake crypto gambling), instead of <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-fiat/">fiat money, you would be using your cryptocurrencies. This makes the whole entire experience more interesting and, potentially, somewhat anonymous, too!<\/p>\n<h2>Decentralization - The Key Element of Crypto Gambling<\/h2>\n<p>Moving on, I want to tell you the secret - all of those cool features that we’ve just talked about, when it comes to crypto gambling, are made possible thanks to a single aspect - <strong>decentralization<\/strong>.<\/p>\n<p>Now, when people talk about gambling and wagering their cryptocurrencies, in most cases, they are referring to just that - decentralized crypto gambling. There are also <strong>centralized crypto gambling platforms<\/strong>, too, but these operate very similarly to your traditional gambling establishments.<\/p>\n<p>Most projects that employ the decentralized model, however, have some significant benefits to offer to their clients, when compared to traditional gambling institutions. For the sake of keeping things simple, let me use <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//coingames/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>CoinGames<\/strong><\/a> - a popular online decentralized crypto gambling casino - as an example.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: CoinGames example.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto-gambling-04.jpg/" alt=\"Crypto gambling: CoinGames example.\" width=\"1000\" height=\"555\" \/><\/p>\n<p>So, the very first thing that you’ll notice with CoinGames is that you don’t actually need to transfer any of your funds to the platform, as you gamble. With a traditional, centralized gambling platform, the situation would be very different. This is a major benefit of decentralized gambling - the fact that <strong>it’s non-custodial by nature<\/strong>, and that your funds are never handled by the underlying company behind the gambling project.<\/p>\n<p>Who handles the funds, then? Well, simple - <strong>the earlier-mentioned smart contracts<\/strong>!<\/p>\n<p>Sticking with the CoinGames example, if you decide that you want to play one of the games available on their platform - of which there are many, to be fair! -, all that you would need to do is pass a very quick registration process, connect your wallet to their website, and have some of the required tokens (in CoinGames’ case, these are called DEGA).<\/p>\n<p>Once you decide to play a game and gamble your tokens, they would be held in a smart contract - this contract would either automatically issue your rewards if you win, or keep your wager, if you lost. Since the contract is tied to the game, it updates your balance automatically.<\/p>\n<p>Pretty cool, huh? Well, an arguably even cooler feature of decentralized gambling is that <strong>all of the processes of the smart contracts can be viewed on the blockchain<\/strong> - they are completely public, and open for anyone to check, at any point in time. It’s the same as with the cup-handling aforementioned machine example - if you can check the rules by which it operates, and view how the machine interacts with other players, you are able to deduce whether or not the whole process is fair!<\/p>\n<p>Naturally, since the example-platform in question - CoinGames - features decentralized crypto gambling functionality, these things would work the exact same with this project, as well.<\/p>\n<p>Now, the one big question that tends to come up, whether while talking about Stake crypto gambling, CoinGames, or gambling crypto tokens, in general, has to do with the legality of the matter. Specifically - <strong>is crypto gambling legal, to begin with?<\/strong><\/p>\n<p><strong><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: Is crypto gambling legal?\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto-gambling-06.jpg/" alt=\"Crypto gambling: Is crypto gambling legal?\" width=\"1000\" height=\"570\" \/><\/strong><\/p>\n<p>Well, to tell you the truth – that’s a complicated question to answer! In many cases, Ethereum casinos and other gambling platforms will be <strong>legal in those countries and states where gambling is legal<\/strong>, in general. However, obviously, before you go out and start gambling, make sure to look into your local laws and regulations surrounding the matter!<\/p>\n<p>Oftentimes, it does also depend on the regulatory steps that the gambling platform has taken, itself - or, in other words, whether it’s regulated or not. Sticking with the CoinGames example, this particular platform is licensed with the Isle of Man Gambling Supervision Commission - thus, depending on specific circumstances, the company behind CoinGames could ask their clients to provide proof of identity, as well as any additional KYC-related information.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: The Isle of Man Gambling Supervision Commission.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto-gambling-07.jpg/" alt=\"Crypto gambling: The Isle of Man Gambling Supervision Commission.\" width=\"1000\" height=\"554\" \/><\/p>\n<p>Not familiar with the concept of KYC? There is a separate <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//kyc-crypto/">section about this topic - make sure to check it out!<\/p>\n<p>You could say - <strong>hey, doesn’t the whole proof of identity thing kind of negate the decentralization aspect of the entire ordeal?<\/strong> Well, no, not really - that would be a mixup between “decentralization” and “anonymity”.<\/p>\n<p>As it was established before, decentralized crypto gambling ensures that the processes taking place on the gambling platform are fair and automated - something that is easy to prove or disprove, by taking a look at the underlying public network. It’s true that <strong>some gambling platforms also support anonymity<\/strong>, as well. However, in many places around the world, these platforms aren’t legal to be used, mainly due to the potential for malicious activities to take place on them, thanks to the precise aspect in question - anonymity.<\/p>\n<h2>Wrapping Up<\/h2>\n<p>So, to wrap things up, let’s have a quick refresher on the main points.<\/p>\n<p>Decentralized crypto gambling is <strong>very different from traditional gambling<\/strong>, mostly due to the fact that it features smart contract functionality, and is (in many cases, at least) much more transparent. Gambling services such as CoinGames are a good example of this - while there are licenses and regulations involved, you can still gamble your crypto tokens, in a decentralized manner, and without having to transfer to and keep your assets on the underlying platform.<\/p>\n<p>Obviously, you should always <strong>stay cautious when dealing with any type of crypto gambling service<\/strong> - that goes without saying. While doing research of your own, always ask yourself - is crypto gambling legal in my country? Is the platform that I’ve chosen to gamble on licensed and regulated? Are there any red flags that I should be aware of, and avoid?<\/p>\n<p>With that being said, you now know all the basics of decentralized crypto gambling. If you want to become a true crypto expert, though, be sure to study other sections in this Crypto 101 Handbook.<\/p>","definition":"Did you know that decentralized crypto gambling is very different from traditional gambling?","status":"published","meta_title":"How Does Crypto Gambling Actually Work?","meta_description":"Trying to figure out the essence of crypto gambling? Find all answers right here, including whether crypto gambling is legal or not.","meta_keywords":"crypto gambling, decentralized gambling, ethereum casino, stake crypto gambling, is crypto gambling legal, gambling crypto tokens","modified_content":"<p>In this section, we’re going to talk about decentralized crypto gambling, and how it’s different from traditional gambling!<\/p>\n<p>Gambling is a bit of an interesting topic - that’s for sure. However, to this day, it’s one of the more popular forms of entertainment - this is something that can’t be denied, either. With how popular gambling is, though, it’s only natural that there are new and emerging technologies coming out in this field, continuously.<\/p>\n<p>This is where crypto gambling comes into play, as well. While the concept is probably as old as crypto itself, if you’re not an active participant in this space, you might be surprised to find out just how many different aspects of crypto tech the field of gambling has managed to employ!<\/p>\n<p>In this section, <strong>we’re going to discuss crypto gambling<\/strong>. To be more specific, I will tell you what this form of gambling is, to begin with, and how it’s different from your common, everyday gambling processes. Then, we’ll also talk about the key aspect that makes crypto gambling appealing, when compared to traditional gambling platforms.<\/p>\n<p><em>So, let’s get to it!<\/em><\/p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 suggested-comparisons pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//images//compare-crypto-exchanges.gif/"/n alt=\"What is Decentralized Crypto Gambling? (Animated Explainer)\"\n title=\"What is Decentralized Crypto Gambling? (Animated Explainer)\" class=\"border-0\">\n <p>Video Explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: The Peculiarities of Decentralized Crypto Gambling<\/h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"The Peculiarities of Decentralized Crypto Gambling\" video explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"position-relative youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"5D0ncGs-P-o\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"><\/div>\n <p class=\"text-left dyk-video-title\">What is Decentralized Crypto Gambling? (Animated Explainer)<\/p>\n <img data-srcset=\"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/what-is-decentralized-crypto-gambling-animated-explainer.jpg?tr=w-420 500w,\n https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/what-is-decentralized-crypto-gambling-animated-explainer.jpg?tr=w-760 1000w\"\n alt=\"What is Decentralized Crypto Gambling? (Animated Explainer)\"\n title=\"What is Decentralized Crypto Gambling? (Animated Explainer)\"\n class=\"p-0 lazyload\">\n <img class=\"play-button lazyload\" data-target=\"#video-modal\"\n data-src=\"https:\/\/assets.bitdegree.org\/crypto\/assets\/video-button.png?tr=w-85\"\n alt=\"What is Decentralized Crypto Gambling? (Animated Explainer)\">\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener noindex\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"><\/i>\n <\/div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE<\/h4>\n <span>ON YOUTUBE<\/span>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"><\/i>\n <\/button>\n <div id=\"iframe\"><\/div>\n <\/div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener noindex\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//crypto-subscribe.jpg/" alt=\"Subscribe\">\n <\/div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE<\/span>\n <\/p>\n <\/div>\n <\/div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease<\/h4>\n <span>New explainer videos every week!<\/span>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n<\/div>\n<h2>What is Crypto Gambling?<\/h2>\n<p>To start out, let me just say - crypto gambling isn’t a very simple topic, and it requires some fundamental knowledge about crypto, in general, and how certain blockchain-related processes work. If you’re unfamiliar with all of that, or feel like you need to brush up your “Crypto 101” skills, make sure to <strong>check out other chapters in this Handbook<\/strong> - I have sections dedicated to all of the core aspects of this technology!<\/p>\n<p>Assuming that you’re already crypto-savvy, though, let’s start off by outlining some definitions of just what crypto gambling is. This is where an example would probably suffice.<\/p>\n<p>So, imagine that, while shopping for groceries in your local mall, you’ve come across a magician booth. The so-called magician has 5 different cups lying on the table, faced down, and a marble. He proposes a deal to you - you pay him some money, and guess the cup under which the marble is placed. If you’re correct, you’ll get your money back, as well as an additional reward on top of it.<\/p>\n<p>Now, the magician also tells you that he has a <em>“special system”<\/em> of how he places the marble under the cups, and that <em>“the odds are definitely fair”<\/em>. So, would you participate in a game like this?<\/p>\n<p>I can hear you asking already - <strong>what does this have to do with crypto gambling?!<\/strong> Well, bear with me - while it’s no Ethereum casino just yet, all of this will make sense in a minute.<\/p>\n<p>Moving on, I’d like to give you an altered version of the earlier example. So, imagine that the situation is completely the same, but instead of a magician, there’s a special machine handling the marble & the cups, as well as paying out rewards. Furthermore, you can take your time and read about the <em>“special process”<\/em> of how the cups are selected, and how the marble is placed.<\/p>\n<p>Finally, if you’re still not convinced, you can step aside and view how the machine works when other people play, and how the rewards are paid out. So, to sum up, and in other words - the entire process is <em>provably<\/em> fair.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: Traditional gambling.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto-gambling-01.jpg/" alt=\"Crypto gambling: Traditional gambling.\" width=\"1000\" height=\"632\" \/><\/p>\n<p>Now, this latter example works well to represent crypto gambling, at least to a satisfactory extent! With traditional gambling processes, you never really know what algorithms are used in the game that you’re playing (unless you’re betting on a live sports event, that is). Furthermore, there are countless different horror stories where players would win big, and then suddenly, the underlying platform would come up with excuses for why the win doesn’t count. In turn, this would result in the winnings not being paid out, as well.<\/p>\n<p><strong>Crypto gambling offers a sort of solution for those problems - provably fair gambling processes<\/strong>. You see, when you play a game on a decentralized crypto gambling platform, the underlying mechanics are based on a <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-smart-contract/">smart contract<\/strong><\/a>. These <em>“mechanics”<\/em> (or, rules of the game, as well as the odds of you winning or losing) are predefined, and once the smart contract is activated (in other words - once you start playing), they are going to be enforced, no matter what. That’s the magic of smart contracts!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: Decentralized crypto gambling.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto-gambling-02.jpg/" alt=\"Crypto gambling: Decentralized crypto gambling.\" width=\"1000\" height=\"584\" \/><\/p>\n<p>On top of that, it’s probably still worth stating the obvious, as well - whether it be decentralized crypto gambling, or gambling with some sort of an established brand (such as Stake crypto gambling), instead of <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-fiat/">fiat money, you would be using your cryptocurrencies. This makes the whole entire experience more interesting and, potentially, somewhat anonymous, too!<\/p>\n<h2>Decentralization - The Key Element of Crypto Gambling<\/h2>\n<p>Moving on, I want to tell you the secret - all of those cool features that we’ve just talked about, when it comes to crypto gambling, are made possible thanks to a single aspect - <strong>decentralization<\/strong>.<\/p>\n<p>Now, when people talk about gambling and wagering their cryptocurrencies, in most cases, they are referring to just that - decentralized crypto gambling. There are also <strong>centralized crypto gambling platforms<\/strong>, too, but these operate very similarly to your traditional gambling establishments.<\/p>\n<p>Most projects that employ the decentralized model, however, have some significant benefits to offer to their clients, when compared to traditional gambling institutions. For the sake of keeping things simple, let me use <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//coingames/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>CoinGames<\/strong><\/a> - a popular online decentralized crypto gambling casino - as an example.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: CoinGames example.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto-gambling-04.jpg/" alt=\"Crypto gambling: CoinGames example.\" width=\"1000\" height=\"555\" \/><\/p>\n<p>So, the very first thing that you’ll notice with CoinGames is that you don’t actually need to transfer any of your funds to the platform, as you gamble. With a traditional, centralized gambling platform, the situation would be very different. This is a major benefit of decentralized gambling - the fact that <strong>it’s non-custodial by nature<\/strong>, and that your funds are never handled by the underlying company behind the gambling project.<\/p>\n<p>Who handles the funds, then? Well, simple - <strong>the earlier-mentioned smart contracts<\/strong>!<\/p>\n<p>Sticking with the CoinGames example, if you decide that you want to play one of the games available on their platform - of which there are many, to be fair! -, all that you would need to do is pass a very quick registration process, connect your wallet to their website, and have some of the required tokens (in CoinGames’ case, these are called DEGA).<\/p>\n<p>Once you decide to play a game and gamble your tokens, they would be held in a smart contract - this contract would either automatically issue your rewards if you win, or keep your wager, if you lost. Since the contract is tied to the game, it updates your balance automatically.<\/p>\n<p>Pretty cool, huh? Well, an arguably even cooler feature of decentralized gambling is that <strong>all of the processes of the smart contracts can be viewed on the blockchain<\/strong> - they are completely public, and open for anyone to check, at any point in time. It’s the same as with the cup-handling aforementioned machine example - if you can check the rules by which it operates, and view how the machine interacts with other players, you are able to deduce whether or not the whole process is fair!<\/p>\n<p>Naturally, since the example-platform in question - CoinGames - features decentralized crypto gambling functionality, these things would work the exact same with this project, as well.<\/p>\n<p>Now, the one big question that tends to come up, whether while talking about Stake crypto gambling, CoinGames, or gambling crypto tokens, in general, has to do with the legality of the matter. Specifically - <strong>is crypto gambling legal, to begin with?<\/strong><\/p>\n<p><strong><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: Is crypto gambling legal?\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto-gambling-06.jpg/" alt=\"Crypto gambling: Is crypto gambling legal?\" width=\"1000\" height=\"570\" \/><\/strong><\/p>\n<p>Well, to tell you the truth – that’s a complicated question to answer! In many cases, Ethereum casinos and other gambling platforms will be <strong>legal in those countries and states where gambling is legal<\/strong>, in general. However, obviously, before you go out and start gambling, make sure to look into your local laws and regulations surrounding the matter!<\/p>\n<p>Oftentimes, it does also depend on the regulatory steps that the gambling platform has taken, itself - or, in other words, whether it’s regulated or not. Sticking with the CoinGames example, this particular platform is licensed with the Isle of Man Gambling Supervision Commission - thus, depending on specific circumstances, the company behind CoinGames could ask their clients to provide proof of identity, as well as any additional KYC-related information.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Crypto gambling: The Isle of Man Gambling Supervision Commission.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto-gambling-07.jpg/" alt=\"Crypto gambling: The Isle of Man Gambling Supervision Commission.\" width=\"1000\" height=\"554\" \/><\/p>\n<p>Not familiar with the concept of KYC? There is a separate <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//kyc-crypto/">section about this topic - make sure to check it out!<\/p>\n<p>You could say - <strong>hey, doesn’t the whole proof of identity thing kind of negate the decentralization aspect of the entire ordeal?<\/strong> Well, no, not really - that would be a mixup between “decentralization” and “anonymity”.<\/p>\n<p>As it was established before, decentralized crypto gambling ensures that the processes taking place on the gambling platform are fair and automated - something that is easy to prove or disprove, by taking a look at the underlying public network. It’s true that <strong>some gambling platforms also support anonymity<\/strong>, as well. However, in many places around the world, these platforms aren’t legal to be used, mainly due to the potential for malicious activities to take place on them, thanks to the precise aspect in question - anonymity.<\/p>\n<h2>Wrapping Up<\/h2>\n<p>So, to wrap things up, let’s have a quick refresher on the main points.<\/p>\n<p>Decentralized crypto gambling is <strong>very different from traditional gambling<\/strong>, mostly due to the fact that it features smart contract functionality, and is (in many cases, at least) much more transparent. Gambling services such as CoinGames are a good example of this - while there are licenses and regulations involved, you can still gamble your crypto tokens, in a decentralized manner, and without having to transfer to and keep your assets on the underlying platform.<\/p>\n<p>Obviously, you should always <strong>stay cautious when dealing with any type of crypto gambling service<\/strong> - that goes without saying. While doing research of your own, always ask yourself - is crypto gambling legal in my country? Is the platform that I’ve chosen to gamble on licensed and regulated? Are there any red flags that I should be aware of, and avoid?<\/p>\n<p>With that being said, you now know all the basics of decentralized crypto gambling. If you want to become a true crypto expert, though, be sure to study other sections in this Crypto 101 Handbook.<\/p>","youtube_video":{"id":54,"channel_id":1,"sort":44,"video_title":"What is Decentralized Crypto Gambling? (Animated Explainer)","description":"What is decentralized crypto gambling & is it legal?\n\nWhile gambling is a bit of a tricky topic, it\u2019s obvious that it\u2019s still a very popular form of entertainment. Being as popular as it is, naturally, the popularity does also transfer to the crypto space, as well - there are crypto gambling services popping up, seemingly every other month or so!\n\nIn this video, I will tell you about decentralized crypto gambling. We'll discuss what this type of gambling is, to begin with, as well as what makes it special and different from traditional gambling. I will also tell you about CoinGames, one of the better current examples of a decentralized crypto gambling platform.\n\nHave you ever used a crypto gambling service, or an Ethereum casino? Let me know, in the comments below!\n\nVideo Time Table:\n0:00 Introduction to What is Decentralized Crypto Gambling\n1:09 What is Crypto Gambling?\n4:01 Crypto Gambling Decentralization\n6:30 Legality of Crypto Gambling\n8:02 Wrap-up: What is Decentralized Crypto Gambling?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps:\/\/twitter.com\/crypto_xplained\n\n#CryptoGambling #DecentralizedGambling #EthereumCasino","video_id":"5D0ncGs-P-o","duration":546,"view_count":765,"thumbnail_url":"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/what-is-decentralized-crypto-gambling-animated-explainer.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2023-03-13T15:58:30.000000Z","created_at":"2023-03-13T23:00:07.000000Z","updated_at":"2024-01-09T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}}" :model="{"id":3,"chapter_id":6,"order":14,"featured_image_id":3036,"youtube_video_id":9,"author_id":1,"created_at":"2022-05-02T08:03:23.000000Z","updated_at":"2023-11-21T12:00:59.000000Z","slug":"what-is-the-metaverse","title":"Metaverse: A New Perception of Reality","content":"<p>Ever since <strong>Mark Zuckerberg<\/strong> - <strong>the CEO of Facebook<\/strong> - announced his company’s expansion into the realm of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-metaverse/">metaverses back in October of 2021, the concept has seemingly not left the lips of many people around the world. And YES, you might be surprised to find out that metaverses were a standalone concept long before Zuckerberg’s announcement - specifically, since the early 90s, and today I’ll explain to you what Metaverse is, the whole concept literally on my five fingers!<\/p>\n<p>In this section, I’ll tell you all about the metaverse - <strong>what it is, what it has to do with crypto, and how is Mark Zuckerberg involved in all of this, in the first place<\/strong>. Let’s jump right into it!<\/p>\n<p>So, then, first things first - let’s define the concept of a metaverse, shall we?<\/p>\n<h2>What is the Metaverse?<\/h2>\n<p>Now, admittedly, you’ll find many different definitions of the metaverse online. There are multiple explanations that are much more confusing than helpful!<\/p>\n<p><strong>The term itself came from the science fiction novel \"Snow Crash\" by the American writer Neal Stephenson in 1992. <\/strong><\/p>\n<p>Indeed, Mark wasn’t the first genius who came up with it! <\/p>\n<p>Even in those days, <strong>Neil described the Metaverse as a virtual world, with virtual real estate - even the connection to it was made via special goggles, as we call them now,<\/strong> <strong>VR glasses<\/strong>! He was describing the whole subculture of “avatars” who choose to remain connected to Metaverse for-life, by wearing portable terminals. And you know what? Today this seems to me like the upcoming reality, not fiction.<\/p>\n<p>By the way, it is a great, old book, I really recommend it to break your imagination!<\/p>\n<p>So, to put it simply, a Metaverse is a digital world. The most common examples given revolve around some of the more popular video games today, such as <strong>Animal Crossing or Second Life<\/strong>. Within this digital world, you have your own avatar and are able to interact with the terrain, items, and other people’s avatars around you.<\/p>\n<p>When someone talks about metaverses, most individuals will imagine a person with a VR headset on their head. This is because VR tools allow you to be more immersed in the aforementioned digital worlds - in other words, you are able to <strong>experience them in 3D<\/strong>.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is a Metaverse: Concept of a Metaverse.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-1.o.jpg/" alt=\"What is a Metaverse: Concept of a Metaverse.\" width=\"1000\" height=\"600\" \/><\/p>\n<p>Notice how I use the plural version of the term - metaverses. That’s because, honestly, <strong>there can be multiple metaverses out there<\/strong>! This is not something that’s limited to a one, single project or design.<\/p>\n<p>Let’s go over what users can actually DO in a metaverse, and why do we need it?<\/p>\n<p>For starters, many individuals imagine metaverses as spaces for new-generation gaming. Today, there are already multiple VR-powered gaming options - different activities such as VR Saber or mountain climbing, and even cooperative games to play with friends.<\/p>\n<p>There’s widespread speculation that, in the future, metaverse users will be able <strong>to virtually improve their working spaces, arrange meetings with friends or colleagues, visit digital meet-up hubs, travel to distant and alien lands, and do so much more<\/strong>. It probably wouldn’t be too surprising if, in 10 years' time, many of our daily activities (shopping, playing games, meeting friends) would be transferred to the metaverse, into a new illusive dimension or reality?<\/p>\n<p style=\"text-align: center;\"><img title=\"What is a Metaverse: What can you do in a Metaverse?\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-2.o.jpg/" alt=\"What is a Metaverse: What can you do in a Metaverse?\" width=\"1000\" height=\"600\" \/><\/p>\n<p>That being said, however, when people say “the metaverse” today, another concept that they are often referring to is a digital world built on blockchain technology. Let’s break that down, shall we?<\/p>\n<p>A “<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchain” is an information storage area, you can call it “<strong>the new age database<\/strong>”. Just like you would store your family’s photos in an album, blockchains store information. Most of the time, this information relates to cryptocurrency <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-transaction-tx/">transactions - that’s because many blockchains have their own, native cryptocurrencies associated with them.<\/p>\n<p>Now, I can already hear you asking - what in the world do blockchains have to do with the metaverse? This is so confusing!<\/p>\n<p>I can understand your frustration. Worry not, though - things are actually much simpler than you’d think!<\/p>\n<p>When I say that the metaverse would be built on blockchain technology, it simply means three things:<\/p>\n<ul>\n<li><strong>The metaverse would be decentralized, at least in some form;<\/strong><\/li>\n<li><strong>The metaverse would allow you to transact with cryptocurrencies;<\/strong><\/li>\n<li><strong>Your profile information would be stored on the blockchain - the new generation database.<\/strong><\/li>\n<\/ul>\n<p>Most blockchains are <strong>decentralized<\/strong>. What this means is that there is no one central authority overseeing them. The simplest way to imagine it is this: when you go visit a social media platform, your experience will depend on the owners of that platform. The company behind the platform will moderate what you can and can’t see, what you can and can’t say, how you interact with others, and so on.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-3.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"350\" \/><\/p>\n<p>A decentralized version of such a social media platform wouldn’t have any of the aforementioned restrictions, if the community would decide to not impose them. In other words, decentralized platforms don’t have a single ruling authority behind them, and depend on the communities to be <strong>the decision-makers<\/strong>.<\/p>\n<p>Within a decentralized metaverse, you would be able to make decisions with the rest of the community, in the form of democratic votes. The well-being of the metaverse would depend on each individual and not some central authority - how cool is that?<\/p>\n<p>Now, let’s move on to the cryptocurrency transaction question in our new Metaverse world.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-4.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"500\" \/><\/p>\n<p>As I’ve mentioned earlier, most blockchains have their native cryptocurrency - think of <a href=https://www.bitdegree.org/"//crypto//buy-bitcoin-btc/">Bitcoin, <a href=https://www.bitdegree.org/"//crypto//buy-ethereum-eth/">Ethereum, and the like. If a metaverse would be created with the help of blockchain technology, <strong>users would be able to pay for services with the native currency of that blockchain<\/strong>.<\/p>\n<p>The simplest way to think of this is the way that you transact with the United States dollar. No matter which US state you might be located in, you will be able to use the same USD with all of your purchases - this is actually even true in many other parts of the world, as well!<\/p>\n<p>Now, the popular opinion states that Ethereum is the most suitable blockchain for metaverse development. This is because this network is often described as “<strong>the global computer<\/strong>” on which many large projects have already been developed and created.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-5.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"550\" \/><\/p>\n<p>On that note, Ethereum is also often thought to be the foundational network behind <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-web-3-0/">Web 3.0<\/strong><\/a>, a new form of a decentralized internet. If you’re interested to learn more about this topic, I highly encourage you to check out another explanatory section by me on what <a href=https://www.bitdegree.org/"//crypto//learn//what-is-web-3-0/">Web 3.0<\/strong><\/a> is!<\/p>\n<p><strong>Before we continue, why is Ethereum better than any other blockchain, though? <\/strong><\/p>\n<p>Well, it’s scalable, stable, reliable, and most importantly, it was the first blockchain to implement <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//tutorials//what-is-a-smart-contract/">Smart Contracts<\/strong><\/a> - special automated processes, or an automated logic, that allows people to make agreements with one another, without having to trust if the other party will hold up their part of the deal. Everything is processed under the openly seen, coded logic and <strong>no third parties can affect it from outside after it was launched<\/strong>. In most cases, even its initial developers can’t!<\/p>\n<p>Smart contracts allow for fast, safe, and decentralized transactions to happen on the network. Implemented into the metaverse, they would act in the background - <strong>whether you launch a game or pay for a virtual plot of land, smart contracts would be involved, without you even noticing it<\/strong>!<\/p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Why is Ethereum the most suitable blockchain for Metaverse?\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-6.o.jpg/" alt=\"What is the Metaverse: Why is Ethereum the most suitable blockchain for Metaverse?\" width=\"1000\" height=\"300\" \/><\/p>\n<p>Lastly, let’s take a look at the third point - your metaverse personality, a profile of information being stored on the blockchain.<\/p>\n<p>Imagine that you’d be able to remain anonymous within the metaverse, thanks to blockchain tech. You’d probably still want to create some sort of profile, though, right? Well, same as you can create a character in a video game, you would also be able to do so within the metaverse, <strong>with the help of crypto, as well - your profile would be anonymous, yet tied to your account.<\/strong><\/p>\n<p>Say, you’ve created a digital painting that has become very popular within the metaverse. How do you prove that YOU were the one who made it? Simple - no matter who owns it NOW, if it was created, also known as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-minting/">minted, on your profile, you will forever be listed as the creator! Thanks to the blockchain technology behind the metaverse!<\/p>\n<p>Moving on, up to this point, we’ve discussed what the metaverse is, and what <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptocurrency/">cryptocurrencies and blockchain tech have to do with the concept. That’s a lot of information to wrap your head around, I’ll admit! One big question still remains unanswered - <strong>what does the CEO of Facebook, Mark Zuckerberg, have to do with all of this?<\/strong><\/p>\n<p>As I’ve mentioned at the beginning of this explanation, towards the end of October of this year, Zuckerberg announced that Facebook would be rebranding to “<strong>Meta<\/strong>”, and would start developing its own iteration of the metaverse - a digital world where you could connect with other people, work, exchange information, spend time with friends, and do all sorts of other cool activities.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-7.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"600\" \/><\/p>\n<p>This was a huge announcement since it was the first time that a large, that a global brand would delve into the metaverse technology, in such a straightforward manner. Following this, the general public’s interest in the concept of metaverses spiked, quite noticeably!<\/p>\n<p>Some people are very excited about trying out this new form of technology and communication. Others, on the flip side, are very skeptical, especially since this is a concept explored by Facebook - a brand that, let’s just say,<strong> doesn't have the best track<\/strong> record when it comes to user data collection and keeping users' best interests in mind.<\/p>\n<p>No matter which camp you fall into, one thing seems to be certain - the metaverse will be <strong>an industry-changing innovation that will affect all of our lives<\/strong>. With crypto technology being intertwined with the idea of metaverses, this becomes an even more interesting concept to explore and familiarize yourself with!<\/p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: How is Mark Zuckerberg involved?\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-8.o.jpg/" alt=\"What is the Metaverse: How is Mark Zuckerberg involved?\" width=\"1000\" height=\"550\" \/><\/p>\n<p>So, I hope that now you have a better understanding of what the Metaverse is! If you wish to learn about the world of crypto, even more, check out the other section - \"<a href=https://www.bitdegree.org/"//crypto//learn//what-is-blockchain/">What is the Blockchain?<\/strong><\/a>\".<\/p>","definition":"Did you know that the term \"Metaverse\" originated from a science fiction novel called \"Snow Crash\" in 1992?","status":"published","meta_title":"What is the Metaverse: A Completely New World?","meta_description":"Find out what is the Metaverse, how it works, & what does Mark Zuckerberg have to do with it? See what this virtual world will offer!","meta_keywords":"what is the metaverse, what does metaverse mean, what is metaverse in crypto","modified_content":"<p>Ever since <strong>Mark Zuckerberg<\/strong> - <strong>the CEO of Facebook<\/strong> - announced his company’s expansion into the realm of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-metaverse/">metaverses back in October of 2021, the concept has seemingly not left the lips of many people around the world. And YES, you might be surprised to find out that metaverses were a standalone concept long before Zuckerberg’s announcement - specifically, since the early 90s, and today I’ll explain to you what Metaverse is, the whole concept literally on my five fingers!<\/p>\n<p>In this section, I’ll tell you all about the metaverse - <strong>what it is, what it has to do with crypto, and how is Mark Zuckerberg involved in all of this, in the first place<\/strong>. Let’s jump right into it!<\/p>\n<p>So, then, first things first - let’s define the concept of a metaverse, shall we?<\/p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 suggested-comparisons pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//images//compare-crypto-exchanges.gif/"/n alt=\"What is the Metaverse? (Meaning + Animated Examples)\"\n title=\"What is the Metaverse? (Meaning + Animated Examples)\" class=\"border-0\">\n <p>Video Explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: Metaverse: A New Perception of Reality<\/h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"Metaverse: A New Perception of Reality\" video explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"position-relative youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"UdVidrZUIuE\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"><\/div>\n <p class=\"text-left dyk-video-title\">What is the Metaverse? (Meaning + Animated Examples)<\/p>\n <img data-srcset=\"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/what-is-the-metaverse-meaning-animated-examples.jpg?tr=w-420 500w,\n https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/what-is-the-metaverse-meaning-animated-examples.jpg?tr=w-760 1000w\"\n alt=\"What is the Metaverse? (Meaning + Animated Examples)\"\n title=\"What is the Metaverse? (Meaning + Animated Examples)\"\n class=\"p-0 lazyload\">\n <img class=\"play-button lazyload\" data-target=\"#video-modal\"\n data-src=\"https:\/\/assets.bitdegree.org\/crypto\/assets\/video-button.png?tr=w-85\"\n alt=\"What is the Metaverse? (Meaning + Animated Examples)\">\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener noindex\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"><\/i>\n <\/div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE<\/h4>\n <span>ON YOUTUBE<\/span>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"><\/i>\n <\/button>\n <div id=\"iframe\"><\/div>\n <\/div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener noindex\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//crypto-subscribe.jpg/" alt=\"Subscribe\">\n <\/div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE<\/span>\n <\/p>\n <\/div>\n <\/div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease<\/h4>\n <span>New explainer videos every week!<\/span>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n<\/div>\n<h2>What is the Metaverse?<\/h2>\n<p>Now, admittedly, you’ll find many different definitions of the metaverse online. There are multiple explanations that are much more confusing than helpful!<\/p>\n<p><strong>The term itself came from the science fiction novel \"Snow Crash\" by the American writer Neal Stephenson in 1992. <\/strong><\/p>\n<p>Indeed, Mark wasn’t the first genius who came up with it! <\/p>\n<p>Even in those days, <strong>Neil described the Metaverse as a virtual world, with virtual real estate - even the connection to it was made via special goggles, as we call them now,<\/strong> <strong>VR glasses<\/strong>! He was describing the whole subculture of “avatars” who choose to remain connected to Metaverse for-life, by wearing portable terminals. And you know what? Today this seems to me like the upcoming reality, not fiction.<\/p>\n<p>By the way, it is a great, old book, I really recommend it to break your imagination!<\/p>\n<p>So, to put it simply, a Metaverse is a digital world. The most common examples given revolve around some of the more popular video games today, such as <strong>Animal Crossing or Second Life<\/strong>. Within this digital world, you have your own avatar and are able to interact with the terrain, items, and other people’s avatars around you.<\/p>\n<p>When someone talks about metaverses, most individuals will imagine a person with a VR headset on their head. This is because VR tools allow you to be more immersed in the aforementioned digital worlds - in other words, you are able to <strong>experience them in 3D<\/strong>.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is a Metaverse: Concept of a Metaverse.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-1.o.jpg/" alt=\"What is a Metaverse: Concept of a Metaverse.\" width=\"1000\" height=\"600\" \/><\/p>\n<p>Notice how I use the plural version of the term - metaverses. That’s because, honestly, <strong>there can be multiple metaverses out there<\/strong>! This is not something that’s limited to a one, single project or design.<\/p>\n<p>Let’s go over what users can actually DO in a metaverse, and why do we need it?<\/p>\n<p>For starters, many individuals imagine metaverses as spaces for new-generation gaming. Today, there are already multiple VR-powered gaming options - different activities such as VR Saber or mountain climbing, and even cooperative games to play with friends.<\/p>\n<p>There’s widespread speculation that, in the future, metaverse users will be able <strong>to virtually improve their working spaces, arrange meetings with friends or colleagues, visit digital meet-up hubs, travel to distant and alien lands, and do so much more<\/strong>. It probably wouldn’t be too surprising if, in 10 years' time, many of our daily activities (shopping, playing games, meeting friends) would be transferred to the metaverse, into a new illusive dimension or reality?<\/p>\n<p style=\"text-align: center;\"><img title=\"What is a Metaverse: What can you do in a Metaverse?\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-2.o.jpg/" alt=\"What is a Metaverse: What can you do in a Metaverse?\" width=\"1000\" height=\"600\" \/><\/p>\n<p>That being said, however, when people say “the metaverse” today, another concept that they are often referring to is a digital world built on blockchain technology. Let’s break that down, shall we?<\/p>\n<p>A “<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchain” is an information storage area, you can call it “<strong>the new age database<\/strong>”. Just like you would store your family’s photos in an album, blockchains store information. Most of the time, this information relates to cryptocurrency <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-transaction-tx/">transactions - that’s because many blockchains have their own, native cryptocurrencies associated with them.<\/p>\n<p>Now, I can already hear you asking - what in the world do blockchains have to do with the metaverse? This is so confusing!<\/p>\n<p>I can understand your frustration. Worry not, though - things are actually much simpler than you’d think!<\/p>\n<p>When I say that the metaverse would be built on blockchain technology, it simply means three things:<\/p>\n<ul>\n<li><strong>The metaverse would be decentralized, at least in some form;<\/strong><\/li>\n<li><strong>The metaverse would allow you to transact with cryptocurrencies;<\/strong><\/li>\n<li><strong>Your profile information would be stored on the blockchain - the new generation database.<\/strong><\/li>\n<\/ul>\n<p>Most blockchains are <strong>decentralized<\/strong>. What this means is that there is no one central authority overseeing them. The simplest way to imagine it is this: when you go visit a social media platform, your experience will depend on the owners of that platform. The company behind the platform will moderate what you can and can’t see, what you can and can’t say, how you interact with others, and so on.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-3.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"350\" \/><\/p>\n<p>A decentralized version of such a social media platform wouldn’t have any of the aforementioned restrictions, if the community would decide to not impose them. In other words, decentralized platforms don’t have a single ruling authority behind them, and depend on the communities to be <strong>the decision-makers<\/strong>.<\/p>\n<p>Within a decentralized metaverse, you would be able to make decisions with the rest of the community, in the form of democratic votes. The well-being of the metaverse would depend on each individual and not some central authority - how cool is that?<\/p>\n<p>Now, let’s move on to the cryptocurrency transaction question in our new Metaverse world.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-4.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"500\" \/><\/p>\n<p>As I’ve mentioned earlier, most blockchains have their native cryptocurrency - think of <a href=https://www.bitdegree.org/"//crypto//buy-bitcoin-btc/">Bitcoin, <a href=https://www.bitdegree.org/"//crypto//buy-ethereum-eth/">Ethereum, and the like. If a metaverse would be created with the help of blockchain technology, <strong>users would be able to pay for services with the native currency of that blockchain<\/strong>.<\/p>\n<p>The simplest way to think of this is the way that you transact with the United States dollar. No matter which US state you might be located in, you will be able to use the same USD with all of your purchases - this is actually even true in many other parts of the world, as well!<\/p>\n<p>Now, the popular opinion states that Ethereum is the most suitable blockchain for metaverse development. This is because this network is often described as “<strong>the global computer<\/strong>” on which many large projects have already been developed and created.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-5.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"550\" \/><\/p>\n<p>On that note, Ethereum is also often thought to be the foundational network behind <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-web-3-0/">Web 3.0<\/strong><\/a>, a new form of a decentralized internet. If you’re interested to learn more about this topic, I highly encourage you to check out another explanatory section by me on what <a href=https://www.bitdegree.org/"//crypto//learn//what-is-web-3-0/">Web 3.0<\/strong><\/a> is!<\/p>\n<p><strong>Before we continue, why is Ethereum better than any other blockchain, though? <\/strong><\/p>\n<p>Well, it’s scalable, stable, reliable, and most importantly, it was the first blockchain to implement <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//tutorials//what-is-a-smart-contract/">Smart Contracts<\/strong><\/a> - special automated processes, or an automated logic, that allows people to make agreements with one another, without having to trust if the other party will hold up their part of the deal. Everything is processed under the openly seen, coded logic and <strong>no third parties can affect it from outside after it was launched<\/strong>. In most cases, even its initial developers can’t!<\/p>\n<p>Smart contracts allow for fast, safe, and decentralized transactions to happen on the network. Implemented into the metaverse, they would act in the background - <strong>whether you launch a game or pay for a virtual plot of land, smart contracts would be involved, without you even noticing it<\/strong>!<\/p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Why is Ethereum the most suitable blockchain for Metaverse?\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-6.o.jpg/" alt=\"What is the Metaverse: Why is Ethereum the most suitable blockchain for Metaverse?\" width=\"1000\" height=\"300\" \/><\/p>\n<p>Lastly, let’s take a look at the third point - your metaverse personality, a profile of information being stored on the blockchain.<\/p>\n<p>Imagine that you’d be able to remain anonymous within the metaverse, thanks to blockchain tech. You’d probably still want to create some sort of profile, though, right? Well, same as you can create a character in a video game, you would also be able to do so within the metaverse, <strong>with the help of crypto, as well - your profile would be anonymous, yet tied to your account.<\/strong><\/p>\n<p>Say, you’ve created a digital painting that has become very popular within the metaverse. How do you prove that YOU were the one who made it? Simple - no matter who owns it NOW, if it was created, also known as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-minting/">minted, on your profile, you will forever be listed as the creator! Thanks to the blockchain technology behind the metaverse!<\/p>\n<p>Moving on, up to this point, we’ve discussed what the metaverse is, and what <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptocurrency/">cryptocurrencies and blockchain tech have to do with the concept. That’s a lot of information to wrap your head around, I’ll admit! One big question still remains unanswered - <strong>what does the CEO of Facebook, Mark Zuckerberg, have to do with all of this?<\/strong><\/p>\n<p>As I’ve mentioned at the beginning of this explanation, towards the end of October of this year, Zuckerberg announced that Facebook would be rebranding to “<strong>Meta<\/strong>”, and would start developing its own iteration of the metaverse - a digital world where you could connect with other people, work, exchange information, spend time with friends, and do all sorts of other cool activities.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: Metaverse on a blockchain.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-7.o.jpg/" alt=\"What is the Metaverse: Metaverse on a blockchain.\" width=\"1000\" height=\"600\" \/><\/p>\n<p>This was a huge announcement since it was the first time that a large, that a global brand would delve into the metaverse technology, in such a straightforward manner. Following this, the general public’s interest in the concept of metaverses spiked, quite noticeably!<\/p>\n<p>Some people are very excited about trying out this new form of technology and communication. Others, on the flip side, are very skeptical, especially since this is a concept explored by Facebook - a brand that, let’s just say,<strong> doesn't have the best track<\/strong> record when it comes to user data collection and keeping users' best interests in mind.<\/p>\n<p>No matter which camp you fall into, one thing seems to be certain - the metaverse will be <strong>an industry-changing innovation that will affect all of our lives<\/strong>. With crypto technology being intertwined with the idea of metaverses, this becomes an even more interesting concept to explore and familiarize yourself with!<\/p>\n<p style=\"text-align: center;\"><img title=\"What is the Metaverse: How is Mark Zuckerberg involved?\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-the-metaverse-8.o.jpg/" alt=\"What is the Metaverse: How is Mark Zuckerberg involved?\" width=\"1000\" height=\"550\" \/><\/p>\n<p>So, I hope that now you have a better understanding of what the Metaverse is! If you wish to learn about the world of crypto, even more, check out the other section - \"<a href=https://www.bitdegree.org/"//crypto//learn//what-is-blockchain/">What is the Blockchain?<\/strong><\/a>\".<\/p>","youtube_video":{"id":9,"channel_id":1,"sort":93,"video_title":"What is the Metaverse? (Meaning + Animated Examples)","description":"What is the Metaverse (Meaning + Animated Examples)\nThe Metaverse, to put it simply, is a digital world that is often considered to be the future of gaming. However, some speculate it will revolutionize how we interact with our peers and daily lives, altogether!\n\nThe Metaverse is expected to be a multiple-industry-changing innovation that will inevitably affect all of our lives, starting with connecting with our friends, and ending with how we will be doing our grocery shopping. In this video, you will find everything you need to know about the metaverse explained with simple-to-grasp terms, so you would understand what roles Mark Zuckerberg and the blockchain play in all of this in no time!\n\nAre you excited, or are you skeptical about the metaverse? Sound off in the comment section!\n\nVideo Time Table:\n\n0:00 What is The Metaverse?\n0:56 The Concept of Metaverse\n2:41 What Can You Do In A Metaverse?\n3:33 Metaverse On A Blockchain\n6:14 Why Is Etherium Most Suitable?\n7:48 Your Metaverse Profile\n8:51 Mark Zuckerberg & The Metaverse\n10:11 Wrap-up: What is The Metaverse?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps:\/\/twitter.com\/crypto_xplained\n\n#WhatIsMetaverse #MetaverseCrypto #Metaverse #Blockchain #MetaverseExplained","video_id":"UdVidrZUIuE","duration":626,"view_count":733,"thumbnail_url":"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/what-is-the-metaverse-meaning-animated-examples.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-01-25T14:41:12.000000Z","created_at":"2022-02-21T13:20:28.000000Z","updated_at":"2024-01-09T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}},"featured_image":{"id":3036,"uuid":"3ff19a7c-780e-4a0d-a304-d4536e18da35","name":"what-is-metaverse.o.jpg","url":"https:\/\/assets.bitdegree.org\/crypto\/storage\/media\/what-is-metaverse.o.jpg","path":"crypto\/storage\/media\/what-is-metaverse.o.jpg","mime_type":"image\/jpeg","disk":"digitalOceanSpaces","size":90264,"width":768,"height":478,"custom_properties":null,"created_at":"2023-06-19T06:58:36.000000Z","updated_at":"2023-06-19T06:58:36.000000Z"}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? The Pros & Cons","status":"published","modified_content":null},{"chapter_id":2,"order":4,"slug":"coin-vs-token","title":"Coin VS Token: How Do They Differ?","status":"published","modified_content":null},{"chapter_id":2,"order":5,"slug":"what-are-stablecoins","title":"What are Stablecoins, Altcoins & Wrapped Coins?","status":"published","modified_content":null},{"chapter_id":2,"order":6,"slug":"what-is-a-bitcoin","title":"Bitcoin: the Pioneer of the Crypto World","status":"published","modified_content":null},{"chapter_id":2,"order":7,"slug":"what-is-ethereum","title":"The Ultimate Blockchain for dApp Creation: Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":8,"slug":"what-is-cardano-in-crypto","title":"What is Cardano and What is It Used For?","status":"published","modified_content":null},{"chapter_id":2,"order":9,"slug":"what-is-shiba-inu-coin","title":"Shiba Inu: the Dogecoin Killer","status":"published","modified_content":null},{"chapter_id":2,"order":10,"slug":"what-is-solana-in-crypto","title":"Is Solana an Improved Version of Ethereum?","status":"published","modified_content":null},{"chapter_id":2,"order":11,"slug":"what-is-polkadot-in-crypto","title":"The Bridge Between Blockchains: Polkadot","status":"published","modified_content":null},{"chapter_id":2,"order":12,"slug":"what-is-polygon-in-crypto","title":"Polygon: the Essential Scaling Solution for Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":13,"slug":"what-is-luna-crypto","title":"The Bumpy Road of Terra (LUNA)","status":"published","modified_content":null},{"chapter_id":2,"order":14,"slug":"what-is-fantom-crypto","title":"Is Fantom (FTM) Yet Another Ethereum Killer?","status":"published","modified_content":null},{"chapter_id":2,"order":15,"slug":"what-is-aave-crypto","title":"Aave: Crypto Lending Trailblazer","status":"published","modified_content":null},{"chapter_id":2,"order":16,"slug":"what-is-algorand-crypto","title":"Did Algorand Truly Solve the Blockchain Trilemma?","status":"published","modified_content":null},{"chapter_id":2,"order":17,"slug":"what-is-olympus-dao","title":"Does Olympus DAO Have Anything to Do With Mythology?","status":"published","modified_content":null},{"chapter_id":2,"order":18,"slug":"what-is-avax","title":"Is Avalanche Network (AVAX) Rightfully Called the Future of DeFi?","status":"published","modified_content":null},{"chapter_id":2,"order":19,"slug":"what-is-monero-coin","title":"Monero: Where Cryptocurrency Meets Cryptography","status":"published","modified_content":null},{"chapter_id":2,"order":20,"slug":"what-is-ripple-xrp","title":"Is Ripple \"it\" When it Comes to Cross-Border Transactions?","status":"published","modified_content":null},{"chapter_id":2,"order":21,"slug":"practical-use-of-cryptocurrencies","title":"The Practical Use of Crypto","status":"published","modified_content":null}]},{"id":3,"title":"Crypto Exchanges","slug":"crypto-exchanges","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-exchanges.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-exchanges-101.jpg","rating":80,"sections":[{"chapter_id":3,"order":1,"slug":"how-do-cryptocurrency-exchanges-work","title":"How do Cryptocurrency Exchanges Work?","status":"published","modified_content":null},{"chapter_id":3,"order":2,"slug":"dex-vs-cex","title":"DEX VS CEX: Two Sides of the Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":3,"order":3,"slug":"crypto-day-trading","title":"Crypto Day Trading: The Difference Between Buying, Trading, and Swapping","status":"published","modified_content":null},{"chapter_id":3,"order":4,"slug":"kyc-crypto","title":"KYC & AML: The Key to Complying With Legal Industry Standards","status":"published","modified_content":null},{"chapter_id":3,"order":5,"slug":"how-to-buy-crypto","title":"From Fiat to Crypto: How to Buy Crypto for the First Time","status":"published","modified_content":null},{"chapter_id":3,"order":6,"slug":"fiat-to-crypto","title":"Taking Profits: Turning Crypto Into Fiat","status":"published","modified_content":null},{"chapter_id":3,"order":7,"slug":"how-to-use-crypto","title":"You\u2019ve Got Crypto: What Can You Do With It?","status":"published","modified_content":null}]},{"id":4,"title":"Crypto Wallets","slug":"crypto-wallets","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-wallets.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-wallets-101.jpg","rating":80,"sections":[{"chapter_id":4,"order":1,"slug":"what-is-a-crypto-wallet","title":"What is a Crypto Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens (NFTs)?","status":"published","modified_content":null},{"chapter_id":6,"order":1,"slug":"what-is-defi","title":"What is Decentralized Finance (DeFi)?","status":"published","modified_content":null},{"chapter_id":6,"order":2,"slug":"what-is-defi-2-0","title":"DeFi 2.0: The New Version of Decentralized Finance","status":"published","modified_content":null},{"chapter_id":6,"order":3,"slug":"what-are-dapps-in-crypto","title":"What Are dApps and How Do They Work?","status":"published","modified_content":null},{"chapter_id":6,"order":4,"slug":"defi-dapps","title":"Picking the Right dApps: Dos and Don'ts","status":"published","modified_content":null},{"chapter_id":6,"order":5,"slug":"what-is-web-3-0","title":"Web 3.0: The Future of the Internet","status":"published","modified_content":null},{"chapter_id":6,"order":6,"slug":"what-are-smart-contracts","title":"What is the Core Purpose of Smart Contracts?","status":"published","modified_content":null},{"chapter_id":6,"order":7,"slug":"what-is-a-dao-in-crypto","title":"The Notion of a Decentralized Autonomous Ogranization (DAO)","status":"published","modified_content":null},{"chapter_id":6,"order":8,"slug":"what-is-staking-in-crypto","title":"What is the Goal of Staking Crypto Assets?","status":"published","modified_content":null},{"chapter_id":6,"order":9,"slug":"what-is-liquidity-pool-in-crypto","title":"What is a Liquidity Pool and How Does It Work?","status":"published","modified_content":null},{"chapter_id":6,"order":10,"slug":"what-is-automated-market-maker","title":"Automated Market Maker: the Cornerstone of the Decentralized Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":6,"order":11,"slug":"what-is-yield-farming-in-crypto","title":"The Main Yield Farming Techniques","status":"published","modified_content":null},{"chapter_id":6,"order":12,"slug":"what-is-an-oracle-in-crypto","title":"Crypto Oracles: The Link Between Blockchain and Outside World Data","status":"published","modified_content":null},{"chapter_id":6,"order":13,"slug":"crypto-gambling","title":"The Peculiarities of Decentralized Crypto Gambling","status":"published","modified_content":null},{"chapter_id":6,"order":14,"slug":"what-is-the-metaverse","title":"Metaverse: A New Perception of Reality","status":"published","modified_content":null}]},{"id":7,"title":"Trading & Investing","slug":"trading-and-investing","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-trading.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-trading-101.jpg","rating":80,"sections":[{"chapter_id":7,"order":1,"slug":"where-to-trade-crypto","title":"Where Can You Trade Cryptocurrencies?","status":"published","modified_content":null},{"chapter_id":7,"order":2,"slug":"how-to-invest-in-crypto","title":"Investing in Crypto: What Investing Options Do You Have?","status":"published","modified_content":null},{"chapter_id":7,"order":3,"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the One?","status":"published","modified_content":null},{"chapter_id":7,"order":4,"slug":"what-is-an-airdrop","title":"What are Crypto Airdrops and How to Get Them?","status":"published","modified_content":null},{"chapter_id":7,"order":5,"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","status":"published","modified_content":null},{"chapter_id":7,"order":6,"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","status":"published","modified_content":null},{"chapter_id":7,"order":7,"slug":"what-is-a-perpetual-contract","title":"Perpetual Contracts: Futures Contracts Without an Expiration Date","status":"published","modified_content":null},{"chapter_id":7,"order":8,"slug":"what-is-fud","title":"What is FUD: How to Use It to Your Advantage While Investing in Crypto?","status":"published","modified_content":null},{"chapter_id":7,"order":9,"slug":"investing-in-cryptocurrency","title":"Investing in Cryptocurrency: How to Manage Your Risks?","status":"published","modified_content":null},{"chapter_id":7,"order":10,"slug":"what-is-a-rug-pull-in-crypto","title":"What is a Rug Pull in Crypto?","status":"published","modified_content":null},{"chapter_id":7,"order":11,"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","status":"published","modified_content":null},{"chapter_id":7,"order":12,"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto Taxes","status":"published","modified_content":null}]},{"id":8,"title":"Crypto Analysis","slug":"crypto-analysis","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-analysis.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-analysis-101.jpg","rating":100,"sections":[{"chapter_id":8,"order":1,"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","status":"published","modified_content":null},{"chapter_id":8,"order":2,"slug":"best-technical-analysis-indicators-for-crypto","title":"5 Best Crypto Technical Analysis Indicators You Must Know About","status":"published","modified_content":null},{"chapter_id":8,"order":3,"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","status":"published","modified_content":null},{"chapter_id":8,"order":4,"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","status":"published","modified_content":null},{"chapter_id":8,"order":5,"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","status":"published","modified_content":null},{"chapter_id":8,"order":46,"slug":"portfolio-diversification-definition","title":"Portfolio Diversification: The Whats, the Whys, and the Hows","status":"published","modified_content":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-mining.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-mining-101.jpg","rating":80,"sections":[{"chapter_id":9,"order":1,"slug":"what-is-crypto-mining","title":"Crypto Mining: What It is and How Does It Work?","status":"published","modified_content":null},{"chapter_id":9,"order":2,"slug":"what-is-a-mining-pool","title":"Mining Pools: Is Collective Mining Better Than Solo Mining?","status":"published","modified_content":null},{"chapter_id":9,"order":3,"slug":"what-is-staking-crypto","title":"An Advanced Look into What is Staking Crypto","status":"published","modified_content":null},{"chapter_id":9,"order":4,"slug":"what-is-proof-of-stake-vs-proof-of-work","title":"Proof-of-Work VS Proof-of-Stake: The Differences That Matter","status":"published","modified_content":null},{"chapter_id":9,"order":5,"slug":"what-is-crypto-mining-rig","title":"Crypto Mining Rig: What It is and How to Build One?","status":"published","modified_content":null}]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/crypto-101-glossary.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}]" current-chapter="dapps-and-defi" current-section="what-is-the-metaverse">

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