Cryptocurrency, Crypto Assets, and NFT
We are all constantly bombarded with news and innovations of cryptocurrencies like Bitcoin, Ethereum, or Dogecoin. Once you open the door to the bizarre world of cryptocurrency, we are flooded with blizzard of Techno-talk, intricate crypto innovations, and strange ideas about DeFi and hash rates.
This leaves the vast majority of consumers standing foot-deep in the cryptocurrency pool as investors only, while the techno-savvy make millions selling digital with NFTs for nose-bleed prices. Investing in cryptocurrency is attractive because of their stunning growth in value that can exceed 1000% in just one year.
Cryptocurrency is defined by Webster as: "Cryptocurrency is any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions."
Plastic money was the precursor of digital currency. With a credit or debit card, you could go for a week with no cash in your wallet but buy 99% of everything you needed. Delete the plastic credit card and substitute an app using a digital wallet because both are non-cash exchanges based on an account balance elsewhere.
You can buy cryptocurrency with cash, but exchanging out of cryptocurrency to cash was difficult in the early days. Now, cryptocurrency can be sold or exchanged for cash. But, going out of an appreciating asset (we hope) like cryptocurrency back to a depreciating asset like cash may not be very smart.
NFT (Non Fungible Tokens) are not intended to be exchanged. Think of NFTs as a legal claim to something. NFTs are purchased to lay trackable claim to a digit or real-world asset. They are not intended to be traded, but they can be sold to another person.
A Crypto Asset is one of the earliest type of cryptocurrency. Purists do not to equate crypto asset (meant as a trading or barter asset) with cryptocurrency that is more of a speculative currency.
Troptions are crypto assets that were developed as a non-cash methods of trade exchanges. They were the reinvention of barter that can be adopted by any group or community as a means of payment. Trade exchanges are real values because they are tied in value to goods and services they purchase. They are not intended for speculative investment though their value has steadily rise from a few dollars per coin to more than $1700 in late 2021.
Here's the great thing about Troptions. They are "Better than Barter" because barter is business-to-business networks. Troptions are growing across the country as a new version of Buyer's Clubs that starts with a local alliance of consumers who quickly learn how to barter for anything, then invite merchants to participate in exchange for their support and loyalty to local businesses who see value in this new trading alliance.