April 13, 2024

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Cryptocurrency Market: What is the Value of Decentralization?

Cryptocurrency Market: What is the Value of Decentralization?

In the Decentraland metaverse, users can use cryptocurrency to acquire virtual plots of land or create content (such as NFT works) and sell it. (information)

Decentreland is a 3D virtual reality platform powered by Ethereumwhere you need your cryptocurrency to make any type of acquisition, which is identified by the abbreviation Manna.

In the decentralized metaverse Users can create, experiment, and monetize content and apps. One of the main features of the platform is the ability to buy land in its virtual reality, build on it, and ultimately monetize it.

Unlike other platforms, In decentralization, users are the owners rather than some company . Since MANA is the official cryptocurrency in the decentralized Metaverse, it is important to know its market value.

While the debate is getting hotter day by day about whether its use is appropriate or not, Today at 10:00 AM (UTC) Decentraland is trading at $0.666672, representing a change of -0.81%. Regarding the last 24 hours and 0.02% variance Noting its value reached in the past hour.

In terms of market value, it has maintained its position #85 between digital currencies.

Cryptocurrencies were born in 2008 As an alternative to the decline in the value of many currencies as a result of the economic crisis of that year.

The first digital asset created was… Bitcoin Over time, others appeared, such as: Litecoin, Ethereum, Bitcoin, Cash, Ripple, Dogecoinsome of the most popular.

Cryptocurrencies work through a Cryptographic encryption ensures the security of transactions, as well as control over the creation of their units .

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To make transactions, Cryptocurrencies use a decentralized database, blockchain, or shared ledger.

It is important to note that cryptocurrencies are digital assets that do not physically exist, and unlike currencies such as the dollar, euro or peso, they are not regulated by any institution and do not require intermediaries in transactions.

The latter has caused cryptocurrencies to not be viewed favorably by the official market, accusing them of being unreliable, volatile, encouraging fraud, not having a legal framework that supports their users, and allowing the operation of illegal activities, among other things.

Physical representation of various cryptocurrencies on a computer motherboard (EFE/Sedat Suna)

However, little by little the way has opened up to the extent that companies, millionaires and even countries have encouraged or initiated its use.

One of the richest men in the world, Elon Musk, made comments in favor of virtual currencies such as Bitcoin and Dogecoin, temporarily allowing their use in the electric car company Tesla, which, at the time, caused their price to rise.