April 19, 2024

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The rise and fall of decentralization: what is its value on March 28?

The rise and fall of decentralization: what is its value on March 28?

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)

Virtual currencies are booming Digital currency has become so relevant today that… Some companies and countries have encouraged its use Although there is no regulation or guarantee. Among the countless cryptocurrencies that have emerged, a few stand out com.decentralland.

Decentraland is a 3D virtual reality platform powered by Ethereumone of the most popular cryptocurrencies on the market, where users are the owners instead of some company.

Decentralization quote for Today at 10:00 AM (UTC) it is $0.661434That is, the cryptocurrency has undergone a change -4.44% in the last 24 hours.

On the other hand, it recorded a change of 0.63% compared to its value an hour ago. As for him popularityIt is located at position number 84.

Virtual currencies are currencies that do not physically exist Unlike currencies such as the dollar, euro or peso, it is not regulated by any institution and does not require intermediaries in transactions.

Physical representation of various cryptocurrencies. (Reuters/Edgar Sow)

For this reason, they are not regularly viewed favorably by the official market and are accused of being unreliable, volatile, encouraging fraud, not having a legal framework that supports their users, and allowing illegal activities to operate, among other things.

However, little by little it has opened the way to the point where corporations, millionaires and even governments have encouraged or initiated its use.

These cryptocurrencies work through cryptographic encryption that ensures the security of transactions.As well as controlling the creation of its units. To carry out transactions, Cryptocurrencies use a decentralized database, blockchain, or shared ledger.

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There are currently several cryptocurrencies in this unregulated market, however, the pioneer was Bitcoin, which was created in 2008, and with it others emerged such as Litecoin, Ethereum, Bitcoin Cash, Ripple, Dogecoinsome of the most popular.

one of the richest men in the world, Elon MuskHe has made comments in favor of cryptocurrencies such as Bitcoin and Dogecoin, and even temporarily accepted cryptocurrencies into his electric car company Tesla, sending their value soaring.

To obtain any of the cryptocurrencies on this unregulated market, you have to head to specialized portals.

ATM screen to buy cryptocurrencies. (Reuters/Arend Wegman)

It is worth noting that the value of each of these digital currencies depends on supply and demand, in addition to the commitment of the users themselves, which can cause sudden changes.

This means that the more people are interested and willing to buy any cryptocurrency, the more expensive it is and vice versa.

However, anyone investing in this type of cryptocurrency should be very clear that this model brings with it opportunity High risk of capitaljust as there may be an increase, it may also crash unexpectedly and wipe out its users' savings.