Tag: Cryptocurrency

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NFT Art

Spirituality in Art Education

There is so much hype going on around the NFT art scene.

An artist that goes by BEEPLE sold one of his NFT art collections at Christies auction for $69 million, the first time ever a digital work of art was sold at Christies!

NFT Art by BEEPLE

Kings of Leon released their newest album as an NFT with special perks, generating over 2 million in sales.

Kansas City Chiefs quarterback Patrick Mahomes will sell NFTs of digital artwork. “The Museum of Mahomes,” will launch March 17 on the digital art market MakersPlace.  Mahomes will donate part of the proceeds to his foundation called 15 and the Mahomies as well as the Boys & Girls Clubs in Missouri.

So what is NFT art?

NFT stands for Non-Fungible Token… A unique digital file stored on a digital ledger called a blockchain. NFTs are not mutually interchangeable and thus are not fungible. An NFT is created by uploading a file, such as an artwork, to an NFT auction market.

Basically, it is a smart contract that is put together using bits of open source code, which anyone can find from platforms like GitHub, and used to secure that digital item. Then minted, or permanently published, into a token on a blockchain, like Ethereum.

Some sites you can use to mint an NFT are:

Any digital asset that the creator wants to make unique can become an NFT, like articles or event tickets.

Once the NFT is purchased, the owner has the digital rights to resell, distribute or license the digital asset as they please. The creator can program code for how it gets used, and write in any extra bonus’ for the purchaser. NFT creators also have the opportunity to earn royalties off of future reselling transactions.

Things to consider

So there are many uncharted territories when it comes to this digital crypto reality. There are many questions about the carbon foot print of minting an NFT, this is because cryptocurrencies and blockchain are run through an algorithm called Proof-of-Work (PoW). Things in the blockchain world are shifting and changing fast! Proof-of-Stake is happening soon.

Proof-of-Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. This means that the more Bitcoin or altcoin owned by a miner, the more mining power he or she has.

This uses less energy, but it also allows those who hold THE MOST coins to have more power. This is less decentralized then PoW, however there are benefits that we must allow to out-weight the cons, because this is not going away. Blockchain technology is the new digital paradigm. Just like our current system was the new paradigm to the “founding fathers”.

So yeah NFT’s are like collecting digital baseball cards, and are selling for extremely high prices to people who have the crypto to buy them.

But artists can also use NFT’s to create rare one of a kind pieces for their patrons. For example, an image of an actual painting can be sold as an NFT, and with the token the purchaser receives the actual painting. Some artists are also adding bonus’ to the purchase, where you receive a video of the work being created! I really like how artists are adapting to this technology and making it work for them and their patrons!

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For the First time…

All Maryland public schools will be closed from Monday March 16th until March 27th because of the coronavirus.

As of this moment, we will not have to teach for those two weeks. However they mentioned that we will have to use our spring break time to make it up.

This is the first time something like this has happened to me, as I am sure its a first for many. We are history in the making.

So to keep track of my experience with this virus, I thought I would write about it.

Students are aware of a lot of information about the virus. They have researched, watched and listened to information about it. A lot of students mention to me that they didn’t understand the hysteria around it. While there were a few who voiced their anxiety about it.  Most students were excited by the idea of getting out of school, and being apart of something so… historical.  They even shared information that in every decade in the 20th year, there was some type of pandemic! The black plague, spanish flu, and now the coronavirus.

Most of my friends online have expressed concern for the elderly and the sick, however they also do not understand the hype. Why are people purchasing all of the toilet paper? We went to the grocery store and the toilet paper was all gone, as were all of the cleaning supplies!  Those were the only two things missing on the shelves.

I also want to mention that the stock market is crashing, and people are promoting using digital platforms to help eliminate spread of the virus. There could be a correlation between the idea of money spreading the virus and the use of digital platforms as a financial solution.  Though cryptocurrency is also tanking… at this moment, it is down to $5k.

So as I prepare for my last day of school tomorrow before our 2 week closure, I want to remind you, change is inevitable… so just breathe.

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4 Crypto Question Survey

I have recently developed 4 survey questions’ in order to learn more about cryptocurrency awareness in my community. The responses I receive will assist in the creation of future learning opportunities for all. Please take a minute and complete the survey by clicking the link below:
 
Take the 1 minute Survey
Thank you for your participation! If you are interested in learning more, or have any questions please message me!
– Raine Dawn
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Stablecoins

Stablecoins are cryptocurrencies designed to minimize the volatility of the price of the stablecoin, relative to some “stable” asset or basket of assets. A stablecoin can be pegged to a currency, or to exchange traded commodities.

Examples of the best-known stablecoins include

Demand for such coins has been growing. Stablecoins are designed to tackle the inherent volatility seen in cryptocurrency prices. They are normally collateralized, meaning that the total number of stablecoins in circulation is backed by assets held in reserve. Put simply, if there are 500,000 USD-pegged coins in circulation, there should be at least $500,000 sitting in a bank.

Stablecoins give owners a safe place to store their assets whenever there might be turbulence in the crypto world. Consumers can quickly and easily convert from cryptocurrencies to stablecoins when they are worried about where the markets are heading next, eliminating the need to return to a fiat currency. These conversions can also be less expensive than when switching between crypto and fiat, as it takes the transaction fees of payment processing providers and banks out of the equation.

Everyone — from banks to social networks — is getting in on the action. Facebook and J.P. Morgan are getting in on stablecoins.  Elsewhere, IBM has launched its blockchain-powered World Wire in collaboration with Stellar (issuer of XLM) — also with the goal of building a cross-border payments network. Here, international banks can create their own stablecoins backed by their local fiat currency — and institutions from Brazil, South Korea and the Philippines have reportedly registered their interest so far.

There are four features that a cryptocurrency needs in order to become global, fiat-free, digital cash:

  1. Price stability
  2. Scalability
  3. Privacy
  4. Decentralization (i.e. collateral is not held by a single entity, like Tether)

None of the current stablecoin projects have all of these features, but some are aiming to offer all of these. Scalability and privacy are likely further out. But stable, decentralized crypto-assets are possible today.

Stablecoins can play a significant role in the future development of cryptocurrencies and blockchain technology in general. The key feature for the companies here would be operating in the most transparent way possible.

I am learning of many new things around blockchain technology, and I will continue to share as I learn them!  So many exciting new things on the horizon!

 

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What is an ICO?

ICO stands for Initial Coin Offering, which is a fundraising mechanism for new projects. It’s somewhat similar to an Initial Public Offering (IPO) in which investors purchase shares of a company.  Through the process of selling their underlying crypto tokens, via a “presale” in exchange for bitcoin and ether, a company can raise funds for the development of a new application.

 

Legally, ICOs have existed in a gray area, however the Security Exchange Commission has declared: “federal securities laws apply to those who offer and sell securities in the United States, regardless whether the issuing entity is a traditional company or a decentralized autonomous organization, regardless whether those securities are purchased using U.S. dollars or virtual currencies, and regardless whether they are distributed in certificated form or through distributed ledger technology.”

The most important criteria to consider is whether or not the token passes the Howey test. If it does, it must be treated as a security and is subject to certain restrictions imposed by the SEC. In some cases, the token is simply a utility token, meaning it gives the owner access to a specific protocol or network; thus it may not be classified as a financial security. On the other hand, if the token is an equity token, meaning that it’s only purpose is to appreciate in value, then it looks a lot more like a security.

So what do I do with this information?

There are many companies that have created ICOs and more are being created everyday. If you were to find a company and a project that resonates with you and your vision for the future, you could invest in them by participating in their token presale.  This would not only help fund their project, but it would also get you a large amount of their tokens at a very low price.

When a project launches their tokens on the exchange, and it is a success, the price of the tokens rise exponentially. For example, say you participated in a presale for an ICO that gave you 10,000 tokens for $.10, then the token becomes popular and other people start to invest, making the price of each token rise to $1… You would profit from you investment.

The key is in the ICO you choose. There are many people out there promoting their ICO picks based off of knowledge gained through experience in the market, I suggest doing your own research made up of different ICO “pickers” and companies offering ICO presales. There are some ICOs that United States citizens can not purchase, make sure you read the white papers and any information the company has posted.

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BACKUP your Wallet!

There was an issue in my close circle that I need addressed IMMEDIATELY here…
when using any type of wallet to hold your cryptocurrencies you must save your wallets private key, password, and 12 word phrase.

Full node desktop wallets will prompt you immediately to save your 12 word phrase, and will even ask you to re-type it before moving on…. when using an extension wallet you must go and find your phrase and back up your wallet yourself. They will tell you once, make sure you back up your wallet, but they will not show you without you taking the proper steps to find it.

This is the most important thing to realize when we use third party services like Jaxx, Coinbase, Etherdelta and so on…they are still in control of our funds… I realized this week when I moved my BTC from Jaxx, they wouldn’t allow me to take out all of my BTC… they said I needed to keep about $3 in there in order to have gas for transactions.

This has me realizing that by using these 3rd party services…I am allowing them to be the custodian of my $, and I am taking the beneficiary role.

We need to put ourselves into a situation where our finances are SELF-DIRECTED.

Doing so means to download full node desktop wallets like Electrum BTC, Electrum LTC, Ethereum Desktop wallet, or a hardware wallet such as a Trezor, or Ledger. While keeping your information backed up in multiple locations and in multiple ways.

We are learning as we go… we learn from our own mistakes and the mistakes of those around us. That’s what this community is for… we trust each other and are here for each other through it all, learning and growing together.

Do not let the fear hold you back…
We’ve all lost money before, we’ve all made mistakes, we’ve all given our power away… but now is the time for us to get through these trials and learn how to be in total control of ourselves.

 

If you haven’t backed up your wallets and
written down your private key, password and secret phrase…
do so now

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Cryptocurrency Wallets

Now that you’ve purchased some BTC and ETH on Coinbase it’s time to get a private wallet.

See when you purchase your currency on Coinbase, they hold your wallet information. If something were to occur with the site, your wallets could be compromised. So that’s why we have private wallets.

There are a few types of private wallets that provide different ways to store and access your digital currency. Wallets can be broken down into three distinct categories – software, hardware, and paper. Software wallets can be a desktop, mobile or online.

  • Desktop: wallets are downloaded and installed on a PC or laptop. They are only accessible from the single computer in which they are downloaded. Desktop wallets offer one of the highest levels of security however if your computer is hacked or gets a virus there is the possibility that you may lose all your funds.
  • Online: wallets run on the cloud and are accessible from any computing device in any location. While they are more convenient to access, online wallets store your private keys online and are controlled by a third party which makes them more vulnerable to hacking attacks and theft.
  • Mobile: wallets run on an app on your phone and are useful because they can be used anywhere including retail stores. Mobile wallets are usually much smaller and simpler than desktop wallets because of the limited space available on a mobile.
  • Hardware: wallets differ from software wallets in that they store a user’s private keys on a hardware device like a USB. Although hardware wallets make transactions online, they are stored offline which delivers increased security. Hardware wallets can be compatible with several web interfaces and can support different currencies; it just depends on which one you decide to use. What’s more, making a transaction is easy. Users simply plug in their device to any internet-enabled computer or device, enter a pin, send currency and confirm. Hardware wallets make it possible to easily transact while also keeping your money offline and away from danger.
  • Paper: wallets are easy to use and provide a very high level of security. While the term paper wallet can simply refer to a physical copy or printout of your public and private keys, it can also refer to a piece of software that is used to securely generate a pair of keys which are then printed. Using a paper wallet is relatively straightforward. Transferring Bitcoin or any other currency to your paper wallet is accomplished by the transfer of funds from your software wallet to the public address shown on your paper wallet. Alternatively, if you want to withdraw or spend currency, all you need to do is transfer funds from your paper wallet to your software wallet. This process, often referred to as ‘sweeping,’ can either be done manually by entering your private keys or by scanning the QR code on the paper wallet.

I have experience with using:

Wallets are secure to varying degrees. The level of security depends on the type of wallet you use (desktop, mobile, online, paper, hardware) and the service provider. Online wallets can expose users to possible vulnerabilities in the wallet platform which can be exploited by hackers to steal your funds. Offline wallets, on the other hand, cannot be hacked because they simply aren’t connected to an online network.

Remember that no matter which wallet you use, losing your private keys will lead you to lose your money. If your wallet gets hacked, or you send money to a scammer, there is no way to reclaim lost currency or reverse the transaction. You must take precautions and be very careful! You are solely responsible.

  • Backup your wallet. Store only small amounts of currency for everyday use online, on your computer or mobile, keeping the vast majority of your funds in a high security environment. Cold or offline storage options for backup like Ledger Nano or paper or USB will protect you against computer failures and allow you to recover your wallet should it be lost or stolen. It will not, however, protect you against eager hackers. The reality is, if you choose to use an online wallet there are inherent risks that can’t always be protected against.
  • Add extra security layers. The more layers of security, the better. Setting long and complex passwords and ensuring any withdrawal of funds requires a password is a start. Use wallets that have a good reputation and provide extra security layers like two-factor authentication and additional pin code requirements every time a wallet application gets opened.

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Crypto News

There were many news stories about cryptocurrency lately… Coinbase was ordered to release the names of 14,000 people to the IRS. Some people have voiced their concerns with getting involved in cryptos due to the news.

I think it is C.E.E.Q.E.R time…

After reading some articles, and knowing about the court hearing that began a year ago… I have a few things to say…

First of all, the 14,355 names and information being asked for by the IRS are people who have received $20,000 or more in Crypto currencies from 2013 to 2015. This makes up 3% of the number of customers on Coinbase.

What do we learn from this?

  1. That the IRS is going to tax cryptos
  2. That 30% of the money generated from the gains people have made, will now be going to the government.

Question:  does the GOP tax bill have anything about cryptocurrency written in it?

I did some exploring and I found out that Nevada and Delaware are two states which have put bills in place that say no local government can tax block-chain technology.

I also read that the IRS was requiring everyone who has mined or bought cryptos and then sold or used to pay for goods or services.

So when we begin getting into Cryptocurrencies we must find all perspectives to understand it from… it’s not just about buying and selling, it’s not just about making money. It’s also about a whole new system about to take over.

This is important information… this is about being aware of what is going on, and be open to learning the new way now rather than later. Being at the beginning of the bell curve and taking advantage of this opportunity to stand in our own power and be self sovereign.

❤

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Cryptocurrencies

For the past few months I have been intensely learning all I can about cryptocurrencies. If you have no idea what I’m talking about, you might have heard of Bitcoin sometime in the past few years and a lot more recently.

Most people hear the word Bitcoin and automatically have an anxious feeling, or have no idea what it is. When I share what I’ve learned with some close friends I get questions like… What is Bitcoin? Is digital currency safe? Whats the point?

So I decided to share my experiences and what I’ve learned so far. Through a number of blog posts I will be discussing what cryptocurrencies are, how they are used and what it means for each of us.

Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
“decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation”
Basically… what makes bitcoin so revolutionary is the technology itself… not so much the coin. Though the coin is valuable as well, to me its the block-chain and smart contract technology that make it so.
Block Geeks explain Blockchain technology really well…
blockchain
I urge you to look into block-chain and cryptocurrencies.  Our financial future will not look the same in 10 years, what better time to get started then now.
In order to purchase some cryptocurrencies you will want to create an account with an exchange depending on where you live…
For example, in Europe, you can use:
  • Bitcoin.de
  • Kraken

USA

Asia

  • OKCoin
  • BTCChina
  • BitFlyer
You can use this link to set up a Coinbase account. Begin investing with a top performing currency like Bitcoin or Ethereum first… and then just breathe… it can feel a little overwhelming and scary at first, however you got this. You have the ability to stand in your full power as a self sovereign individual.
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