Cryptocurrencies and Metaverse

Stacked cryptocurrency coins (Bitcoin, Ethereum, Litecoin)

Stacked cryptocurrency coins (Bitcoin, Ethereum, Litecoin) Source: iStock

Experts fear the so-called Metaverse could create crypto chaos, where there is no oversight over most privacy and payments.


What exactly is the Metaverse?

Facebook seems to have explored further into the field of online interaction, and changed its company name to 'Meta' in reference to the term 'Metaverse'.

The name comes from Neal Stephenson's 1992 science fiction novel, Snow Crash.

In the book, the 'Metaverse' represents a virtual reality that allows the protagonist to escape from a dystopian world.

Facebook C-E-O Mark Zuckerberg promises to deliver an online reality that offers possibilities.

So what exactly is cryptocurrency?

Simply put, it is a new form of digital money, and its market value has exceeded three trillion dollars.

Unlike regular cash or coins - a currency value backed by a government - cryptocurrencies are decentralized, so they don't require the traditional barriers that banks or exchange rates might pose, meaning transactions can be made much faster.

The first form - Bitcoin - was originally released in 2009.

Since then, other currencies have entered the market - Ethereum, Litecoin, Dogecoin and several others.



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