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Crypto Basic — I

What is a Virtual digital asset (VDA)

A Virtual digital asset is anything that can be developed and stored on the internet, provided it satisfies the following criteria:

  • It must have value or provides value
  • It is uniquely identifiable.
  • It should be discoverable.
  • It must have an established owner.

The two major types of virtual digital assets

  1. Cryptocurrency

2. Non-Fungible Token (NFT)

Cryptocurrency

Cryptocurrencies are digital tokens that only exist virtually. They can be used for payments through an online system. They can be exchanged and traded in the cryptocurrency market.

Cryptocurrencies do not have any physical form like coins or cash. However, they can be transferred from person to person without the help of centralised institutions like banks.

Non Fungible Tokens (NFT)

NFT is another form of a digital asset such as artworks, music, animation…etc created as digital tokens.

Every NFT is unique and irreplaceable. Unlike crypto, NFTs cannot be exchanged for the value of another NFT. You can buy and sell NFTs in the NFT marketplace.

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