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Blockchain 101: Cryptoassets and Smart Contracts

Remember Investing 101: How Investing Works? This week, I present to you Blockchain 101. I recommend that you bookmark both as I’ll be updating each with the goal of providing evergreen content.

It’s interesting to think about the history of beads as a form of currency in contrast to the future of crypto and decentralization.


What Are Cryptoassets?

More than 20,000 different cryptoassets exist… but what does the term even mean? We’ll start here with Bitcoin which was released in 2009. We’ll discuss also the concept of smart contracts which was introduced by Nick Szabo in 1997.

How are Cryptocurrencies Taxed?

Learn how the IRS treats taxation of cryptocurrencies. Depending on the length of time you’ve held the asset, you’re liable for short or long term taxable gain or loss.

How Do You Purchase Cryptocurrencies?

To purchase cryptocurrencies you’ll need a broker or cryptoexchange. Once you’ve done that, open your account, fund your account and start trading.

What are the Advantages and Disadvantages of Investing in Cryptocurrencies?

We covered the definition of assets, how they’re taxed, you know where to purchase. Learn the advantages and disadvantages of investing in cryptocurrencies. One advantage is that, like gold, many see cryptocurrencies as offering protection against inflation.

What are Smart Contracts?

Learn about smart contracts and discover several use cases. You’ll once again encounter Nick Szabo, who conceptualized a digital currency called Bit Gold in 1998.

What are the Benefits of Smart Contracts?

Blockchain, cryptoassets and smart contracts will play a key role in a decentralized future that will span areas such as digital identity and financial data recording, trade finance, real estate, supply chain, insurance and more.


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