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The Strange New World Of Cryptocurrencies And NFTs

author

Chris Carpineti

Senior Video Editor

clockFeb 9 2022, 17:04 UTC

Cryptocurrencies and NFTs have flooded our newsfeeds, so lets check out the most important stories about them. Image Credit: IFLScience

Blockchain, Crypto, Cryptocurrency and NFTs – these are all words that are permeating the media with each passing day, but what are they? Why are they such a big deal? And what impact are they having on the world? From a new form of currency and bizarre stories of hacking DNA, to the emergence of a “religion” and the surprising crypto carbon footprint, IFLScience has you covered. 

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What Is Bitcoin? It Is Not That Complicated If You Ignore The Geek Speak 

Bitcoin has been declared the “end of money as we know it” and as a currency for our times; decentralized and created specifically for seamless exchange on the Internet. That is, it would be, if everyone knew exactly what it was and was actually prepared to use it. 

 

Crypto Art In The Digital World: What Is An NFT? 

Some people see NFTs as a revolution in the world of art, others see them as a passing fad, and many see them as an absolute disaster for the environment 

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Why Is Bitcoin Having A Weird Start To 2022? 

Bitcoin is still shaking from its slumping start to 2022 — a new year's flop that was surprising even by the ever-unpredictable standards of cryptocurrency.  

 

Why Are People Calling Bitcoin A Religion? 

Bloomberg’s Lorcan Roche Kelly called Bitcoin “the first true religion of the 21st century.” There is a Church of Bitcoin, founded in 2017, that explicitly calls legendary Bitcoin creator Satoshi Nakamoto its “prophet.” 

 

A Hamster Is Trading Crypto Better Than Some Top Investment Firms 

A hamster is living his best life and crushing the self-esteem of traders everywhere, buying and selling cryptocurrency better than even professional financial investors. 

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Bitcoin Mining Will Soon Pump Out More Carbon Than Czech Republic, New Study Says 

A new study estimates that the energy-hungry process of bitcoin mining in China could soon generate 130.50 million metric tons of carbon emission each year – that’s more than the annual output of the Czech Republic in 2016.  

 

North Korea Hackers Stole $400 Million In Cryptocurrency Last Year 

North Korean hackers took off with at least $400 million worth of digital assets in at least seven online heists on cryptocurrency platforms last year, according to a report by Chainalysis. 

 

Crypto Group Wants To Insert Bitcoin Into A Mouse 

They say they will take that key and work with a "biological company" to break it down into "corresponding ATGC sequence edited by quaternary encoding, which goes into the mice for fertilization." 

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Why Do People Think A "Crypto Winter" Is Coming? 

Investors are worried. “The mass marketing of bitcoin reminds us of the activity of stockbrokers in the run-up to the 1929 crash.” 

 

Russia Proposes Ban On Crypto Trading And Mining 

Russia, one of the world’s biggest centers for Bitcoin mining, has proposed a ban on all cryptocurrency operations in the country – a move that would outlaw the purchase of crypto for fiat currency, and stop financial institutions from carrying out any operations with cryptocurrencies. 

 

China Declares All Transactions Involving Cryptocurrencies Are Illegal 

China's central bank has doubled down on its moves to crush cryptocurrency and announced that all transactions involving cryptocurrencies are illegal, effectively signaling an outright ban.


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