You are at the top of your game, a leader of a large company, you are an expert. But there is one area where you need to catch up: cryptocurrency.
To accompany our article for business leaders—Crypto: Everything the Law Firm Managing Partner Needs to Know— we’ve put together a few key articles to help you quickly get up to speed with the most important fintech in years.
The three things you need to understand in order to form a basic working knowledge of crypto are blockchain technology, the difference between cryptocurrency and other assets like non-fungible tokens, and the metaverse.
To begin with, the essential question: what is a blockchain? In short, it is a distributed and immutable ledger, usually decentralized, to record transactions and track digital assets. Cryptocurrencies, decentralized finance, and everything else rely on technology. This graphic explains how it works:
But the crypto universe is made up of much more than currencies. NFTS, or Non-Fungible Tokens, are works of art or music or even a claim of authenticity for the sneakers that only exist in the digital world and are paid for with cryptocurrency. Other critical concepts include decentralized finance, metaverse, non-fungible tokens, smart contracts, etc.
To get closer to the heart of the matter, explore these articles:
There’s a lot to digest, but half the battle is over crypto-speak. Check out Set Our Terms, a practical podcast from Bloomberg News.
And once you’re ready to go a little deeper into the weeds:
And on Capitol Hill:
To keep up with daily crypto, NFT, and metaverse news, subscribe to Bloomberg Law’s Daily Crypto Newsletter below.