Getting To Know Bitcoin Art

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The blockchain has become quite a popular topic across many countries. We have even gotten to the point of Bitcoin art, which does involve the blockchain and cryptocurrencies.

There are so many questions about cryptocurrencies if they’re worth it, which leads to whether cryptoypto art is worth it. 

For more bitcoin art, you can see what Kay Hare has to offer. 

Let’s go ahead and talk about some common questions about bitcoin art and how a transaction works. 

Questions about Bitcoin Art

What is Bitcoin Art?

Bitcoin art is the same as crypto art, except the artist is selling the work for bitcoins. 

Let me further explain, crypto art is digital artwork (sometimes physical) tracked in the blockchain.

Crypto art is then sold for cryptocurrencies such as bitcoin. Thus bitcoin art is sold for bitcoins. 

Why does crypto art have value?

Crypto art is similar to the reason why art pieces in museums have value. They are rare and original; thus they are very expensive. 

In crypto art, the contract states that the art pieces are unique and the scarcity creates value.

What is an NFT? 

Crypto art can be verified and authenticated by an NFT. 

NFT stands for Non-fungible token means that it is unique and can’t be replaced. 

The NFT makes the art unique and authentic, which adds value. It also runs the information through the blockchain, which can track the ownership and transactions of crypto art. 

How do you buy Crypto Art? 

To fully understand how to buy crypto art, it will take a bit of research. We recommend having an understanding of the blockchain and cryptocurrencies. 

If you are comfortable with cryptocurrencies, then you are more than welcome to make a purchase. Most of the time, you will pay using your cryptocurrencies – For example, bitcoin art is in exchange for bitcoins.

Blockchain 

For those who are not as familiar, I will run through a quick overview of the blockchain. 

The blockchain is a type of database. According to Investopedia, “a database is a collection of information that is stored electronically on a computer system.”

Information and transactions are collected together in groups referred to as blocks. A block is filled then connected with another block creating the blockchain. 

Transaction

Now let’s dive in deeper to look at a transaction. 

The blockchain uses cryptocurrencies such as Bitcoin and Etherium. When a transaction is made, it is scattered across the world in a network of computers. 

It is time to validate the transaction, where the network will run through a process of equations. Once the transaction is confirmed, it is placed into blocks, as we mentioned earlier. 

The blocks create a chain that holds the history of transactions.  Finally, the transaction is complete, and you have purchased your crypto art!  

You might need to own cryptocurrency to purchase any crypto artwork. Buying crypto art is an investment, so research before spending your cryptocurrencies. 

Final Thoughts

Crypto art is such a unique investment. It is amazing to see what people can do, and their talents deserve to be rewarded.  Buying bitcoin art supports the artist and is a great way to bring art and technology together. 

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