Cryptocurrency led by Bitcoin based on Metaverse

Cryptocurrency led by Bitcoin based on Metaverse

As cryptocurrencies grow led by Bitcoin and gain more international recognition from companies and individuals as well, tech companies have moved to embrace Metaverse.

From your bedroom you can visit anywhere in the world and interact with other people in virtual reality and own assets, homes, land and digital money, and this reality is not as far away as you think.

In 2021, Facebook re-engineered itself into Meta, in an effort to represent and extend the fictional idea of the Metaverse, a thriving, living, breathing alternate world that is essentially a virtual environment where you can have countless different life-like personalities and identities.

In the same vein, Microsoft, Amazon, Nike and game companies are investing in this area, and Google, Apple, Samsung and Alibaba have similar plans.

Based on that, we'll see Facebook metaverses and Microsoft metaverses, so you can switch between them, using one device and one identity.

While video games have succeeded in preparing for this new stage, observers of the field of cryptocurrency know very well that it is more than just currencies in which some invest and others profit daily through speculation.

There are platforms in many areas, including decentralized social networks, online stores that connect the buyer and seller without an intermediary, and decentralized finance platforms that want to take the place of banks and financial institutions.

In this regard, we find MANA, the cryptocurrency of Decentraland, a comprehensive platform for buying virtual assets, real estate, land and more, which jumped nearly 400 percent to an all-time high.

On the other hand, there is the virtual reality platform Sandbox, which is built on Ethereum and enables users to create, build and monetize their virtual experiences, and its digital currency, SAND, has witnessed a rise of nearly 300 percent recently.

In the physical world you transact using fiat currency, which serves as a store of value and a medium of exchange to buy or sell anything you want.

But in the virtual or digital world, there is no possibility to do that, and here is the importance of Bitcoin and its other competitors that you can use for payment.

These coins provide the ability to do fast and recurring transactions, or even get your hands on a non-fungible token (NFT), which needs decentralization and transparency, where the authority to approve and verify your desired transactions lies not only in one central authority or hub, but with every participant in the network Collectively making it more democratic, accessible and fast, the important thing is that you don't put your trust in just one person.

What makes cryptocurrencies the foundation of Metaverse is their enviable high speed or the gap that is efficiently filled by the scalability of cryptocurrencies or their ability to process or confirm more transactions per second!

It inculcates the idea of interoperability, i.e. working across different blockchain systems, rapid transfer of value, digital proof and permanent proof of ownership in Metaverse, all quickly, smoothly and reliably.

Unfortunately central systems can't do these things exactly the same, so companies that build centralized metaverses waste time and money and find themselves out of the competition.

That is why these companies should adopt or launch digital wallets that provide converting digital currencies into cryptocurrencies, and indeed there are a lot of ready-made solutions offered by trading platforms and blockchain development platforms, and companies will not need to build anything from scratch.

But it is possible to see centralized and decentralized metaverses, and the latter will receive more attention because it has a higher privacy and is not based on certain companies with a long history of violating privacy such as Facebook.

And while this year Facebook announced work on projects for the digital age, many crypto and blockchain platforms have developed and are still working to improve the decentralized metaverse.