Cryptocurrency for accountants Part 1: Bitcoin, Blockchain, NFTs, DAOs

Yuri begins his presentation with the basics- explaining what cryptocurrency is. He does this by relating them to our common knowledge of the currencies that we use everyday. This is also an introduction to the basic terminology of cryptocurrency.

To continue, Yuri dives into the three ways the cryptocurrency coins can be used. A key point that he emphasizes is the immediate global nature of cryptocurrency, as its uses expand into our day to day lives.

Cryptocurrency has taken off in recent years, as we all know, but not too many of us understand exactly why it did. Yuri explains why Bitcoin was interesting in its emergence as the first decentralized, reliable, fast, and convenient way for two strangers to send money worldwide in seconds.

The concept of private and public blockchains comes under the microscope in this portion of the webinar. Yuri drives home that every blockchain creates its cryptocurrency but introduces the idea that not all are public, and what that means.

Companies and projects in the cryptocurrency space that are run anonymously are called Decentralized Autonomous Organizations. Yuri gives a general understanding of DAOs, using Bitcoin as the prime example, and the vast scope of alternative currencies.

To conclude his presentation, Yuri touches on NFTs, what they are and what they can encompass. In general, there are five main types of NFTs which he highlights.