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What is the Bored Ape Yacht Club NFT?
The Bored Ape Yacht Club NFT or Bitcoin Boat Coin or BCB is a digital asset that uses both the blockchain and cryptocurrency to allow people to exchange value in a peer-to-peer fashion. Instead of trusting an individual, who has been proven prone to error and fraud in times past, transactions are verified by users agreeing on their gospel. One of the most notorious recent examples was when MtGox lost $500 million worth of bitcoin - because it was stored on their servers. Since then, most digital currencies have had someone either manning a hot wallet or keeping the keys in cold storage only to be used if all hell breaks loose. BAB is different, because it is designed to be a currency that does not require direct human involvement to be exchangeable.
What is the Purpose of Having a Digital Asset to Begin with?
The primary purpose of BAB Coins is to remain stable in value, only increasing in value with time and allowing transactions to occur between two people without physical interaction. The other primary benefit of BAB Coins is that it creates an environment where new features can be created for the BAB Coin. This second part can create a game-like atmosphere, where users trade coins and take part in a contest for real money prizes. For example, one could craft items on their computer using RAM and then have them turn into bitcoin when they are traded. The amount that you can generate depends on the amount of RAM that your computer has.
How Can The Digital Asset Be Transactable Without a Human Being Directly Involved?
This is where the blockchain comes in. The blockchain linked with BAB Coins takes up space on a user's hard drive before any trade occurs. In order for a transaction to occur, each party must have their wallet (the software used to hold their coins) open and ready to go. To speed up this process, there are buttons on BAB Coins that allow the user to perform a transaction and have it saved in the blockchain almost instantly.
What Countries are BAB Coin Accepted?
The BAB Coin can be utilized in all countries that use bitcoin. If a coin is only used in one country, then it is essentially just a commodity similar to gold or diamonds. The reason that the BAB Coin can be used in every country is because it utilizes the blockchain and utilizes bitcoin. Any country with someone who has a bitcoin wallet and who is willing to use it as currency can receive BCB coins as payment for their goods and services.
Why Are People Buying BAB Coins?
The primary reason that people buy BAB Coins from the NFT is to use them as a wallet and as a means of moving their currency. In addition to this, people may also buy the coins in hopes of making money by trading them for other coins of value. These coins are also used by investors who want to participate in the game-like aspect of BAB Coins. In addition, some investors may prefer to use BCB rather than bitcoin because it offers more benefits, such as higher transaction speeds and lower fees.
Author bio
Joey Miller is author at Finance 27, A payday loan company in South Africa.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.