What are Crypto Domains?
Unless you have been living under a rock, you will have heard something about Crypto Currency. I’d be surprised if you hadn’t heard of Bitcoin for example.
Well, Cryptocurrency is taking off now and the amount of crypto coins there are in circulation on the Decentralised Blockchain is staggering.
There are now well over 19000 cryptocurrencies in circulation right now.
The biggest and most talked-about cryptocurrency is Bitcoin or “BTC” as it is also referred to. All other cryptocurrencies are called Alt Coins.
So this now brings me on to, “What Are Crypto Domains?”
A Crypto Domain name is very useful to anyone dealing with cryptocurrencies. A Crypto Domain comes in many different extensions like traditional domains but these are different.
For example, to name a few, there’s:
Before I tell you more about the new Crypto Domains, you may be wondering, what the other differences are between a traditional Domain Name and a standard Domain Name so let me explain.
What is the difference between a Crypto Domain and a Traditional Domain?
In basic terms, Traditional Domains are not decentralized like Crypto Domains. Traditional domains also require a yearly registration fee otherwise you could lose the domain name. Crypto Domains on the other hand only require purchasing once in a lifetime. So once a Crypto Domain has been bought no one else will be able to own it unless the owner sells it of course.
Crypto Domain Names are decentralized which means the control is moved away from a centralized entity like a Government, group, or organization.
Ok, I hear you, you now want to know what the Decentralized Blockchain is so let me explain.
What is a Decentralized Blockchain?
A Blockchain is a huge database that is shared amongst by nodes or in simple terms computers on the internet.
The Blockchain keeps records of transactions in blocks and each block has a capacity limit and is closed when that limit has been reached,
That block is then linked by cryptography to the previous block extending the Blockchain and this continually happens over and over again.
The Blockchain records digital information so that it cannot be edited.
What Can I Do With A Crypto Domain Name?
As I mentioned earlier, Crypto Domains are very useful, especially for Crypto Currency transactions.
Once you start trading, you will realize that to pay someone Crypto or receive Crypto, you need a Wallet Address. The problem here is that unless you have a super-brain, you are not going to remember the Wallet Address for the Crypto to go to.
A Wallet Address is a mixture of numbers and letters to which Cryptocurrencies can be sent to.
An example of a Wallet Address could be 7FZbti29chjq1GjdfV4eyHuggJnkLtktrc2 it normally has between26 to 35 alphanumeric characters.
What is an easier Option?
Crypto Domain Names can be configured so you don’t need to remember the long unmemorable wallet address. So, with a Crypto you can configure them as shown below:
As you can see from the above, you can configure your domain name to handle all your different Wallet Addresses for you. This means that instead of using the long complicated wallet address for the payment, you can send any currency that has been added to your domain to the domain name instead and it will do all the hard work for you. The cryptocurrency or NFTs will automatically appear in the correct wallet.
Here’s a video from Unstoppable Domains which gives a quick rundown of the process: https://youtu.be/nyge0RegTZ0