Crypto assets are the digital representation of worth that is not granted or secured by a central bank or government; it is not directly tied to a legally defined currency, and does not have the legal standing of currency or money, but is recognised by people as a way of buying and selling or investment, and can be exchanged, saved, or traded electronically. Therefore, Crypto assets are not: fiat currency, electronic currency, or financial investments based on the Investment Services and Activities Law, as well as Regulated Markets Law. Instead, crypto assets include cryptocurrencies, utility coins, stable coins, and security tokens.
Cryptocurrencies are coins or fully autonomous assets that can be traded between users in the network and rely on blockchain technology to operate. On the other hand, utility tokens aren't coins in the traditional sense because they don't have their blockchain. Instead, the name "utility token" comes from the fact that it may be used to acquire a particular product or service; for example, Storj (STORJ) allows users to pay for decent ralised storage space on its network.
Security tokens are crypto assets whose value is derived from other tradeable assets, both real and digital. Stablecoins are crypto assets whose value is tied to the price of a real currency, such as the US dollar or the euro. Tether (USDT) and DAI are two stable coins (DAI) examples.
The development of Crypto Assets has caused a massive change in the financial markets due to its evolving prominence in recent years. It is noteworthy that not all digital assets are crypto assets, but all crypto assets are digital assets. Some basic characteristics of crypto assets include:
Owners of crypto assets need to monitor their assets from time to time as this helps to track and keep a record of transactions and market movement since the market greatly influences the price of the assets. Crypto assets are then stored in what is known as wallets for this purpose. This wallet serves as a register where owners of a particular asset could track their asset and be duly informed of all transactions performed. There are two types of wallets for storing crypto assets: Digital and Physical wallets.
A digital wallet is an online service used to store crypto assets and enables you to perform various transactions with it, such as purchasing products or services, trading, or transferring them. Physical wallets, often known as "cold wallets," are hardware devices designed for keeping crypto assets. Because they are not linked to the internet, they are considered a secure way to store crypto assets.
The majority of owners of crypto assets are either trading the assets in their wallets, making transactions with them, or saving them as a form of investment. Like traditional currencies, when all these services are carried out, there is an exchange of value that depicts the acquisition of profits or losses on the part of one or more entities involved in the transaction. Crypto assets register help monitor and track these profits and loss for owners of crypto assets to make well-informed decisions regarding their assets and what to do with them at every point in time.
There has never been a better moment to keep a careful eye on your assets and know where you always stand in terms of profit and loss so you'll be ready to invest in a new asset or sell if the market takes a turn for the worst. We can help you with software integration and reporting so that you can monitor your current gain and loss situation on a regular.
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At MODH, our mission is to provide a tailored service to every client as well as build a community that we can all share our journeys in the world of crypto.
