“Cyrpto” is a term applied to a broad range of products and services from digital currencies, to blockchains, to new forms of contracts and art called Non-Fungible Tokens, or NFTs.
Payments professionals know that they need to understand these products, but they are very technical, and it can be hard to study up while also doing one’s day job. Still, when clients, customers, and management start asking about what the company’s crypto plans are, we need to understand the question.
In this episode we talk with long time crypto-journalist Bailey Reutzel about how all of these things work and where they fit into the world of payments.
We talk about the history of bitcoin and whether or not it will ever become a true currency. We cover whether or not blockchains are as useful as they seem, and we look at what NFTs are and how they can be used.
We then cover where a payments company might begin exploring the crypto space. While many avenues are available, there may be a few that are better places to start.
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If this make you want to learn more, the IPA also hosted a Summer of Learning Session with K & L Gates about the legal ins and outs of NFTs. You can find a recording of that webinar here: (40) Summer of Learning: NFTs - A “flash in the pan”? Or a true “game-changer”? - YouTube
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