Since their inception in 2009, Digital Assets sought to do 1 thing; provide an alternative solution to the traditional finance and money system globally. In the wake of the 09 ‘Global Financial Crisis’ the devastation of debt-fuelled economies ravaged billions of people, and businesses worldwide; creating a catalyst for a new asset class that would provide an alternative solution to the way we transact and use money.
While the use cases have developed over time, the underlying value of all Digital Assets remains the same: Digital Assets create a way for 2-parties (ie people) to exchange value, without the requirement of a trusted 3rd party, such as a bank or platform, to facilitate a transaction. This is done using a revolutionary form of technology known as a ‘blockchain’.
The technology, which underpins all Digital Assets, can be applied to everything from putting fuel in your car, to paying your rent – or even to greater transactions like buying a house, vehicle or other asset. So what reason would anyone have to use this technology over existing methods?
Resources To Better Understand Crypto Assets:
NGS Crypto recommends reading and understanding the following documents, issued by the Australian Securities & Investments Commission (ASIC) as a reference point of fair and balanced information:
Australian Government National Blockchain Roadmap – https://www.industry.gov.au/data-and-publications/national-blockchain-roadmap
Used to appreciate like Gold, Silver or property
Used similarly to the US or Australian dollar, to purchase goods & services
Used to run specific networks, and exchange resources within a network
In relation to the risks of crypto-assets, NGS Crypto PTY LTD recommends ASIC Consultation Paper (CP 343) as a source of fair and balanced information – https://asic.gov.au/regulatory-resources/find-a-document/consultation-papers/cp-343-crypto-assets-as-underlying-assets-for-etps-and-other-investment-products/
In addition to this, we also recommend that consumers are aware of the following potential risks when owning or investing in cryptocurrencies.