TUESDAY, Dec. 14 — Have you read the sensational media coverage of cryptocurrency and nonfungible tokens, better known as NFTs? Are you trying to learn more about these new digital currencies that are sweeping the Internet? Then you might find an upcoming series of classes at The Fledge to be very fascinating.
The Fledge founder Jerry Norris has long been invested in the world of cryptocurrency. In 2017, before the craze become totally mainstream, Norris had an operational Bitcoin ATM for use by visitors to the Fledge and even developed his very own cryptocurrency, known as Fledgecoin, or FLDG. With a cryptocurrency of its own, Norris said the Fledge has created an innovative way to raise funds for its multiple community-focused services, such as hosting concerts and computer classes and charitable efforts like food drives.
“Since the beginning of The Fledge, we’ve been involved in crypto. We were buying Bitcoin and Ethereum and some of the other popular coins back then. We got in early, so we were able to build assets. But we always reinvested back into the Fledge,” Norris said.
But why develop an exclusive cryptocurrency in the first place? Why not just use the more popular and well-established currencies like Bitcoin, Ethereum and Dogecoin? Norris explains that there are many ugly flaws with mainstream cryptocurrencies. There are several reported instances of cryptocurrencies being used to lure unwitting victims into pump and dump schemes, as well as cases where users pay for goods with cryptocurrency, only to never receive their order. With its own cryptocurrency, the Fledge crew can maintain a less dangerous system.
“There are a lot of ills associated with crypto, from environmental impact to the way that crypto is pumped and dumped and can hurt people that get in late. There are predatory things where people are told to send somebody Bitcoin for a car they’re buying, and the car never shows and they can’t get their money back,” Norris said. “To make our own coin is to define what that coin can be used for and how speculation will work.”
Norris is part of a growing group of people that believe cryptocurrencies and NFTs are the future for a primarily digital-based economy.
An NFT is a digital piece of data that is stored on a digital ledger known as a blockchain. These can be purchased and traded among users for cryptocurrency, which can then ultimately be exchanged for a cash value. The purpose of NFTs have been questioned, because after all, saving an image or other data on the Internet can be as simple as right clicking with a mouse. Norris has explanation for the true value of an NFT, and why he thinks they will become standard in the coming future. </…….