Everything you ever wanted to know about blockchain, crypto and NFT (but you never dared to ask)

Welcome to Hoken Tech

Especially those who are at the beginning in the crypto, blockchain, and another world, have often found themselves facing some issues and problems that they have never faced, forcing them to stop and find someone who can respond, in particular to a particular problem.

For this, we have compiled some questions that have been asked in various chats, to which we will answer several, and in addition, we have prepared a simple form (available in the Hoken Tech Telegram chat) where anyone can leave their question and it will be answered. in the following in-depth article to user questions.

Is it worth investing in crypto?

Any type of investment involves a strategy and a plan drawn up in detail, certainly not investing by choosing crypto or token at random, in the hope of obtaining a super profit in a short time, as the time component is essential to evaluate the time horizon of the investment itself, also because if one buys crypto to make money quickly and easily, it is no longer about investment but gambling.

Can anyone who receives my crypto see the source address?

Yes, as the blockchain by its nature is transparent and allows anyone to check the transactions and their path both from and to the destination; then some blockchains obscure this information, and therefore neither the starting address nor the amount of the transaction is known.

I made a transaction on a blockchain to send cryptocurrencies and they haven’t reached their destination yet, should I worry?

Unfortunately yes, as that type of problem may be due to a problem in the blockchain itself that could be the victim of some attack, or when the blockchain is not decentralized, it is shut down or paused by the creators of the project, as happened with Solana or Binance Smart Chain for example.

How long does the KYC verification take on an exchange?

Exchanges take the issue of security and compliance with the law very seriously, and that is why their verification procedures can authenticate a user within several minutes of sending the request, for other exchanges it may take an even longer day.

What are airdrops?

It is a form of marketing to make known the project that issued a certain token and with this system the same is distributed, free of charge, to all those who have made or respected certain conditions, such as having made at least X transaction, owning an asset Y and so on.

Are there any technical books about blockchains?

Yes, and different in terms of both the various blockchains and specific sectors such as decentralized finance (DeFi) or non-fungible tokens (NFT), they have dedicated books, and here you can find an updated list.

Is it safer to trade from a pc or smartphone?

At the device level certainly a dedicated PC with nothing personal, as even in the event of problems, any viruses and malware would do limited damage; while on our main smartphone it is not recommended since there are some systems to copy the phone information, the passwords we type, and also clone the SIM and 2-factor authentication codes (2FA).

Can I get cryptocurrencies without buying them?

Yes, through the faucets, i.e. taps in Italian, as some platforms release crypto fractions at regular intervals, to let the curious ones try and use that crypto, and some platforms also have incentive systems to use them, as this one explained in this article.

Can I receive crypto without an internet connection?

Absolutely yes, and this is because the internet connection is used to start the transaction, but it is completely irrelevant to receive the transaction, as the transaction is recorded in the blockchain and our cryptocurrencies will be accounted for at our account/address, to which then subsequently we can use them as we please.

I bought an NFT which cost X, and now I see that the price has dropped, what happened?

This is due to the oscillation of cryptocurrencies over time as the various marketplace platforms use the crypto to determine the price of the NFT, so if I buy 1 NFT at 5 EOS and 1 EOS it was worth $ 10 at the time, so I had spent 50 dollars if the price of the crypto drops in value and therefore 1 EOS is worth 1 dollar, then an NFT bought at 5 EOS, at a given historical moment is worth 50 dollars and in another 5 dollars, obviously the same is also valid on the contrary, that is, if the price of the crypto increases.

Can 1 NFT be owned by multiple people?

Yes but with some conditions, as the NFT is indivisible by nature, however, the NFT itself resides in an address/account, and if that address/account has been created with multiple signatures of multiple users, then we can assimilate it to a shared possession as it will take all or X number of signatories to the transaction to move that NFT.

On which blockchain should I create NFTs?

Certainly on a carbon-neutral blockchain, such as that of EOS, so as not to impact the environment with our transactions, and it is also cheap and fast to process transactions without spending a fortune.

Can I sell an NFT that I bought from platform X and resell it on platform Y?

Only as long as you use the same blockchain in which the related NFT to be exchanged is located, since for the moment there is no cross-chain to exchange NFTs, and therefore if I buy an NFT on the Ethereum blockchain, I don’t I can transfer to the EOS blockchain and vice versa.

Where can I advertise my NFTs?

There are several platforms dedicated to NFT marketing, both with free and paid services, and depending on how we want to move, one or the other will be more suitable, and in this article, we have organized a list of such platforms.

Can I give an NFT as a gift?

Yes, it is always possible to give a digital asset as a gift, you just need to know the recipient’s destination address to make the transaction; moreover, not all NFTs are the same, as some NFT standards do not allow it to be transferred and therefore you cannot physically transfer that NFT but in that case you should transfer the ownership of the entire address/account, also delivering the private key of the same.

What files can they put in an NFT?

Any type of file, both traditional, such as various types of documents, and multimedia such as video, audio, and so on, can be inserted within an NFT, or better connected to the NFT via fields.

Can minors buy NFTs from various platforms?

No, as specified in the terms of the various platforms, to use them, users must be at least 18 years of age; therefore a minor could use the platform only through his representative and curator, such as parents.

Are there blockchains without transaction fees?

Certainly, and in fact, all the blockchains based on Antelope (formerly EOS.io) do not have commission income for the various transactions, as it is sufficient to block, or stake, the relative crypto, to obtain permission to make transactions without paying anything, and after that, you can unstake, then unlock them, of the crypto and get back the crypto previously blocked and without having spent anything.