Oladokun Opeyemi

Oladokun Opeyemi

Interesting, inquisitive, friendly geek.

  • Oladokun Opeyemi
    Published about a year ago
    Digital Assets

    Digital Assets

    The 21st century has brought forth many changes to civilization. Several human operations have been redefined by technological advancements. This advent has helped several individuals, improved business outfits, redefined market structure, etc. So, looking at the title, the first question that comes to mind is, what are digital assets? Simply put, digital assets are valuable commodities that exist in binary format as data with also the right to use. These can come in various forms such as documents, multimedia files, emails, online marketplaces, cryptocurrencies, etc. These assets are kept on storage devices such as hard disks, computers, cloud, online wallets, etc. It is important to recognize that asset is a legally recognized term, thus, any valuable commodity that doesn’t come with a right to use isn’t considered a digital asset. Also, when is an asset said to have a locked in financial value? An asset is said to have a locked financial value when its owners are restricted from selling their assets. This condition is many at times a government-related factor, which can come in form of regulations, taxes, etc. Over time, many commodities are being classified as digital assets. In 2015, Bitcoin was classified as a digital asset by Forbes. Bitcoin is an online currency (i.e. cryptocurrency) that exists on an encrypted platform called the blockchain, which exists as a public ledger that records all transactions.