Cryptocurrency is continuing to make its way into Hollywood as another star displays their interest to the public. Oscar-winning actress for “Shakespeare in Love”, Gwyneth Paltrow, has recently tweeted an article for beginners to get into digital assets. Paltrow isn’t the first celebrity to enter the crypto space, as Johnny Depp, the Wu-Tang Clan, and many more have already shown business ventures into the crypto sector.
The multi-millionaire and multiple award winning actress, posted on her official Twitter profile, a link to a crypto-based article, titled “The Basic of Bitcoin and Cryptocurrency—and How to Invest” to promote awareness for the new industry.
The article covers a Q&A style format with Bill Barhydt, founder and CEO of the cryptocurrency-exchange app Abra, a platform that offers an all-in-one cryptocurrency wallet and exchange app.
The article goes through the standard beats of explaining the creation and mining of a digital asset, as well as the payment structure behind the value exchanged when producing blocks. He goes on to explain the concept behind Bitcoin’s value and the intrinsic nature of it, due to the mining process, scarcity of the digital asset, and it’s effect on the network.
Barhydt is quoted:
“Ultimately, anything has value because people agree that it has value. Government-issued money, such as the US dollar, has value because we all agree that it does, mostly because our government accepts payments of tax debts only in its own money.”
The Abra CEO also covers the basics behind blockchain, which can still be a confusing if not completely unknown topic for many. He details the concept behind distributed ledger technology (DLT) and how building trust for the network can have economic gains.
“The Bitcoin blockchain is a new way of organizing data. It is a structure that builds on itself. Each block contains information that has been verified and can’t be erased or rewritten. Once a block is completed it is linked to the next block, forming a chain of linkable information. Through solving the problem of trust on the internet, blockchain enables new kinds of economic activity based on the coins created to incentivize its management.”