A look at crypto’s exploding popularity and its basics

Local News

LAS VEGAS (KLAS) — They’re terms we’re starting to hear more and more: cryptocurrency, bitcoin and NFTs. It basically boils down to a digital way of buying and selling goods.

“You can buy, trade, sell, convert,” shared Andrew Gretchko, vice president of communications for CouponCabin.

Crypto uses technology known as “blockchain,” which records all transactions. Bitcoin is the most well-known cryptocurrency.

“A lot of people, again, really think this is the future of money,” Gretchko said.

He notes crypto’s popularity is rising. According to a recent CouponCabin survey, 89% of Americans have heard of cryptocurrencies, with more people buying each day. Gretchko attributes this to the speed of transactions.

“You are cutting out a lot of banks, in most instances, so you are going to then create a middleman-less space,” he explained. “If I wanted to send you money, I can do that much quicker.”

Some Las Vegas casinos use cryptocurrency, and local businesses are doing it, too.

“Max Pawn accepts cryptocurrency on sales, so you can make a purchase if you want to buy a watch for $5,000,” Michael Mack, owner of the pawn shop, told 8 News Now.

NFTs, which are essentially digital collector’s items, are also sold on blockchain. The Vegas Golden Knights just announced their first collection of collectible NFTs. It’s a limited run of only eight in the inaugural batch.

Gretchko says while they cost a pretty penny, they come with exclusivity and bragging rights.

“I know with the Golden Knights, there’s going to be very few mints of those ever created, so there’s definitely kind of a gold rush, if you will, to get those.”

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