Part 1: What is the cryptic cryptocurrency all about?3 min readReading Time: 3 minutes
Cryptocurrency is the new buzzword in town, and 2021 is now termed the ‘Year of
Cryptocurrency’. Everyone around the world is jumping onto the bandwagon to join the crypto
trend. Getting more popular by the day, the craze has soared to great heights and economists predict that cryptocurrency could be the future of economics!
What attracts people to cryptocurrency is that the fact that the long-term investment remains constant even amid fluctuating trends of recession.
Owliver’s Obscure Observations
A recession is a period of temporary economic decline during which trade and industrial activity are reduced.
However, despite its global popularity, especially in this virtual world, people worldwide still struggle to understand the basics of cryptocurrency.
Let’s dive in…
Cryptocurrency is basically an encrypted virtual currency — a currency created by computers. Anyone can buy cryptocurrency as it’s open to all with no guidelines. This means that it is decentralised, and the only way to exchange it is virtually!
Some consider it a passing trend, many fear it is unstable, but yet, cryptocurrency steals every headline. Currently, there are more than 300 million cryptocurrency users across the world. And there are nearly 12 cryptocurrency billionaires who have made it to the Forbes’ 35th Annual World’s Billionaire List this year.
The popularity of cryptocurrency is not fake, and never before in human history has there been a way to digitally transfer value through a system that is almost impossible to forge and secured to the core.
How is it exchanged?
Bought and sold via cryptocurrency exchanges, the transfer involves only two parties, with no
middlemen involved. This means that there is no agency or organisation looking into what kind of transfers are being made, and how much is being exchanged virtually.
It is this ease of transfer and security that has catapulted the reputation of cryptocurrency right from the start. The exchanges are open 24 x 7 and with low transfer fees, people are eager to embrace the virtual currency over its paper counterpart.
How did it all begin though?
Though cryptocurrency saw major growth last year amid the pandemic, unknown to all is the fact that the legacy of cryptocurrency is more than a decade old! It all started during the 2008
global recession — the Great Recession — when Satoshi Nakamoto created the first cryptocurrency, Bitcoin.
Owliver’s Obscure Observations
Want to know something truly mind-blowing? Satoshi Nakamoto is not an actual person! It is the name used by the presumed pseudonymous person or persons who developed Bitcoin.
In this week’s partnership with Tell-a-Story, let’s get a better understanding about the origins of cryptocurrency, and what its all about.
Watch Part-1 of the series on this digital currency, and be sure to watch out for Part-2!
About Tell-A-Story: A video storytelling venture founded by Suchithra Pillai, who comes with over 15 years of experience in the field of journalism, exploring and writing about people, issues, and community stories for many leading media publications in India and the United States. It presents video narratives along with thought-provoking content in less than 5 minutes, to engage and entertain the audience, is its preeminent vision. For more such intriguing stories, subscribe to the channel. You can also follow the stories on Facebook @tellastory2020 and Instagram @tell_a_story2020