Editor’s note: Welcome to the beginning of the Crypto News For Newbies series on Coin Clarity. In this series, Amanda Razani will present the often (always) confusing and overwhelming world of cryptocurrency news in a way that anyone can understand. Follow along as Amanda learns about bitcoin and crypto and relays what she learns to you (a fellow crypto-newbie) in plain ole’ English.
A few years ago, I started hearing some interesting sounding words bouncing around. “Cryptocurrency.” And something called, “Bitcoin.” I remember hearing about Litecoin and Dogcoin too. I’m not even sure if that is how they were spelled, or if they even exist anymore. I KNOW Bitcoin does. I’ve been reading about Bitcoin more and more now on social media and various other websites.
At the time, when I first started hearing about this virtual money concept, there were opportunities to purchase fractions of this currency, or even to win small bits of it. I had no idea what I was winning honestly, but it sounded cool, and like it might be the way of the future. So I spent a few minutes each day playing these silly online games to fill my virtual “wallet.”
I even spent time reading articles about how it could be spent and how many people had started buying into it, but it seemed like it was all very, “underground.” It also appeared to be a thing for the financial gurus and computer experts, where the term, “Block Chain,” actually meant something important. In fact, there were apparently ways to steal fractions of certain cryptocurrencies by investing in high-tech computer equipment that mined for fractions of Bitcoin, but that was all beyond my understanding. Eventually, my interest in its value and what it could do for me waned, and I moved onto other things, but the topic of cryptocurrency has stayed in the back of my mind ever since.
I still read the occasional article and watch a news clip here and there about it. And, most recently, I attended a seminar that turned out to be about, low and behold, a new kind of virtual money called, “Bitqy.” Then, just a few days ago, I read that Bitcoin had hit the $10,000 mark in value. Whoa!!!! So, it looks like it’s time for me to really dive into what this cryptocurrency is all about, before I miss the boat!
Therefore, I am making it my mission to learn everything there is to know about it, how to get it, what it’s worth, how to use it and anything else there is to know about this new virtual money revolution that is taking the world by storm. I’m thinking I’m not the only person that wants to know more, but needs a simpler explanation. I’m a writer, a communications and journalism major, and math is not my forte. Anything math and finance related tends to send me running the other direction, but I understand when something valuable hits the market that I need to know about. And I know what I am good at- research and writing.
I hope that you will follow me on my journey of discovery as I strive to learn more about this new world of cryptocurrency – and relay the world of cryptocurrency to you in a way you can understand.