If you see the title of this post you may be thinking (like me) “What in the heck is crypto currency?”. I remember when I first heard about the phenomenon of crypto currency. I was a church and a friend came up and started talking about Bitcoin. Now, I’m on the internet a lot so I’ve heard of Bitcoin…but I had no clue what it was. So he starts explaining that he opened his account and bought some Bitcoin. I was still pretty lost. You know that look you give cat people when they are naming their cats and telling your their different personalities? Yeah, it was THAT look.
But, the more he told me the more I was intrigued. I began to look into crypto currency in general and Bitcoin in particular. What fascinated me was the fact that there is a finite number of Bitcoins out there and people can “mine” them. My friend tried to explain this to me and he was talking about video cards and processing power…and I got lost pretty quickly. Don’t get me wrong, I’m a techie so I know about video cards and processing power and CPU’s and GPU’s. But I had no clue what he was talking about in relation to Bitcoin.
More research was necessary. Anyway, I soon found out that the value of crypto currency fluctuates. This is similar to standard currency (I’m talking to you USD). I soon found this out on my own. My friend sent me a single dollar worth of Bitcoin. I opened an account and received it…I was stoked. Then I forgot about it. I opened the client a few weeks later and now my $1.o0 worth of Bitcoin was worth a measly $0.97. WHAT IS HAPPENING? I was distraught and began tearing off my clothes.
Actually, I just kind of forgot about it until I saw this infographic. It gives some great info on Crypto Currency (Bitcoin). This infographic is the courtesy of Buddy Loans from UK so check it out and try to wrap your head around this crazy idea of crypto currency.