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Allow me to introduce myself. I am 37-years old, work full-time and am currently doing my MBA. I know finance. Traditional Finance. I like it, because I love numbers. I can’t stand theory, but I love analyzing the bejesus out of numbers.
I am slowly becoming a Steemit addict and I know nothing about cryptocurrency except that it sounds cool. Oh and I have SBD in my ‘wallet’, $17.914 to be exact.
“Sweet Christmas!!”
Let’s analyze my possibilities.
So can I go to my local gas station and fill up my tank with it? Nope
Oh...ok…groceries? Nope
Huh…beer? Sorry to disappoint, but no.
So for a guy like me who lives in Northern Ontario, Canada, can I buy anything local with cryptocurrency? Nope, doesn’t look that way. Okay then…
WTF is cryptocurrency and what is it good for?
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Well for starters you mine for it, but not in actual real mines, you do some sort of computer coding/hacking shit to mine for the coins. Uh-huh…ok, forget how you go about getting it, what is it exactly?
“Cryptocurrency is electricity converted into lines of code with monetary value.”
Cryptocoinnews.com
Holy shit I feel old right now. OK…anything else you should know?
Yeah, Bitcoin is not the only one, it is but one of hundreds of different cryptocurrency like NEMstake, Litecoin, Titcoin and Steem?
Wait…Titcoin? Are you serious? Do they just make their names up as they go? Wait again…is there a Batcoin? Cuz that would be cool. Nope…doesn’t look that way.
Moving on…
Did you know that cryptocurrencies are fully decentralized and central banking has no control over them? Oh and there is a finite amount of coins. For example, Bitcoin will never have more than 21 million coins in circulation.
Ok, now that I do understand!! Finally!! On a side note, with a finite number of coins available, it is an interesting option as an investment.
The best part about cryptocurrency is that you can convert it to cash and use it to buy the aforementioned gas, groceries and beer!
Ok how do you convert it? Screw it, who am I kidding I am just confusing the crap out of myself.
My head hurts, does yours?
Hope you enjoyed my satire and sad attempt at explaining cryptocurrency. On a serious note if someone could make a simple post explaining in old people terms what the heck it is and how to use it, I would give you an upvote. I tried searching Steemit for something like that but didn’t come across anything.
Please upvote and follow!