What - in words of one syllable - the heck is cryptocurrency?
I've spent most of my working life in finance and yet I can't get my head around bitcoin / digital currencies / cryptocurrency. It's, like, electronic, you can't actually see it, touch it or spend it, but it gets more valuable all the time - wha?Am I being super thick? Can anyone explain it without posting in links to sites I've already given up trying to understand?
I didn't even know whether to classify this blog as gaming or technology
Comments (43)
Actually I have a Biff coin here which is probably the best investment you'd ever make. I can't tell you what the pics are or someone may start counterfeiting them
Starting price a very special $1800
The year started at $800 (by the way, Bitcoin itself first started trading at $1 in Feb 2011)
In June it reached $3000 for the first time
In August it reached $4000
On 1st September it hit $5000
mid September China cracked down with regulations and it plunged to $2900
by mid October it was > $6000
by November it had passed $10 000
by the end of the year, having started at $800, it was just shy of $20 000.
Oh for a time machine, eh? Nip back and buy in 2011.
It crashed in January this year and is now sitting shy of $7000.
Like I said. Time machine. 2011, pick me up a $500 investment, late December 2017, make me a cool $9 900 000
That'll do, pig. That'll do.