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Thursday, Dec 02, 2021
Outlook.com
Technology

Bitcoin, Altcoin, Blockchain, Mining…The Nuts And Bolts Of Cryptocurrency

Decoding the mechanics behind the befuddling yet exciting world of money that is not quite money

Bitcoin, Altcoin, Blockchain, Mining…The Nuts And Bolts Of Cryptocurrency
Bitcoin, Altcoin, Blockchain, Mining…The Nuts And Bolts Of Cryptocurrency
outlookindia.com
2021-09-11T01:19:35+05:30

Cardano is zooming up. Bitcoin has bounced back…what did your fund manager tell you? My neighbour’s into stocks, but he does not touch it; his son in Montreal is in on the game though. How about Ethereum…aren’t they rolling out 2.0? This is an all-time high. Look at El Salvador—they know a thing or two about coups, after all! This one’s a real coup. Almost as good as what the Mayans did back in the eighth century, using chocolate as money. Wait, is this a currency? Or a commodity? A plane or a bird? Does it even exist?

The chatter on the wires is quite breathless, and rising to a crescendo. There’s quite a large, swinging crowd of millennials who have taken to it like ducks to water—in fact, those below 30 form the bulk of the user base of WazirX, the largest crypto exchange in India. Indeed, the platform also saw a surge of users aged over 45 between February and April—a 337 per cent rise, according to The Economic Times. From among both segments, you have the usual lottery winners. Like Richi Sood (32), who betted over 10 lakh on Bitcoin, Dogecoin and Ethereum, and, thanks to her timing, laughed all the way to the bank when Bitcoin hit $50,000 in February. Wait…bank? You must be Jurassic. If there’s money that’s not quite money, can you bank on a bank?

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