Although it is not an area I specialise in I do from time to time write about cryptocurrency.
Writing about the subject from a high level is doable for me, but when it gets into the detail of how it all works I quickly realise I have limited understanding. I basically know it’s a thing.
So when I read a survey that tells me 55% of people think they will be paying for bus journeys using cryptocurrency within seven years my initial shock is understandable. But if you think about it, why is it shocking?
We already pay for buses using contactless technology so there is no need for cash, and who understands how the financial system really works, apart from people in the sector. Just like cryptocurrency, where only the experts understand how it really works.
So when people expect it to be used to pay for bus journeys within seven years they just expect it to be as secure as the money we currently use. Digital money is just numbers siting on bank servers.
A few years ago ho would have thought that we would be able to pay fro things using mobile phone? And who, back in the day, would have even thought we would have mobile phones.
Although it is clearly not necessary to understand how money gets its value and is created to spend it, it is nice to have some idea. What would be great is if someone could come up with an explanation of what cryptocurrency is and how it can be used.
If anyone is up for the challenge feel free to put your effort in the comments in the blog. I would love to read some explanations. Remember this is aimed at consumers with not background in cryptocurrency or the financial services sector.