Chris Hannah

I don't understand cryptocurrencies


I really ought to start doing bit more research on cryptocurrencies.

From what I’ve heard, the popular currencies seem to have massive transaction fees and are also very bad for the environment. For those reasons, and because of the volatility, i’ve never really looked into it.

However, I am very interested in the concept of a cryptocurrency.

Although that might just be the idea of a universal digital currency.

I like the idea of a digital currency that is (mostly) anonymous, and allows more people to have better financial agency. In that you just need a “wallet” to receive and send funds, instead of signing up or a bank account.

I can’t say I’m particularly bothered by the part of cryptocurrency that’s all about mining, algorithms, massive power usage, etc. But if that’s required, then I’ll go along with it.

But I don’t think a cryptocurrency will ever be someones primary currency unless it has solutions to the three problems I mentioned earlier: power usage, transaction fees, and volatility.

Maybe one like that already exists. I guess I’ll find out when I actually look into the current state of cryptocurrencies.

Don’t expect me to go all “crypto bro” though.