Tell A Story – a column where riveting South Asian stories are presented like never before through unique video storytelling.
There is a lot of buzz around Cryptocurrency and 2021 is termed as the ‘Year of Cryptocurrency’. People around the world are joining the crypto bandwagon, especially South Asians. Garnering popularity, the craze has soared heights, and economists predict cryptocurrency to be the future of economics.
Crypto is a long-term investment that remains perpetual amidst the fluctuating trends of recession. A global currency for all that stands tall in the virtual world. The narratives are many but people worldwide still struggle to understand the basic concept of cryptocurrency and wondering how and why to invest?
Some consider it as a passing trend, many fear its volatility, yet it steals every headline opening up an avenue of investment opportunities. As of now, there are more than 300 million cryptocurrency users across the world. And nearly 12 cryptocurrency billionaires amongst the lot who made it to the Forbes’ 35th Annual World’s Billionaire List this year.
The popularity is not a farce, never before in human history has there been a way to digitally transfer value through a system that is almost impossible to forge and secured to the core. A system that is unaffected by Dollar supremacy, fluctuations of the world economy, exchange rates, or inflation.
Cryptocurrency is an encrypted virtual currency — A currency created by computers through secure aisles of cryptography. Anyone can buy a cryptocurrency as it’s open to all with no guidelines. A decentralized digital currency, a medium of exchange with only a virtual presence.
Bought and sold via cryptocurrency exchanges, the transfer involves only two parties with no middlemen. It is this ease of transfer and security that has rocketed the reputation of cryptocurrency right from the start. The exchanges are open 24 x 7 and with low transfer fees, people are eager to embrace the virtual currency over the paper counterpart.
Though its growth attained a spike last year amidst the pandemic, unknown to all is the fact that the legacy of cryptocurrency is more than a decade old. It all started with the 2008 recession when Satoshi Nakamoto (a pseudonym) created the first cryptocurrency, Bitcoin, as an aftermath of the financial crisis.
It quickly became a favored method for money exchange because of the data security features offered and blockchain technology. To break down these complex concepts to their most simplified version is a two-episode series by Tell- A Story that helps any layperson understand this new trend in finance.
This first video focuses on how cryptocurrency works, the process involved, and why people prefer to invest. It also sheds light on how you can gain from cryptocurrency and what makes it different from traditional financial institutions like centralized banks. Let’s explore it further and understand the concepts for better investments and long-term sustainability.
Suchithra Pillai comes with over 15 years of experience in the field of journalism, exploring and writing about people, issues, and community stories for many leading media publications in India and the United States.
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