What is a Cryptocurrency in Laywoman’s Terms?

Written by Di Princell

May 25, 2021

There are two worlds: the world we can measure with line and rule, and the world that we feel with our hearts and imagination ~ Leigh Hunt

Good grief, am I really going to try and explain cryptocurrency when Elon Musk was at a loss on SNL? After researching various descriptions, it’s obvious that we humans are not meant to understand it, rather accept it at face value, and buy into it or not. Show me a bitcoin; I want to hold it, examine it, and if I mine a coin from a server, it better roll out on the floor, all shiny and bright.

First, let’s start with WIKIPEDIA’s crazy, convoluted definition – – “cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.” YIKES, now I really get it!

On my enlightened pathway to understanding, I took a limited survey among a few RIBBIT.ai employees and invoked the no-googling rule, just an honest, creative response. The results were revealing and pretty darn funny so enjoy these gems:

  • Cryptocurrency sounds like something the Aliens use to pay for things in their world, and maybe one day fall from the sky in the form of chips that stick to our skin and soak into it. In the future we can just scan our part of the skin and pay for things.
  • A supposedly anonymous currency that has a finite amount in existence, is gamified in how it is acquired, only has much value as it is popular, and requires a conversion to physical currencies to stop being ethereal or be used.
  • It’s intangible, you can’t access or use it anywhere like cash or cards, but it still has monetary value. It’s virtually untraceable, so if you want to deal in any criminal activities it could be a good option.
  • I imagine that cryptocurrency has a different dollar value than actual paper money and the certain people who have access to it can either buy, sell, or trade like the stock market.
  • My question concerning the Cryptocurrency is whether this is another HUGE step forward or is it someone’s idea of a joke? It might also be a test from one of those “other” DNA altered individuals, people on this earth who are NOT or were NOT of this earth like: Leonardo da Vinci, Albert Einstein, Nikola Tesla, Elon Musk.
  • This could be currency Lex Luther or the Joker invented to rob Superman of his powers since “cryptonite” is the superhero’s only weakness.

As Jerry Maguire says – – Show me the Money – – Not some ethereal, otherworldly currency that may or may not be valuable next week depending on what Elon Musk says on Saturday Night Live.

All kidding aside, cryptocurrency or digital currency is a dramatic form of money that some experts predict could replace the dollar as a global reserve currency. RIBBIT.ai supports transformative processes of technology and finance to increase efficiencies and speed in transactions as long as there are clear layers of transparency and accountability. As we gaze into the future, the evolution of cryptocurrencies may change the payments world forever. 

Have a safe Memorial Day weekend!

 

 

 

 

Stay tuned . . .

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