What The Heck Is Cryptocurrency?

Remember the viral clip of the news reporters who found out about the internet for the first time back in 1995? (“Just what is this information super highway?” And yes, that is a direct quote.) That is how I feel people will look at our recent podcast in 10 years when digital currency is all we use. On our podcast this week, we discuss just what the heck cryptocurrency, the blockchain, and NFTs are… and boy, do we have questions.

Penn and I make silly internet videos for a living, so let’s be clear, you should not take any financial advice from us or this podcast. However, if you would like digital currency explained to you like you’re a preschooler (in a good way!) our expert guest Matthew Diemer from the podcast, Decrypt Daily, can help. 

The Blockchain

There are two things I find interesting about cryptocurrency. The first is that all transactions are recorded on the blockchain. That means you can literally follow the paper trail. Traditional money is more and more digital everyday, but cryptocurrency has a single ledger where all transactions exist. 

The second interesting thing is that most cryptocurrency is capped. That means there is only a certain amount that will ever exist. As someone who doesn’t really understand how they can go in the back and print money when needed, maybe that is good? (Clearly, we need to talk to an economist next.)

Listen to our conversation with Matthew and let us know what you think. Do you understand digital currency?



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