A Brief Understanding of Today's Crypto World And How It Started With Two Pizzas
A crypto update and why it's here to stay.
Photo Credit: Andrey Costello / Medium
Many years ago, when I ran my investment research firm, we always looked for new, unique changes in the world. These changes weren’t just fads, but signals of what’s to come.
One way we knew this was when the mainstream press, such as the Wall Street Journal or CNBC, started to cover the changes. That was how we knew the general public was aware of the new approach or product.
Earlier this month, we heard about the CBS Saturday Morning show doing a segment called “Is cryptocurrency the future of money?"
After watching, we have to say this is a worthy eight minute segment for our readers to really get a feel for where we are now in terms of cryptocurrencies and the major issues that need to be resolved.
Segment Highlights
Cryptocurrencies really are derived from blockchain decentralized technology, and the description of what blockchain is according to this segment is very easy to understand.
The first cryptocurrency, Bitcoin, is now 13 years old and started with a white paper published in 2009.
May 22, 2010, is the day the first financial cryptocurrency transaction occurred on a real product. 10,000 Bitcoin was used to buy Pizza, hence naming May 22 “Bitcoin Pizza Day,” a holiday for cryptocurrency enthusiasts.
The biggest problem concerning cryptocurrrencies today is the environmental use of electricity to make transactions. Although this problem is being worked on, it could be the main hurdle in any true rapid expansion from where we are right now.
Regulation is coming, but the government still hasn’t decided whether cryptocurrencies are a currency, security, Ponzi scheme or commodity, and this is hindering who regulates them and in what manner.
Finally, we loved watching cryptocurrency being used at Henry’s Pizza in Jersey City, New Jersey, however, the transaction taking place looked cumbersome and needed to be simplified. But boy, did the pizza look good!
Whatever your thoughts are on cryptocurrency, ours are with the adoption, and now publicizing, to the general public that it is here to stay in some manner, shape or form.
For further information, we highly recommend the CBS Saturday Morning video, which is wonderfully done for people with little-to-no knowledge of digital currencies and where it might go!
Here is a great description of Bitcoin Pizza Day, the most expensive price ever paid for a pizza!
Best,
Craig