Why is some paper more valuable than other paper? Why was I horrified to hear of a drug dealer who burned over 2 million dollars in cash just to keep his family warm in the winter? Or the urban legend of people making purchases with wheelbarrows of cash due to extreme rates of inflation. At least, that’s the story I remember from Social Studies class in the 4th grade.
Why is a dime smaller than a nickel when it’s worth twice as much?
The sound of coins and tokens jingling in my pocket as a kid was exciting! I knew with a pocket full of tokens, I could spend lots of time at the video arcade. I remember saving tokens from Chuck E. Cheese’s. Was it because of the perceived value? Or just to ensure that I could play some games at my next visit? Either way, these metal discs gave me comfort knowing there was fun just around the corner when I cashed them in for a digital challenge with Ms. Pac-Man or Donkey Kong.
Which brings me back to cryptocurrencies. They have the same names, coins and tokens, but they are now purely conceptual… and to extend the similarities even further, just like my coins and tokens went into my velcro wallet, these virtual coins go into a digital wallet you can access online.
It’s been interesting watching the idea of digital money, like cryptocurrency, start to catch on. I think the idea of paying with credit and debit cards in our society has distanced ourselves from physical paper money. I rarely carry cash and I hardly use a credit card anymore because I love to pay with my phone every chance I get. In fact, I’m disappointed on the rare occasions when I can’t pay with my phone.
Services like venmo, zelle, cash app, paypal, etc. make it easier to split the bill when dining with friends and family. We just whip out the phone, start up the app and a money transfer is initiated with a few clicks.
Online banking, but especially banking from our mobile devices, makes the idea of a digital wallet full of cryptocurrencies more palatable and comforting.
I plan to go into more detail on how to get involved in the cryptocurrency space, if that’s what you choose to do. Many of my friends are daily traders. Some of my friends just buy and hold specific coins. I’m fascinated with the idea of mining the coins like bitcoin, dash, ethereum and many others.
I’d like to take a moment to say, I’m not offering professional investment advice, but I’m just sharing my thoughts and ideas as a cryptocurrency enthusiast. If you find this topic interesting, like I do, I hope to be able to share some of the pitfalls and tips I’ve discovered by trial and error.
If you want to hold cryptocurrency, you’ll need a digital wallet. Click here for my experience with digital wallets and the ones I have chosen to use.