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Does Anybody Understand Cryptocurrency or Bitcoins?
And can I interest you in some Lambert Bucks?
When I first heard the term, “cryptocurrency”, it sounded odd to me. Like something, a mummy would emerge from a tomb with and try to spend. Or maybe something a funeral home would use as a promo.
With each mausoleum purchased, you get $1000 in cryptocurrency to use to put away your next dead family member.
Another possibility that came to mind was that it was some type of currency used by a gang. It turns out all those ideas are mistaken. It’s actually a form of virtual currency.
I did find out the term, “crypto”, comes from the word, “encrypted”. Encryption is used to help secure transactions using cryptocurrency. It sounds more complicated than going to the bank and showing a photo ID.
The most popular form of cryptocurrency is Bitcoins. People that take part in bitcoin transactions are called bitcoin miners.
Personally, if I did that, I would be afraid of a bitcoin mine cave-in.
With bitcoins, there is no tangible form of currency, just an open ledger. I’m used to that. With my bank, I also have no tangible form of currency, but that is…
