Blog

Week In Tech: Can cryptocurrency help generation rent?

By James Paull-Wills on 8th December 2017

Many Octopedes and I recently found ourselves being lambasted by the media for jeopardising our house buying aspirations because of our sandwich addiction. The “young people are poor because they spend too much on food/drink/hummus (delete as apt)” topic has become a cliché recently. Clearly, giving up sandwiches isn’t the key to homeownership, so is the best alternative an investment in cryptocurrency?

The best know crypto, Bitcoin (BTC), has seen an astronomical rise over the past year, even investors from the start of November have seen a 100% return on their investment. That’s pretty unheard of, and it’s become so prevalent that even big investment houses are getting in on the action.

Nasdaq Plans to Launch Bitcoin Futures in First Half 2018

Nasdaq Inc. is racing to bring Bitcoin to a wider range of investors. The world’s second largest exchange operator is planning to introduce futures in 2018, making them the third major US exchange to make a play in the crypto market. BTC is becoming a mainstream investment for people.

If we’re talking about cryptocurrencies reaching the mainstream, what about one of the most watched TV shows dedicating an episode to it?

Okay, Let’s Talk About That ‘The Big Bang Theory’ Bitcoin Episode

The Big Bang Theory introduced Bitcoin to millions of average people who mostly likely know very little about cryptocurrencies. It’s a high point in spreading awareness, but the show’s tendency to use superficial references to technologies means many viewers will just be seeing dollar signs rather than understanding the relevance of the tech.

The key to all cryptocurrencies is the blockchain, a kind of digital ledger. It’s too complicated to go into detail here, but essentially it’s a way of listing a number of unique addresses and recording transactions between them. It can be used for currencies, but also for more interesting projects… involving cats.

People have spent over $1M buying virtual cats on the Ethereum blockchain

CryptoKitties allows people to trade Ether (ETH) for virtual blockchain cats… because of course. Think of every Kitty as a piece of money, when you buy one you’re essentially buying a different currency. But, every kitty is unique, meaning (in theory) that you could make a return by holding onto a particularly desirable cat and then trading it back for a different currency. If it sounds nuts, it’s because it may well be.

So is an investment into a cryptocurrency a smart move?.. Not if you’re this guy.

This man’s lost bitcoin are now worth $75m – and under 200,000 tonnes of garbage

Cryptocurrencies are linked to a key on the blockchain. Every owner has to store that key somewhere, usually on a hard drive and that’s what leads to mistakes like this.

There are many risks associated with investing in cryptocurrencies, not least that they’re still a bit of an unknown. But, with the massive returns far outpacing the savings from giving up sandwiches it’s no surprise that people are taking such a fervent interest.

 

Liked this?

You might also like

23 Jun 2021
Behind B2B

Behind B2B #07: Scott Brinker

23 Jun 2021
For the seventh instalment of Behind B2B, our series exploring the brightest minds in the industry, we meet Scott
Read more
10 Jun 2021
Behind B2B

Behind B2B #06: Annette King

10 Jun 2021
For the sixth instalment of Behind B2B, our series exploring the brightest minds in the industry, we meet Annette
Read more
26 Apr 2021
Blog

Behind B2B #05: Karrie Sanderson

26 Apr 2021
For the fifth instalment of Behind B2B, our series exploring the brightest minds in the industry, we meet Karrie
Read more
29 Mar 2021
Blog

Behind B2B / 04. Joel Harrison

29 Mar 2021
For the fourth instalment of Behind B2B, our series exploring the brightest minds in the industry, we meet Joel
Read more
15 Jul 2021
Blog

Marketing automation could be your most important hire of 2021

15 Jul 2021
Let’s imagine there was a job spec for our dear friend marketing automation. It’d probably look something like this.
Read more
25 May 2021
Blog

Campaign’s Best Places to Work, 2021

25 May 2021
We’ve been ranked 7th overall in the 2021 Campaign’s Best Places to Work
Read more
1 / 6