Iona talks to Alt-Fi about the basics of cryptocurrency

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Crypto, especially Bitcoin, has been on everyone’s lips lately.

After the rise and fall of the Reddit Stocks, attention has turned to cryptocurrency.

Now, crypto has been around for over a decade, so it’s not exactly the new kid on the block, but it’s currently reaching a level few people have predicted.

Given the current popularity of cryptocurrency, we’re here at AltFi thought it might be worth looking around to ask all the tough questions that you may be scared of.

What actually is cryptocurrency?

How can something that is not backed by a central bank or gold and as intangible as cryptocurrency have any value you ask?

Well, David Stevenson, a strategic advisor for AltFi and author of the Adventurous Investor column in the Financial Times gave us the pass.

“Cryptocurrencies are supposed to create an alternative to fiat money or money from a central bank,” said Stevenson AltFi“Digital currencies are in many ways an attempt to return to the gold standard.”

Bitcoin, the world’s first cryptocurrency, was founded in 2009 by a mysterious figure (or characters) named Satoshi Nakamoto and is based on cryptography, or the method of protecting information through the use of codes.

Iona Bain, investment writer and founder of the Young Money blog, said AltFi: “After this [2008] Financial crash with central bank pressures to print more money to buy assets in quantitative easing. We saw that there was this desire for an alternative system. “

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