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  • Pauline Hoffmann

Cryptocurrency Decoded

Updated: Nov 4, 2021

What the heck is cryptocurrency and should I invest?

We won't answer both of those questions because whether or not you choose to invest is up to you. Data Doyenne does not recommend investments!

That said, Data Doyenne flipped the script this week. Bryce became the data nerd and Pauline the data nervous. Cryptocurrency is something I, Pauline, Data Doyenne, have been struggling with for some time. I've attended webinars and read much material to try to understand just what the heck cryptocurrency is. It took a Zoom meeting - which is this week's podcast - with Dr. Zachary Rodriguez to fix my problem.

A word about Dr. Rodriguez.....I've known Zach since about 2008. He is a founding member of Embrace It Africa, an organization I helped to start, stepped back from and now serve on its board. Zach is an alumnus of St. Bonaventure University. He earned his Ph.D. in economics (a fact neither of us would have predicted in 2008) from West Virginia University and is now a post-doc at Syracuse University. I continue to work with EIA in Uganda, Africa and hope to take students this winter break.

Our discussion this week started by detailing what cryptocurrency is and what blockchain technology is. Investopedia has a graphic that may help to explain what blockchain technology is better than I could with words:

Once you have an understanding of blockchain, you can learn more about what cryptocurrency actually is. There are over 10,000 different cryptocurrencies. The most popular or the one you have probably heard most about is Bitcoin. If you want an explanation of the different types of crypto including the differences between coins and tokens, I suggest this article from SoFi Learn.

As I was doing my research for the podcast this week, I happened about the U.S. Securities and Exchange Commission's wonderful website that might help with some of your investing questions. I recommend it here, specifically related to cryptocurrencies.

Zach did note that he does invest in cryptocurrency. I noted that I was alerted to an app - Fold - from a webinar I attended sponsored and hosted by Ladies Get Paid (encouraging women to invest more - but this group is so much more than that and worth a visit and a join!). You earn free crypto each day if you "spin the wheel." I now have $2.13 worth of Bitcoin. I'm on my way, folks!

Sadly, in my quest to understand cryptocurrency, I forgot to find an ARS. I am very sorry and will make it up to everyone!

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