I asked 21 professionals coming from different industries, “What is cryptocurrency?,” and here are their answers. Some are funny, some pretty accurate. I purposely did not ask first if they own any or had investments in it or not, I just inquired what they knew about it, no right or wrong answer!
Check them out!
1. “My understanding of cryptocurrency is that it is a digital currency that can be a substitute for money. As such, it can be used for buying, trading and investment.” – Atty. Froilan, corporate lawyer.
2. “Well, it is a digitally-based currency that seeks to challenge the traditional inflow and outflow of government regulated currency.” – Don Gill, geopolitical analyst
3. “Money that’s been converted into digital form.” – Greg, real estate training & dev’t manager
4. “It’s a form of currency that’s only for the wealthy.” – Bernadette Garcia, fashion stylist
5. “Digital currency that exists electronically. I’m not familiar with cryptocurrencies that’s why I don’t even attempt to try that. It’s like trading stocks with high and low values, sometimes you win or lose. Maybe it’s profitable to someone who has tried to invest in that but for me I’m not into it and if I ever have some money I will keep it for my everyday expenses.” – Rico Rael, retired gov’t employee
6. “From what I know, it’s a form of investment whose valuation or devaluation is unclear as to what drives it. So with that, it can and may be manipulated.” – Barbie, media company HR head
7. “It is an alternative to fiat money but more volatile. Backed mostly by trust not gold. Strongest coin wins.” – Rod, entrepreneur
8. “Blockchain is an unstoppable technology that is currently disrupting the financial system as we know it. However caution and regulation is required for it to become mainstream, defi platforms and smart contracts on the blockchain are likely to play a big part in our lives in the near future. Personally I believe that with proper AML/KYC guidelines that it could be beneficial to all of us.” – Michael L. Reyes, entrepreneur
9. I think it’s bitcoin. I’ve seen some people online who own bitcoin, big golden coins and they look heavy. I don’t know where to buy, but I like to purchase some of it when I can afford because I heard it’s a good investment.” Myla Lopez, buy and sell owner
10. “The future of finance. It’s perfect for contactless payment and eliminates the need for third party gateways for transfers and payments.” – Jorel, banking professional and entrepreneur
11. “Obscure and blurry domain. I think it will eventually become money but it will take time. I get scared of it as an investment, I think it was good a few years ago but is very saturated now.” – Laidback, music producer and IT professional
12. “Something to do with stocks and money.” – Shine, civil engineer
13. “It is a digital currency and a payment system. Allows you to transfer any amount of money anywhere in the world and anytime instantly with little to no fees. Cryptocurrencies are secure and unhackable.” – Carlos, senior IT specialist
14. “Isn’t it an online game? Where you can earn real money?” – Nelly, professional gamer
15. “Digital currency that can be used to buy goods. It’s value may fluctuate depends on the exchange rate.”- Kaye, software company operations manager
16. “Currency that exists digitally.” – Jason, civil servant
17. “Isang way ng pagbabayad para sa isang transaksyon na hindi gumagamit ng aktuwal na pera.” – Rainier Santos, marketing manager at Anteros
18. “Digital currency, risky investment. There’s probably 4 or 5 crypto coins that’s legitimately established and I’m not questioning it’s value like Bitcoin,USDT, Ethereum, etc. – Maria, professional DJ and livestreamer
19. “Cryptocurrency is a digital currency that gives you the flexibility and mobility to trade anywhere as long as you have internet access.” – Mark Santiago, BPO company manager
20. “My understanding is it’s a virtual currency, and there’s a chance it could go high or low in terms of value. Like dollars.” – Melvin, restaurant supervisor
21. “Cryptocurrency is the new currency of 21st century. It is the game changer. It will unite all the currencies in the world & it will become accessible to all, it will help everyone to meet their needs speciall digital currency is in demand nowadays.” – Floyd Tena, theater actor
How about you? Based on your knowledge at the moment, what is your definition? Talk about it, don’t be afraid to ask. Curiosity may have killed the cat but satisfaction brought it back as the saying goes!
Knowledge is power, read my blog on What The Fork is Crypto? for the basic things you need to know about it.
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