Cryptocurrencies and token are a way of keeping a permanent record of transactions. Sounds boring and gives rise to the comment, ok, so what!

This explanation sounds as though it could have been written to put you off the idea. A better explanation is that it is a new technology that uses mathematical certainties to ensure that all transactions cannot be altered and that passes via the internet.

There are so many parts to crypto that is it difficult to know where to begin, especially as it’s uses and new developments are taking place at an ever increasing rate. A simple example is Bitcoin. Most people have now heard of it (currently trading at over US $ 34,000 each) but they are completely unaware that there are actually thousands of other coins or tokens being traded, with new ones and new uses coming online every day.

Transferring money seems to be the best known use of the blockchain (the name of the tech behind crypto currencies), and often vilified because it can be used for nefarious purposes. Oh Dear! I believe that cash is used in nefarious purposes all the time. The real benefit is that you can transfer money virtually instantly, anywhere in the world and at almost no cost. I remember going to the bank and filling in paper forms to send money abroad, money that would only get there a few days later, after paying transfer and currency conversion costs.

If I want to pay in a crypto currency, the person i’m paying needs to have only a phone and internet access. Nothing else.

Money transfer is only scratching the surface for crypto, it has a myriad of uses, I will talk about some of them another time.