What do you think of when you think of MONEY ? Do you imagine the tinkling sound of coins tumbling into a money box ? Do you picture gangsters sliding a briefcase full of crisp banknotes across the table in a sketchy underground meeting place ? Maybe you think of all the things money could let you buy and do and be – the freedom it can give you , the opportunities it could unlock , and the difference it could make in the world .
Throughout human history , money has taken many forms , from cowrie shells to coins and notes , and even INVISIBLE MONEY – electronic money that you can ’ t see or touch
but which you can spend with the tap of a card or a mobile phone . And , in the 21st century , we have things like cryptocurrencies and NFTs too .
NF whats ? Ed .
Don ’ t worry . We ’ ve got you covered . Let ’ s get into it …
MoneY toDay
Cryptocurrencies
( or ‘ crypto ’) Cryptocurrencies like Bitcoin , which burst onto the scene in 2009 , are a type of purely virtual money that isn ’ t regulated by banks or governments . They take the form of encrypted ( i . e . super-secure ) digital files . Every single transaction is recorded in a public record called the blockchain . And because crypto is digital money , you ’ ll need a digital wallet to store it in . You ’ ll also need to be careful . Crypto is exciting but it ’ s risky too – its value can go down as well as up and , unless you ’ ve got a crystal ball handy , no one really knows what will happen next .
Mining money Ever wondered how crypto is made ? It ’ s MINED . But not the kind of mining where you have to use a hard hat . This kind of mining is the process of using some serious computer power to solve extremely tricky maths puzzles and generate coins . The trouble is , it uses up a LOT of energy ( some say mining can use up as much electricity as a small country !). Until crypto miners move to green energy sources like solar and hydropower there ’ s a huge environmental downside !
4