BBC Radio 4 – Sunil Patel: An Idiot’s Guide to Cryptocurrency & More Latest News

 

One of the challenges on my show was to break into a crypto-wallet, which normal people might understand as a wallet where you store your crypto. These wallets are usually heavily password protected, to the point where some people have forgotten their own passwords, been unable to break back in, and lost millions of dollars worth of crypto. Having a crypto wallet can be like having a digital Fort Knox in your pocket; the only difference is that you can lose this Fort Knox down the back of the sofa.

I decided to launch my very own currency… I got a man in a chatroom to knock one out in about 20 minutes.

My conclusion? Keeping cryptocurrency is the same as keeping your money under your mattress. Ask yourself – how secure is the mattress? And how secure is the person sleeping on the mattress? I personally sleep like a baby (please don’t rob me).

4. A crime is still a crime, even if you do it for a laugh

By the end of my show, I was desperate to seize the means of production, so decided to launch my very own currency. This was, if anything, too easy. I got a man in a chatroom to knock one out in about 20 minutes. When it comes to cryptocurrency: anyone can print their own money. That’s right, Brian – BrianSoCoolCoin CAN be a reality in only a couple of keystrokes!

One of the main differences between cryptocurrency and hard money is that crypto can also have a number of utilities, or additional benefits. For example, it can represent a ticket to an event, or a share in a company. Imagine if the £5 note in your wallet also got you into a nightclub. Well, it does do that, but what if that nightclub was on the internet? Trust me, it’s cool.

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Annoyingly, while selling my currency, SunilBux, I told a number of outright lies about its utility and was advised by a lawyer that I had committed fraud, so I was forced to stop. You win some, you lose some.

5. All money is fake

If you’re still struggling to understand the exciting world of crypto, maybe you should just chill out! Remember, ALL money is made up! From rocks, to paper, to gold, to digital bits, money only has value if you believe it does.

Before the Governor of the Bank of England goes to bed each night, he says a little prayer to keep money alive (I assume). I do the same for cryptocurrency. So does everyone else. And tonight, so can you. Crypto’s value, as with any type of money, is based on stupid people believing dumb things. For goodness sake, you trade pieces of paper for meal deals and bus rides every single day! It’s all nonsense! The world is a lie! How difficult is that to understand?

Listen to Sunil Patel: An Idiot’s Guide to Cryptocurrency on BBC Sounds.

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