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Demystifying Cryptocurrency

Aug 18, 2022

Yumna Moosa

While the concept of Cryptocurrency has been around for a while, it may still be a topic that is unfamiliar for many people to understand. This week Brent Peterson joins Radio Islam and speaks on the topic in order to demystify the topic and create an understanding of it.

Peterson first starts by describing Cryptocurrency as a “digital currency that works on blockchain currency. It is designed to work as a medium of exchange to make payments for goods and services.” What makes Crypto different from other sorts of payments systems is the virtue of it nature, as it is decentralized and free from third-party interferences or approvals. It is therefore not controlled by any banks or financial institutions.

When asked if it is a currency to supplement or replace any existing and current currencies, Brent says ” the best way to describe it is as a Crypto asset, as it is not designed to replace legal tender, because of the volatility nature of Crypto assets.”

 

Listen to the full interview on the Radio Islam SoundCloud 

 

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