You may have heard the buzzword “cryptocurrency” pretty frequently in the last year or so.
While it may still feel like a foreign concept, Columbia has adopted some cryptocurrency options for payment, and even offers courses at UofSC that focus on digital currencies and blockchains.
As Colin Jones, a former Ph.D. professor of finance at the Darla Moore School of Business, would say, “education is a critical component of this economic ecosystem.” So, without further ado, let’s learn about it.
💰 What is Cryptocurrency?
Simply put, it’s a form of payment that can be exchanged online for goods + services. Sometimes it is referred to as digital “tokens” — think of them more like arcade tokens or casino chips.
You’ll need to exchange real currency for cryptocurrency to be able to “play the game.” In this case, instead of playing a game, you are exchanging your “tokens” to purchase goods and services. According to CoinMarketCap.com, a market research website, there are 10,000 different cryptocurrencies, and the total value of all cryptocurrencies is now more than $2 trillion.
💰How to learn more locally
- Columbia Bitcoin Club | A local group of ~140 members who discuss cryptocurrencies, Bitcoin, blockchain technology, and decentralized systems.
💰Other places in Columbia that accept cryptocurrency
- Reed’s Jewelers at Columbiana Mall accepts crypto as payment.
- Use this map to zoom into Columbia to find gas stations + local atms that exchange cryptocurrency.
- Use this map to zoom into Columbia and find Bitstops — places you can buy bitcoin with cash. There’s 1 location at 2002 Greene St. in Five Points.
Pro Tip — Venmo + Cash App can make it convenient to buy, hold, and sell cryptocurrencies.