On the weekend, an accomplished and well educated friend of mine had a chuckle and said:
‘I saw a spoof article the other day, but was a bit confused because it was from the CBC (Canadian Broadcasting Company, which is a pretty credible source), the article was titled: Bitcoin Mining in Medicine Hat.’
She thought it was a typo or a joke, because obviously bitcoin has something to do with computers and nothing to do with mining in the traditional sense of the word.
I think she was a bit embarrassed when I explained that cryptocurrency ‘mining’ is an actual concept. Mining is being done in the Medicine Hat area of Alberta because there is a lot of stranded, uneconomic natural gas which can be used to power ‘barns’ of computers which are, indeed, mining for cryptocurrency. She understood the stranded gas concept, but not how it related to Bitcoin.
When my friends talk with me more about what I’m working on these days, I’m getting a lot of questions from people who don’t know about crypto but are starting to realize there is more going on here than some passing trend and that they should know more. We are going to start working on some educational materials at NDAX to get the general public more comfortable with the concept of cryptocurrency and show them that it’s not just for people on the fringe, Computer Science Ph.D.’s or anarchists living in the basement.
A few questions we get asked:
- What is cryptocurrency?
- What is the point of cryptocurrency?
- Isn’t it just for illegal stuff?
- Why is it called Mining?
- Where can I buy Bitcoin?
Whether you are a Baby Boomer, Millennial or Gen Z so many of you have the same questions. At NDAX, we have people of all ages, genders and cultures involved in trading cryptocurrency. We recommend doing your research, but we think you’ll find that our platform is the simplest and closest to what you’d expect from a traditional financial institution.
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