Bitcoin is like one big cookie which everyone wants a bite from. But only a few of them actually know about the core ingredients of this cookie and how its consumption can affect their body. Popular TV host Ellen DeGeneres who is known for her witty takes on modern day subjects summed up the whole bitcoin phenomenon in a layman’s language on her talk show recently.
The comedian says:
“Everybody is talking about bitcoin, nobody understands it. It’s like a plot twist in a confusing movie, when you’re watching a movie and your friends are acting like they know what’s going on, and you’re like, ‘Yeah, I do too. Pretend like bitcoin is a goat. Now it’s adorable… and you want to pick it up and you want to pet it. But you can’t because it’s not there, it doesn’t exist except for on that Internet right there, just like bitcoin is digital currency,”
If you want to know what bitcoin is, I learned about it. A bit.
— Ellen DeGeneres (@TheEllenShow) February 15, 2018
DeGeneres drew links with the stock market while explaining the functioning of cryptocurrency market which has paved numerous rags to riches story in the past. However, she personally would “rather own a baby goat” than investing in the highly volatile and hence risky cryptocurrency. “Basically, if you invest in bitcoin, you’ll either be a millionaire or you’ll be totally broke,” she pointed out.
DeGeneres did manage to attract the layman’s notice with her gimmicks but there exists nothing except core truth in whatever she said. The “decentralized cryptocurrency” does not have a physical presence and has to rely on the performance of its network participants for functioning properly. The public ledger of blockchain system serves as the background architecture for the functioning of bitcoin. One of the biggest lacuna of cryptocurrency market is its inherent volatility.
The cryptocurrency market underwent a massive correction recently and has been showing slow but steady signs of recovery ever since.
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.
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