In simple terms someone please explain cryptocurrency

[MrsPear]

We had a client demand that he will pay in cryptocurrency. What On Earth is cryptocurrency? I’ve googled before some smart Alec sends me a link to google but I just don’t get it. Someone please explain.

The contract of work says pound Sterling so covered there I hope:

Are you selling fairy dust for feeding unicorns? If not, insist on payment as specifiedd in contract £££.

Just refuse. You want payment in GBP to your specified bank account in accordance with your usual terms.

Cryptocurrencies like Bitcoin are not a valid alternative method of payment as they do not operate through the usual banking system. Furthermore, there is significant concern that cryptocurrency (due to their anonymity and lack of scrutiny) may be being used for money laundering.

It's a currency not tied to any particular country, and not underwritten by a central bank, all held virtually and traded online.

Cryptocurrency is a red herring though - you have specified Sterling and that's what you say to the client. Sterling and Sterling only. Not dollars, or yen, or Euros, or pesos, or Bitcoin or anything else.

And I'd seriously be reconsidering working with the client again.

Info on crypto currencies

See that’s my first thought - it’s just make believe money as it’s not regulated or part of the banking network.

As I said our terms including currency is clearly laid out, just can’t understand what we were asked. It’s construction. I thought clients asking to pay cash was bad enough - we insist bank transfer. Keeps the accountant happy.

I don't understand how these new "currencies" come into being and people get on board with them.

Things like bitcoin and cryptocurrencies didn't exist 20 years ago so they have been invented by someone but how do they become mediums of finance and trading?

If I wake up tomorrow and decide to open the Bank of Dame Margaret will people just send me their money to invest I think not!!.

I'm like you OP - completely mystified by it all.

Thank you for link and helpful explanations. We are mid job and it’s a one off type - construction.

@DameMargaretofChalfont 🤣🤣🤣