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Cryptocurrency is a worldwide digital financial platform that is unregulated by any form of government and instead backed by the people. Cryptocurrency runs on a technology called blockchain. There are 1,300–1,800 cryptocurrencies, including Bitcoin, Ethereum and Ripple. Many investors and tech enthusiasts believe that cryptocurrency could become a prominent system of payment in our world because of the benefits that it offers. The main assets of cryptocurrency are impossibility of fraudulent transaction, no transaction fees and immediate settlement.

To prevent fraudulent transactions, cryptocurrency uses a peer-to-peer review system, which includes an unalterable ledger. Once the money is sent from your cryptocurrency wallet online, a mathematical algorithm is sent to two third parties who solve the algorithm to verify the transaction. If the transactions do not line up with the ledger, the transfer stops and the crypto coin goes back to the original owner. If the transaction review does match, the cryptocurrency is then transferred to the other person’s online wallet. This system has done so well in cryptocurrency that businesses such as Walmart have adopted the peer-review system in their shipments.

Des Moines Cryptocurrency Consulting

Des Moines Cryptocurrency Consulting (DMCC) is a business that exists simply to create a safe space to help people understand what cryptocurrency is and how to get started. The owner of Des Moines Cryptocurrency runs his business as a side job because he saw the need within the community.

“I belong to some networking and meet-up groups, and quite often we would run into people who walk in and say that they have no idea how to get started,” he said. “They needed someone to help them get started because it is very confusing and scary at first.”

He said that it hit him that he was that same person a year ago who didn’t know what he was doing, spending weeks researching and looking to find someone he could trust. He said he hopes DMCC can develop into the place he needed, where beginners can feel safe and comfortable asking questions about cryptocurrency whether they are 20 or 60, male or female. The owner meets with customers in a place that they feel comfortable whether that is in a coffee shop, in the comfort of their own home or at a startup incubator such as Gravitate.

In the Des Moines area, there are some hairstylists that are starting to accept cryptocurrency. The owner of DMCC said he hopes soon to post on its website information regarding businesses in the Des Moines area that accept cryptocurrency. However, the Des Moines cryptocurrency community is still new, and Des Moines is in the early stages of having options for using cryptocurrency as payment. Currently, cryptocurrency is mainly used as an investment, but hopefully, as small businesses in the Des Moines area start to adapt to crypto as an option, the idea will take hold in Iowa.

Monthly Group / Brock Hager

Cryptocurrency enthusiasts realize that the payment system can be hard to understand and intimidating to step into. Brock Hagar is a part of a group that helps inform the public about cryptocurrency. It also offers a place for people who have been involved in cryptocurrency to come together and get their questions answered. Hager said he noticed the need in the community when he first started becoming interested in the cryptocurrency world, and the only people he knew to talk with were people on the internet. The Des Moines Bitcoin and Blockchain group started one year ago and has grown from about three or four people to a consistent 40 people each week. The group meets at Gravitate in West Des Moines at 7 p.m. on the fourth Thursday of every month.

At each meeting, everyone comes together for a presentation on a new aspect of cryptocurrency or a clarification of processes within cryptocurrency. After the big presentation, often presented by a guest speaker, members and guests are invited to break up into tables: beginner, intermediate and advanced. Splitting into groups allows cryptocurrency enthusiasts to meet people who have the same questions as them and get those questions answered.

“Some people come to look at cryptocurrency from an investment standpoint,” Hager said. “One person came to our meetup with a question about their IRA. They had the option of getting their bitcoin in their IRA.”

Others feel strongly about helping others learn about cryptocurrency. One of those people is Kelly Leonard, who sees cryptocurrency as an alternative form of payment. She said it intrigues her that the government doesn’t have to be involved in her spending habits and tracking her purchases. Des Moines Bitcoin and Blockchain are currently reaching out to other community groups to partner with them and can reach an even greater amount of people. The group is supportive and welcomes new faces at each meeting.

There are emerging opportunities for cryptocurrency, not only in the grand world around us but also right here in Des Moines. People like Brock Hagar and businesses like Des Moines Cryptocurrency Consulting are taking a chance to introduce a new process in the way we deal with our money and transactions today. There are opportunities to learn about how cryptocurrency can influence your life and get your questions answered as well as resources to get started right at our fingertips.

Cryptocurrency might be seen as just an alterative payment option with key differences, such as the peer-to-peer review ledger and the fact that the currency is not supported by an organization such as the government. However, as college students today, it’s important to consider new forms of technology and be open to change in our world. The research that is being done today could lead to the way we live our lives in the near future.

The owner of Des Moines Cryptocurrency Consulting requested anonymity because he said his employer would consider his business a conflict of interest.