Learning more about cryptocurrencies
We worked with Hanover Communications to design an infographic looking at the phenomenon of cryptocurrencies.
We looked at the benefits alongside the potential issues and risks to contextualise cryptocurrencies.
We also looked at the different types that exist. Everyone has heard of Bitcoin but there are many others than haven't got the same level of coverage.
The main visualisation looked at the lifespan of the currencies, something that can be very short if the currency doesn't get used in the market.
The price of the currency is also an indication of their popularity or rarity: Bitcoin's price of $286 being more than 60 times the value of the next most popular, Litecoin.
Another interesting facet of cryptocurrencies is the fluctuation of the value. One of the risks of investing in or using these currencies is they are very volatile. For instance, Bitcoin's value has fallen from over $1,150 to $232 in August 2015. Having said that, the value increased by 5,000% in 2013 so it can be a very lucrative investment.
Due to the sometimes untraceable transactions that cryptocurrencies make possible, they have become favoured by criminals and are sometimes used to buy and sell illegal products. Because of this some countries have made them illegal, such as Russia and China.
Finally, we wanted to explore what the current situation is for cryptocurrencies in the UK. There are plans to develop relevant legislation, carry out research and look into opportunities to make sure that the UK is making the most of this new and exciting type of currency.
See the full infographic below: