by Hammed Sonny | Mar 20, 2022 | Multilingualism
By Phoebe Harrison
Though everyone has a different reason for learning another language, many people choose to do so for job purposes. This is not unsensible, as it is a universally acknowledged truth that having more than one language under the belt makes any CV ten times more attractive to potential employers, giving multilingual people that much-needed edge in a crowded job-hunting market. If you fall into the category of ‘bilingual people considering their job options’, then this list will hopefully enlighten you as to what choices you have, career-wise.
Translator
Perhaps the most obvious job on the list, working as a translator involves translating one written language into the other while retaining the meaning and tone of the original text. A diverse career, translation work can be found in across many sectors, such as marketing, science, and entertainment. Though a great deal of translation work is freelance, there are many positions that require more long-term contract-based roles, especially if working in localisation or legal circles.
Qualifications
Though officially a degree or equivalent certificate is not always required to be a translator (fluency and the ability to write in the target language is enough), having certain qualifications will increase your chances of finding work. Some common qualifications/degrees include:
- Modern Languages Degree
- Translation Studies or a Postgraduate Degree in Translation
- Business, Law, or Science Degrees alongside Languages
- CIOL Level 7 Diploma of Translation
If you have none of the above, it is still possible to gain relevant experience through volunteering translation services with organisations like Translators Without Borders, or simply providing a portfolio of any relevant past translation work.
Salary and Working Hours
If working as a freelance translator, your hours will be flexible and will largely suit you and your schedule, but it is necessary to be able to keep up with deadlines. Working as an in-house translator will normally entail a standard 9-5 workday.
Because of the nature of the job, translator salaries vary massively. Freelance rates are usually determined based on the word count of the translations provided as well as document type – more experienced freelancers will be able to set higher rates. Depending on your experience and what material you are translating as an ‘in house’ translator, you could be paid very well or a very basic fee – dealing with important documents (such as medical and legal items) or translating from ‘rarer’ languages will usually warrant higher rates of pay.
Interpreter
The ‘spoken’ side of translation, interpretation is the process of listening to, understanding, and memorising content in one language and then reproducing it in another. There are different types of interpreting jobs: conference, business, and public service. Though more consistent than written translation, the majority of interpreting roles are usually also freelance in nature.
Qualifications
Though having any proven experience of interpreting work is a bonus, most employers will prefer candidates with formal qualifications, as interpretation jobs often require industry specific knowledge – instruction in interpreting will often cover different areas, such as medical and legal translation. Some of the main interpreting degrees and diplomas include:
- Modern Languages Degree
- Postgraduate Interpreting/Translation Studies
- Diploma in Public Service Interpreting (DPSI)
Salary and Working Hours
As with translation, interpretation salaries and working hours vary depending on the content you are interpreting, the company you are working for, and your level of experience. Freelance hours are flexible and most ‘in house’ jobs will usually adhere to standard business hours, However, interpreting positions related to medical care or police procedures will often require the translator to be available on demand regardless of the hour.
Salary also changes depending on your status and experience – experienced freelancers can set higher rates that correspond with minutes spent interpreting. Working environments like large-scale conferences will often pay better, and the higher paying interpreting jobs are more readily available in the private sector and abroad.
Teacher (MFL or EFL)
A popular (and very stable) job choice amongst language graduates, teaching a foreign language from a secondary level onwards is a very rewarding job that pays comparatively well. Alternatively, you may also choose to teach English as a foreign language (EFL) while abroad in a country where your other language is spoken – there are many schemes that allow this, such as British Council and TEFL.
Qualifications
To work as a secondary school teacher in England and Wales, it is necessary to acquire Qualified Teacher Status (QTS) by completing Teacher Training – it is uncommon that a school will accept anyone without QTS. It is also obligatory to have a degree in Modern Languages or at least fluency, in some cases. The two main ways of acquiring teacher status are:
- Postgraduate Certificate in Education (PGCE)
- Salaried Teacher Training (Teach First, School Direct etc.)
Qualifications for working as a teacher abroad will vary depending on country but working via a British-led scheme will require either a degree in your chosen language or a certificate of different levels of fluency.
Salary and Working Hours
Newly qualified teachers will earn around £25, 714, which will rise in increments. Experienced teachers can move up in the role and increase their pay, with principal teacher and head teacher roles paying up to £100,000 per year.
Most teachers work 39 weeks a year with paid holidays. The average workday may vary slightly depending on the school, but general teaching hours range from 8:30am to 3:30/4:00 pm. It is worth noting that most teachers stay behind after teaching is finished to complete other duties such as marking work or syllabus preparation.
Consultant
A role taking many different forms, consultants are required to offer advice and expertise to organisations to help them improve their overall performance in terms of management, profitability, strategy, and operations. As most large businesses operate with the international market in mind, potential employees with a knowledge of foreign languages and cultures are seen as an important asset to have.
Qualifications
Most consultancy careers are only open to graduates (of any subject), but school leavers with proven prior experience in business may also often be eligible. Though many types of work experience are attractive, having prior involvement in internships or business courses is a bonus for anyone considering a career in consultancy – for linguists, any occasion of having worked abroad in any company will look particularly promising.
Salary and Working Hours
Depending on your position of seniority, consultants can end up earning more than £120,000 annually with high-end roles, but an average junior salary is between £25-30,000.
Consultant working hours can often be long and demanding, regularly moving outside of the standard 9-5 rota – these hours will often change depending on which project you are working on.
Humanitarian/Aid Worker
A challenging but rewarding endeavour, having knowledge of a foreign language may make you an ideal candidate for humanitarian work. Because many humanitarian organisations work on an international scale, recruiters actively seek out those with the ability to speak the languages of countries that are in need.
Qualifications
Degrees are not obligatory, but are preferred, particularly in anything relating to international development. Employers in international aid and development also value prior relevant work experience which can include volunteering with charities, fundraising, and marketing. From a language viewpoint, there are many organisations, such as Translators Without Borders, who are ideal for language-related volunteer work in this sector.
Salary and Working Hours
Typical starter salaries with UK-based NGOs start around £18-25,000 per year depending on location and experience. Overseas positions will pay slightly higher, ranging from £21-37,000 a year, with salary dependent on specific responsibilities and base country.
Working hours for overseas positions are impossible to predict, especially when working in response to emergencies. More business-related roles based in the UK will most likely adhere to general 9-5 working hours.
Marketing/PR
A hugely diverse industry, working in marketing or public relations means co-ordinating promotional campaigns and strategies to help sell company products and services, as well as engaging with the public to improve the company’s image and reputation. Because multilingual people and language graduates in general are likely to have an interest or at least, an awareness, of foreign markets and cultures, many organisations actively seek these groups out in order to help orchestrate business on an international scale in helping to organise foreign business campaigns.
Qualifications
As with most large corporations, employment opportunities are open to anyone with a degree or prior relevant experience, in some cases. However, it is useful to have some knowledge or involvement in advertising, communications, or design.
Salary and Working Hours
The starting salary for most marketing related jobs is around £18-25,000 per year depending on experience. After gaining more experience it is possible to move to a more senior role, with pay ranging from anywhere between £40 – 100,000 per year, the latter figure being common amongst those in director roles.
Typical working hours are 9-5 from Monday to Friday, though it is highly likely that employees will be required to work some evenings or weekends when organising events or high-scale marketing campaigns.
Concluding Thoughts
This list provides a general glimpse at the opportunities available to anyone with knowledge of a foreign language, but there is a plethora of other roles out there that will benefit from the skills gained by learning another language, such as cultural sensitivity, communication skills, and an eye for accuracy and detail.
If you or anyone you know requires translation or interpretation services in any language, visit us here at Crystal Clear Translation for a quote.
by Hammed Sonny | Feb 11, 2022 | Languages
Memorisation vs. Immersion – Which is the Best Way to Learn a Foreign Language?
By Phoebe Harrison
In schools, universities, and online, there are a myriad of people and publications telling us the ‘best’ way to learn another language – at least from their perspective. Going through all these different suggested methods, we can generally boil down the learning process to two main approaches – memorisation and immersion. But which is better?
Memorisation
Although it seems a tad self-explanatory, memorisation (in basic terms) is the process of committing something to memory for later use, usually by rote learning (a technique focused on repetition of the desired information). In language-learning, this can mean anything from using flashcards, writing new vocabulary down 10 times or repeating expressions, words, and even grammatical rules, out loud.
Advantages of Memorisation
- Provides a more flexible and accessible way of learning – depending on what method you use, practicing your chosen language through memory games or repetitive activities can be done anywhere, from the comfort of your own home to during the daily commute.
- Multiple resources – thanks to the internet, there are a ton of free, easy to use language learning resources available to anyone who needs them. This ease of access lends itself well to the memorisation approach – it is very straightforward, for instance, to download a short vocabulary list from a website and learn the contents by heart.
- Easier for audio-visual learners – those who learn through reading or listening may find memorisation to be their go-to approach for learning.
- Trains the brain outside of language learning – becoming well-practiced in memorisation of language-based information undoubtedly trains the mind to be better able to hang on to other pieces of important information, no matter the topic
Disadvantages of Memorisation
- ‘Theory’ over ‘practice’ – memorisation fosters the learning, rather than the utilisation of, language. Knowing 100 words of vocabulary doesn’t matter if you’re unsure of how to use any of them in a sentence, which is why actually implementing (i.e., speaking or writing) your new knowledge is a vital part of the fluency process.
- Memory fatigue – rote learning and other memorisation methods may (and often do) lead to boredom and a lack of motivation, which in turn leads to giving up the entire learning process. Stimulation and a willingness to learn is a key part of learning a new language, so reading or writing the same information over and over will drain these two things out of any learner if not combined with other learning methods.
- ‘Surface level’ understanding – similar to the notion of theory over practice, memorising blocks of information does not always lead to a full understanding of a subject – being able to recite a general definition of a grammatical rule does not always mean being able to comprehend and use it appropriately, for example.
- A lonely process – though memorisation can no doubt be achieved with the help of a friend (such as testing each other’s knowledge), it is still a very independent approach to learning as it solely concerns the information that a single individual can retain. Learning about another language without being able to share your knowledge and abilities with other like-minded people can be an isolating experience.
Immersion
Regarding language-learning, immersion is the process of acquiring new knowledge by placing oneself in a situation where they can directly engage with their chosen language. This can mean anything from watching a programme in that language, attending language exchange groups, or actually being in the country where the language is spoken.
Advantages
- Fun – the most obvious advantage of immersion-based learning is that it is far more entertaining and emotionally rewarding than memorisation. Listening to foreign music or socialising and practicing with other language learners is much more engaging than staring at flashcards.
- Because of the methods involved in immersion-based learning, it allows for direct engagement with the culture of the target language, providing context to any obtained knowledge. This way, any possible errors made, and unspoken rules make themselves more apparent to the learner.
- Fight or flight – choosing to learn through immersion often means placing oneself in a situation where it is necessary to act on instinct rather than on pre-prepared notes. As a result, knowledge is gained through unavoidable experience – for instance, choosing to live in another country to learn the target language forces – or rather, requires – one to use it, whether you feel nervous or not. Though daunting, this fight or flight process is guaranteed to gradually make the learner feel more at ease with their chosen language as time goes on, and less self-conscious about using it.
- Different motivations – though we all have our own reasons for learning another language, the primary one is to be able to communicate with others. Choosing immersion through language exchange groups, pen-pals, and simply socialising with native speakers of a target language will give the learner a more human reason to improve their fluency, often leaving them feeling twice as determined and motivated.
- Accessible – there are a surprising number of ways to learn by immersion, at home or on the go. These range from simple methods such as changing a phone or laptop’s language settings to listening to the radio or a podcast in the target language.
Disadvantages
- Requires confidence – most immersion methods demand some level of conviction in oneself, which is often easier said than done for those on the shy side who aren’t used to public speaking or meeting new people.
- Problems with access – though there are home-based methods of immersion as previously mentioned, the most effective immersion techniques involve speaking and socialising with other speakers (native or otherwise). This is not always possible, as much depends on location and travel costs – even finding someone online to practice with is often less than straightforward.
- Though immersion enables a ‘learn as you go’ approach, it is vital to have foundational knowledge of any target language, knowledge best acquired by actual study. Though immersive practices are a good way to improve fluency and become more confident, there is a likelihood that there will still be some important learning gaps that must be filled through reading and more traditional learning.
Which is better?
Having compiled both the pros and cons of each learning style, it is easier to weigh both learning methods up against each other and decide which is superior.
In short, immersion is. Though memorisation helps retain some of the basic foundational blocks of learning another language that are vital to the overall process, learning through immersive techniques allows the learner to engage with the ‘real-world’ existence of their chosen language, and enables them to learn from mistakes in an organic environment with other people and cultures. Moreover, learning through immersion is something that real life educational institutions have started to implement, with many schools (mostly outside of the UK) favouring bilingual teaching and learning – a testament to its effectiveness. However, it is important to not write off memorisation completely – like any learning process, the best way forward is through combining study methods, not only to keep things fresh, but to ensure all ‘bases’ are covered – it is one thing finding a person to practice a foreign language with, but it is another to actually know enough about the language to actually talk to them in it!
If you or anyone you know requires translation or interpretation services in any language, visit us here at Crystal Clear Translation for a quote.
by Hammed Sonny | Feb 3, 2022 | Multilingualism
By Phoebe Harrison
When we talk about the ‘great minds’ of history, most people think of famous philosophers, inventors, scientists, and writers – think Socrates, Einstein, Da Vinci, Sklodowska- Curie, Freud, and Dickens. It is certainly true that all these figures and more have had a significant influence on how we see and understand the world. Yet, there is one group of people whose contributions to our physical and intellectual society are so often overlooked – linguists. To rectify this erasure, I have compiled an introductory list of some of the most important names in the history of linguistics, whose work anyone – especially those interested in how language functions – should definitely read.
Ferdinand de Saussure
Often known as the founding father of modern linguistics and semiotics (the study of signs), Swiss linguist Ferdinand de Saussure (b. 1857- d.1913) introduced the theory of Structuralism into the discipline of linguistics, explaining how language is made up of a system of signs (underlying meanings) that are structured by conventions. In short, he proposed the idea of language as a socially structured system that could be viewed from both a synchronic and diachronic viewpoint (how it exists at a certain time and how it develops as time goes on). Saussure also gave a series of important lectures on linguistics and his theories which were later compiled into what became Cours de linguistique générale (‘Course in General Linguistics) that would go on to provide an integral foundation for 20th century structural linguists and the discipline as a whole. Saussure is one of the most important figures in the history of linguistics as his work marked the beginnings of a more theory-based approach to the study of language (moving away from previous more ‘history based’ analysis) and many 20th century linguists used his theories as a starting point for their own work, theories that are still often cited today.
Learn more: Course in General Linguistics, Mémoire sur le système primitif des voyelles dans les langues indo-européennes
Noam Chomsky
Probably the most recognisable name on this list, Noam Chomsky is a world-famous intellectual known just as much for his political activism and criticism as for his formative work in modern linguistics (for this, Chomsky is also often referred to as the ‘father’ of the modern discipline). Though he has written over 100 books on linguistics and is responsible for many different theories and analyses, Chomsky’s most famous contribution to the world of linguistics is his concept of ‘universal grammar’, the idea that all languages have the same underlying structures and laws, simply using different words and sounds on the ‘surface’ level. The theory also proposes that humans are innately equipped with the ability and desire to learn grammar, regardless of our native language. Another of Chomsky’s contributions include the Chomsky Hierarchy, a system that organises formal grammars into different classes based on their complexity. It would take a long time to list all of Chomsky’s ideas and achievements, but he is, in short, one of the most important figures in modern linguistic studies and cognitive science, leaving a lasting influence on both intellectual and socio-political spheres.
Learn more: Language and Mind (1968), Syntactic Structures (1957), The Minimalist Programme (1995)
Umberto Eco
An author of over fifty novels, Italian writer Umberto Eco was many things – historian, philosopher, critic, and a socio-political commentator. He was also a prominent and important linguist. Specifically, around the area of semiotics, the study of signs, which are defined as anything that communicates something, usually a certain meaning. He introduced a wider audience to the concept and use of semiotics through his literary work, including the award-winning medieval monk murder mystery The Name of the Rose, where semiotic operations are key to several parts of the narrative. Publishing A Theory of Semiotics in 1975, he criticises the theory that the meaning of signs is determined by the objects (thing or event) to which they refer. Eco’s combination of narrative fiction and linguistic philosophy made him one of the foremost thinkers in the field of semiotics and allowed complex theories to be explored and applied through a more approachable medium.
Find out more: The Name of the Rose (1980), Mouse or Rat? Translation as Negotiation (2003)
Robin Lakoff
One of only two women on our list is Robin Lakoff. Lakoff is responsible for making gender a part of the study of linguistics, with her 1975 book Language and Woman’s Place introducing ideas about women’s language (and how women modify their language to suit the world around them) to the field of sociolinguistics. She also developed the ‘politeness principle’, the idea that politeness can be achieved adhering to three main ‘maxims’ – don’t impose, give the receiver options, and make the receiver feel good. In The Language War (2000), Lakoff analysed contemporary events and issues through the lens of linguistics, with examples like the OJ Simpson trial and the Monica Lewinsky affair. In what is so often a male dominated field of study, Lakoff was instrumental in proving that the study of linguistics cannot be separated from the material realities of sex and gender.
Find out more: Language and Woman’s Place (1975), Context Counts: Papers on Language, Gender, and Power (2017)
Eve Clark
The other woman on this list, Eve Clark is a British-born American linguist whose research focuses primarily on first-language acquisition and meaning acquisition. Her work shed light on how humans first acquired language and how children today do the same. Clark’s theories have influenced how some scientists study early years development, as well as improving our understanding about how children learn new things and how they should be taught.
Find out more: First Language Acquisition (2003), Language in Children (2016)
Steven Pinker
Last but certainly not least is Canadian American linguist and cognitive phycologist Steven Pinker. Pinker is the author of many wildly successful popular science books – his most famous, perhaps, is 1994’s The Language Instinct. In it, Pinker argues that all humans are born with an innate capacity for language and language learning and argues against Chomsky’s idea that evolutionary theory does not explain the human language instinct. Pinker is one of the foremost figures in modern cognitive psychology and psycholinguistics and is noted to have made linguistics more ‘accessible’ to a wider audience, with books like How the Mind Works intended for general, rather than specific, readers.
Find out more: Words and Rules (1999), Language, Cognition, and Human Nature: Selected Articles (2013)
Concluding Thoughts
Anyone who is interested in how language and our relationship with language works (or who is simply looking for some mind-broadening reading) should absolutely start by looking at the output of even one of the above linguists. Thanks to people like Chomsky and Lakoff, we now have a deeper understanding of how our words come to be and the different meanings they may have.
If you or anyone you know requires translation or interpretation services in any language, visit us here at Crystal Clear Translation for a quote.
by Hammed Sonny | Jan 11, 2022 | Multilingualism
Written by Shannon Walker.
If you spent time studying in a British secondary school, then it is highly likely you have encountered Modern Foreign Languages in your lifetime. Whether it be from earlier years or studying a language at GCSE or A-Level, foreign languages are a highly valued segment of the school curriculum. But, what about the bodies that teach us these languages? How did we get such an in-depth insight into culture and linguicism at such a mild age? This is all thanks to our Modern Foreign Language teachers. Unfortunately, this is a profession in great demand, but why?
What are Modern Foreign Languages?
Modern Foreign Languages, Or MFL, are a cluster of languages other than English which are often taught to us throughout our time in the education system. These languages are typically the most commonly used throughout the world, and will likely include French, Spanish, German and Italian.
MFL is a mandatory aspect of the British state education curriculum. Most school are able to select the languages they teach within this sector, but the majority will pick French, Spanish and German.
Why do we learn new languages in school?
MFL can offer a great deal of excitement and vibrancy to learning. From the fascinating depths of alternative culture to the satisfaction of speaking a different language in a real-life scenario, the wonderful world of languages has become an invaluable subject for many. Learning a language can perhaps offer a unique set of transferrable skills that as a young person could benefit you in your later years. For example, languages are proven to improve memory and recall skills drastically, increasing brain function accordingly. There are minimal oppositions to learning a new language as bilingualism is increasing rapidly and as a nation we are growing in awe of multiculturalism and promoting a more inclusive society to the next generation of adult citizens.
The demand for MFL teachers
Modern Foreign language teachers are well and truly in high demand, with the government backing schemes to recruit more language teachers. Whilst it can be a rewarding career, a lot of people seemingly forget about the subject. A great number of individuals go on to study languages at university, however these aren’t necessarily what are deemed as MFL. As culture continues to develop, more and more people are showing an interest in alternative languages such as Cantonese, a language rife with business and commercial opportunities- the decreasing interest in traditional European languages leaves a substantial gap in the market for fresh MFL teachers.
Becoming an MFL teacher
Possibly the most important aspect of your career is the qualifications you obtain. Ultimately, employers will actively seek a candidate who is suitably qualified. The following qualifications are required:
- Fluency in one or more foreign languages- usually proven with a bachelors or master’s degree.
- Undergo relevant teacher training at university.
Some people may study for a language degree without the intention of becoming a teacher but later decide to return to study and gain teaching qualifications. If this is the case, you will be required to return to university for a Post Graduate Certificate in Education (PGCE), when afterwards you will be a newly qualified teacher- ready to begin your career as a Modern Foreign Languages tutor.
If you are interested in learning a new language, visit Crystal Clear Translation for a quote on tailored language lessons.
by Hammed Sonny | Jan 9, 2022 | Crypto
Cryptocurrency is a phenomenon sweeping the digital and real world – but what exactly is it?
Unless you’ve been living under a rock, chances are you’ve heard words like ‘Bitcoin’, ‘blockchain’, and ‘Ethereum’ floating around, particularly across social media platforms like Twitter, Reddit, and Meta (formerly Facebook). Terms such as these belong to the glossary of ‘cryptocurrency’, a monetary phenomenon that has spread rapidly across the world, adopted by people of many different backgrounds and circumstances. But just what is cryptocurrency, and is it worth the fuss? Let’s take a look at and (hopefully) demystify the world of ‘crypto’.
What is it?
Although there are many different descriptions and explanations surrounding cryptocurrency, in layman’s terms it is a virtual currency that uses digital files as money, files made secure by cryptography (hiding information using coding). This type of security means that it is near impossible to counterfeit or double-spend. Cryptocurrency can be traded and used to buy things, with the value of each asset determined by supply and demand. Many of these currencies exist on decentralised networks that are based on ‘blockchain’ technology – a type of digital ledger that ‘records’ every transaction of every piece of cryptocurrency in a line of ‘blocks’. ‘Miners’ use computing power to solve very complex mathematical equations to verify the transactions in these blocks – once they have done this, they are rewarded with a fee, or ‘coin’ – this method is known as ‘proof of work’. Owing to the decentralised nature of cryptocurrency, one of its main features is its ability to exist outside of government control and central authorities and banks, making it largely immune to things like inflation.
How do you get it?
So, how do you go about actually getting cryptocurrency ‘tokens’ (the official ‘denomination’’ of cryptocurrency)? There are several steps in the process. Firstly, you must find a broker or a crypto exchange. A cryptocurrency exchange is a platform where buyers and sellers can trade cryptocurrencies. Some of the main exchanges are Coinbase, Gemini, and Binance.US. Although many exchanges have relatively low fees at the point of use, the trading interface can perhaps feel a little daunting for any new investor, so it is worth familiarising yourself with how each specific exchange operates – many exchanges offer ‘user friendly’ purchase options for beginners. The other method – finding and using the services of a ‘broker’ – is purported to be more straightforward. A crypto-broker is essentially a firm or individual who acts as an intermediary between crypto-markets to facilitate the buying and selling of cryptocurrency. Brokers are cheaper to use than exchanges but may offer less trading options – there is also occasionally a risk of brokers (especially individuals) claiming to be free and selling on your information regarding buying and trading. To avoid this, stick to more established brokers like Robinhood and SoFi. Having decided between broker or exchange, you can set up an account – in most cases, the verification process can be fairly stringent to prevent legal issues, so having some form of identification (such as a driving licence or passport) at hand is essential. To actually start buying currency, it is necessary to have funds in the account – the best way to do this is by linking your bank account or organising a wire transfer. Using a credit or debit card is possible, but subject to higher interest rates. After all these things are taken care of, it is time to place your order, with hundreds of currencies to choose from. Once you have your currency tokens, you must choose a method of storage (as exchanges are not protected by governmental bodies and as such, they can be hacked or stolen). Storage can include leaving your currency on the exchange in an online wallet or choosing a ‘hot vs. cold’ wallet option. A ‘hot’ wallet is a crypto wallet stored online and connected by the internet and can be run on devices like phones or tablets. Although convenient, there is a larger risk of theft. A ‘cold’ wallet is a safer option – these wallets are external devices disconnected from the internet, taking the form of USB or hard drives.
What types are there?
As stated above, there are many different types of cryptocurrencies, with some more viable than others. While there were attempts at making a version of cryptocurrency in the late 1990s, it was in 2008 that it arrived as we know it as the early version of Bitcoin, created by an unknown person or group of people under the pseudonym Satoshi Nakamoto, with use of the coin beginning in 2009. Since then, more and more cryptocurrencies have sprung up, competing with one another. The top cryptocurrencies (in terms of overall valuation) as of January 2022 are:
- Bitcoin ($822 Billion)
- Ethereum ($447 Billion)
- Binance Coin ($86 Billion)
- Tether ($78 Billion)
- Solana ($52 Billion)
- Cardano ($44 Billion)
- S Dollar Coin ($42 Billion)
- XRP ($39 Billion)
- Terra $33 Billion
- Polkadot ($29 Billion)
Who is using it?
In theory, anyone with a stable internet connection and some money to invest can access and use cryptocurrency. Because it is a controversial monetary entity, different countries have different laws regarding the purchase and sale of cryptocurrency – it is illegal in China, Iraq, Tunisia, Indonesia, and Egypt, for example. However, with more and more companies and trading platforms accepting cryptocurrency (particularly Bitcoin) as a viable form of payment, the entity is gaining a larger following as time goes on. The top five countries (as of December 2021) with the most cryptocurrency holders are:
- India (100 million)
- USA (27 million)
- Russia (17 million)
- Nigeria (13 million)
- Brazil (10 million)
Having given an overview of the basics of cryptocurrency and its place in the world, it is worth also looking at its pros and cons.
Pros
- Minute risk of fraud – because it is secure and digital, cryptocurrency is less at risk from manipulation in comparison to credit/debit cards and online banking.
- Instant transfer and 24-hour access
- Anonymity
- Decentralised system – unbeholden to monetary institutions, cryptocurrency systems do not risk collapsing from a single point of failure that would cause further crises across the system – such as the banking crash of 2008.
- Chance of making huge profit
Cons
- Difficult system to comprehend
- No security in case of loss
- Limited use
- Damaging to the environment – the process of mining requires a huge amount of energy, sometimes as much as a whole country can produce
- Price volatility/speculative bubbles
- Can be used for money laundering/criminal purposes
Final thoughts
Cryptocurrency is going nowhere at present – with billionaire moguls like Elon Musk singing its praises to his legion of loyal fans, many are coming round to the idea of this new form of money and the opportunities that it presents. However, it is not for everyone – competitive, complex, and highly speculative at times, it is best to caution newcomers to familiarise themselves with the risks and benefits of cryptocurrency before investing too much of their income. Still in its infancy, it is hard to tell whether in 100 years cryptocurrency will be the primary monetary format, or whether it will become obsolete as financial and climate crises loom.
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