Crypto isn't just bitcoin though, its all moved on a bit in the last few years. I like some aspects of the technology and its interesting reading the use cases and how it could be adopted. Here's my novice understanding of it, let me know if anything not quite right:
1st gen - Bitcoin - the original blockchain implementation of decentralised finance. Uses a proof of work consensus protocol to maintain the network and produce new blocks. This is done through mining which is essentially computers solving tough computational problems, and then been rewarded to add new blocks, and paid in the bitcoin currency as an incentive. Its has been a revolutionary way to distribute an immutable ledger across the globe and get away from centralised systems which can be controlled and manipulated by the states they reside in. Its PoW mechanism is inherently wasteful and inefficient in terms of power usage, and production of mining farms etc. Bitcoin is like a digital gold - mostly a store of value, but can be used as a currency, though network costs make that intangible at the moment.
2nd gen - Ethereum - builds on bitcoin by becoming a platform for a range of decentralised applications and smart contracts, allowing for agreements etc to be stored on the block chain. This has huge potential to change the way we do business, ownership of goods and services etc. I think the NSW ATARs were signed on Ethereum for example to demonstrate proof of grades linked to identity. Ethereum uses PoW, but is migrating to proof of stake, which is way more efficient and scalable. PoS allows for all holders of the currency to stake their coins to maintain the network, and new blocks are awarded through more of a lottery process to staked nodes, than winning computational problems. This is being retrofitted so is a bit of a mess, but will get there eventually. All the NFT nonsense is pretty much on this network at the moment. NFTs are actually a really nice technology, but have gone stupid with artists etc trying to cash in and people buying not really knowing what they are doing. Also major issues with the fees for using this network, they skyrocket sometimes.
3rd gen including native Proof of Stake networks - there are a few newer crypto networks that are built on proof of stake and are inherently way more energy efficient, scalable, and have a lot of promise. None are at the size or acceptance of bitcoin or ethereum yet, so remains to be seen how they will work out. There are also newer implementations of PoW that are more efficient (PoW still a really robust way to secure a decentralized network). And there are projects that link different networks together and link existing financial networks to crypto etc etc. It has exploded. There is also an entire use case of tapping into the mobile phone networks in sub-Saharan Africa (just picking up on what
@PINT of Stella. mate! said - mobile phone usage is actually huge throughout that region, payments etc already go through the phone network on cheap phones with basic protocols, doesn't have to be smart phones) to make that all more efficient and secure. Will be interesting to see how that goes, and in other emerging economies with young populations.
Worth also mentioning coins like Tether - a "stable coin" where the value is pegged to the USD (some others are pegged to the Euro, yuan etc). This allows for a direct 1:1 representation of fiat currency as a crypto asset, allowing you to move money around more easily and contribute to projects etc anywhere in the world without needing to deal with the issues of moving traditional currency around.
And then there are the memecoins. Doge the main one, but so many others. Just don't. They offer nothing new and are just attempts to get rich through pump n dumps etc. Actually most of crypto is shit. And thats incredible to think about when there are so many good projects at the core. Its typically either some worthless coin being inflated by hype, or various other scams to trick you out of yours. Its also a wild west, there are no security nets, if you screw up (and there are so many ways to do this), theres no getting it back.