TransferRoom

Layman's Terms: It is essentially a "virtual currency", that you are unlikely to ever be able to actually purchase anything with (outside of El Salvador), traded in an unregulated sector (values can go up, down & sideways).

A related sub-sector is trading in NFT's. Initially used to provide "virtual ownership" of digital art products. Now increasingly involved in Sports & Music, usually with associated "Fan world" (think your own bespoke Pannini sticker) benefits for "token owners".

The 'membership' concept was pioneered by Amex decades back & the likes of Virgin Cash improved, the big partner in football at present is Socios.
Example: At Arsenal you could vote on which of 3 players would post a video singing a song. One of the other claimed benefits is their "infinite" nature (in an equivalent way that a Norwegian Krona printed in 1931 still has a value).

I suspect the likely confusing factor for most is the online part - "blockchain" is actually a fantastic technology that has lots of more worthwhile applications - which enables you to access your unique "e-wallet" for trading purposes.


Alex: I heard a trailer for: "Sunil Patel: An Idiots guide to Cryptocurrency"
Available from Wednesday on BBC Sounds. It is 4 (15 minute) episodes, in which a Comedian has GENUINELY transferred his entire portfolio of assets into crypto.
He does things like visit El Salvador where you can buy goods in a supermarket (by QR code), sets himself as an NFT & tries to hack the E-wallet of a security guru...!


PS. It will become mainstream in the next 2 years with "stable" currencies issued by Banks/Governments and regulatory oversight, with digital assets included in balance sheets... c'mon, the guys in suits aren't going to let the dudes in hoodies take an opportunity to rob someone & get rich quick, away from them.