Spring break goers on Miami Beach say the ‘mystery’ of cryptocurrency is the ‘future of the financial system’

Miami Beach spring breaker attendees gave Fox News their definitions of cryptocurrency, saying it is "the future of the financial system."

“Cryptocurrency is like a universal digital currency that is used online,” a Canadian resident visiting Miami told Fox News. "It's kind of like stocks. It can go up or down. They fluctuate with the market, I guess, depending on the current trend."

cryptocurrency, also known as "crypto", is any form of currency that only exists digitally where transactions are secured through cryptography.

Fox News Digital asked young men and women on spring break to explain cryptocurrency for those who don't understand how it works.

A Kent State University student told Fox News Digital that cryptocurrencies are "not real money" and are "confusing to a lot of people."

"You can't just go to the store" and spend ten Shiba Inu, he added.

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There's a difference between "what the media wants you to look for and what real crypto is," said a University of Delaware student. "It's like the difference between the S&P 500 and buying a regular stock on the stock market."

Cryptocurrency is “reverse inflation,” another University of Delaware student said, adding that it is “taking out the banks” and giving “people more money.”

A Canadian resident who visited Miami said he thinks it's "okay to have a lot of mystery around" cryptocurrencies.

I understand bitcoin and things like that, but when you get into NFTs and that whole area, I don't really understand that.

"I don't see how an image of a monkey can sell for half a million dollars," he added.

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The students expressed their opinions on the specific coins that are offered under crypto.

A student at Kent State University told Fox News that he invested in Shiba Inu and "probably made around a thousand dollars."

"I started about a year ago. It fluctuates a lot," he said. "I'm not really invested in bitcoin. I don't have that much money, so I invest in really cheap stuff."

"I think Dogecoin represents the power of people taking power from people abusing it," a University of Delaware student told Fox News. "Dogecoin started out as a joke and now has real financial value based on their claims."

Yet another University of Delaware student said he "doesn't really trust things like Doge currency" because it's "made up."

"Just this morning I won $150 worth of crypto," he added. "Ethereum is going to the moon right now."

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A student at Kent State University said that he likes cryptocurrencies a lot because “it has a lot of unknowns”, which he lives by. "I have about $400 dollars invested in it, but I have over a million shares. So if I lose $400 dollars, I lose $400 dollars. I'm in college [so] I'm really not too worried about it."

A Wisconsin resident visiting Miami told Fox News, "It's going to take a long time to [crypto] to become normal, and once it does, everyone will use it."