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Bitcoin, one of the crytocurrencies. (MIT License: Permission is hereby granted, free of charge, to any person obtaining a copy of this software and associated documentation files (the “Software”), to deal in the Software without restriction, including without limitation the rights to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the Software, and to permit persons to whom the Software is furnished to do so, subject to the following conditions:
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Official Litecoin Logo (public domain, presented at: WindermereSun.com)

 

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Due to requests from multiple readers, I am making a stab at sharing some fundamental understanding of what cryptocurrency is. As our planet move toward internet and global economy, it does make sense that there would be the progression toward some type of global currency. Cryptocurrency is a digital asset designed to work as a medium of exchange  using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. It is a decentralized currency system that may be accepted by some governments these days. Let’s see how cryptocurrency may be used, below:

There are three concerns that I have: 1. legitimacy 2. its future values 3. security. Concern of legitimacy is due to concern whether or not the country one is in will allow Cryptocurrency to be legally used.  Concern of its future values due to the unknown productivity level of AI that may impact future value of cryptocurrency. But overall, it does sound like a very efficient currency, available 24/7, with great promise for global economy. But inevitably, any new kid coming on the block will undoubtedly run into some obstacles. So, let’s take a look at some videos I have found that will help to explain these phenomenons. And be sure to view the third video, a great introduction to bitcoin security by John McAfee BITCOIN Keynote London 2017.

Of course, it is understandable that the banking system would be concerned about this new player, the decentralized internet currency. Below, is a discussion on “Why Bitcoin Puts Government on Edge” in an interview from 2014 with David Seaman:

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