shutterstock-770598313
Cryptocurrency

Will cryptocurrencies ever overtake conventional currencies?

There’s no denying the fact that cryptocurrencies have taken the world by storm in recent years. They’ve gathered a significant amount of interest because they use cryptography and decentralized processes as a way to improve the security of financial transactions.

Bitcoin is, of course, the most famous and widely used cryptocurrency. Founded in 2009, it was the first to implement a blockchain-based distributed ledger system, replacing the need for central banking mechanisms. Nearly a decade later, many different digital currencies have emerged around the globe.

Discussion around cryptocurrencies - particularly Bitcoin - is often mixed. Although many people believe that they could result in a more transparent financial system, others say they’re extremely dangerous – for example, the anonymous nature of cryptocurrencies has made them perfect for money laundering. And speaking last month, tech billionaire Bill Gates even suggested that they can be deadly.

Cryptocurrencies are also volatile; in late 2017, the value of Bitcoin alone surpassed $20,000, but it has since declined. Despite this, people are still voicing support for digital cash. Twitter CEO Jack Dorsey recently predicted that Bitcoin will become the world’s main currency within the next decade. But is this really possible, and can cryptocurrencies really be trusted on this scale?

 

To continue reading...


PREVIOUS ARTICLE

« Advice from a CISO: Think outside the box to tackle cybersecurity skills crisis

NEXT ARTICLE

Is the world ready for the end of Excel? »
author_image
Nicholas Fearn

Nicholas is a technology journalist from the Welsh valleys. His work has been featured on Engadget, Lifehacker, Gizmodo, TechRadar, The Next Web, Forbes, Computer Weekly, Computing, Mail Online, The Telegraph and many other media outlets. In addition, he edits Tech Dragons, a publication covering STEM in Wales.

  • Mail

Poll

Do you think your smartphone is making you a workaholic?