Blockchain advertises itself on its website as the most trusted cryptocurrency in the world. Cryptocurrencies have been growing in popularity because of their perceived decentralization from central banking systems and the security they can offer in largely online transactions (Royal & Voight, 2021). Concerns about inflation have driven interest in cryptocurrency in the past given the uncertainty of the marketplace and policies of central banks (Royal & Voight, 2021). The fact that Blockchain is the best-known cryptocurrency and is more trusted than other, similar forms of exchange in this highly volatile market is useful because on one hand, it is still able to draw the interest of individuals still in search of the next new financial trend, but on the other hand the currency still has greater legitimacy and cache than other less well-known cryptocurrencies. Blockchain has been called the blue-chip stock of cryptocurrency (Sanati, 2021).
However, cryptocurrencies are still a great unknown for many people, and suspicion of all forms of cryptocurrency is still quite high. Given the highly uncertain financial climate today, people may be more rather than less protective of their finances and reluctant to invest any money in something they do not fully understand or which seems like it may evaporate tomorrow (Royal & Voight, 2021). Investment guru Warren Buffet compared all cryptocurrencies to checksthe…the greatest competitive threat to cryptocurrency is the easy availability of other online investments, including standard buying and selling of mutual funds and stocks. For lower risk investors, index funds and other instruments are an easier way to invest money versus such a speculative gamble (Sanati, 2021). A number of recent scandals have also detracted from the perceptions of safety and security cultivated by Blockchain, including people who have bought worthless cryptocurrency on spoof websites (Sanati, 2021). Concerns about online theft and being able to demonstrate ownership of the currency are another barrier. Highly publicized incidents of individuals who have forgotten their passwords likewise have shaken faith in the currency, as…
Cryptocurrency A cryptocurrency is a medium of exchange (currency) that is digital in form, non-governmental, and relies on cryptography for its security (Investopedia, 2018). It is the latter component of the definition that gives cryptocurrency its name. The vast majority of currency in the world comes in the form of exchangeable units that are issued and have their value controlled by governments. Nations will either allow their currency to float freely
Cryptocurrencies: Background, Details, Advantages Anyone mildly acquainted with cryptocurrency has probably heard of a currency called Bitcoin. Bitcoin and the success of bitcoin are what helped surge interest within the entire cryptocurrency market, as many view bitcoin as the pioneer of the market as a whole. According to the authoritative website cointelegraph.com, “A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography
RMMagazine 1 Tuttle, H. (2018). Only half of ransomware payouts result in data recovery. Retrieved from http://www.rmmagazine.com/2018/04/02/only-half-of-ransomware-payouts-result-in-data-recovery/ Tuttle (2018) describes how ransomware attacks are rising and people are losing their data to these attackers, who hack into computers and networks, take the information that is stored therein by locking out the users and obliging them to pay a ransom in order to get access to their data. This is why it is called
Forms of digital money have been on the rise in the past few years. Today, a broad assortment of transactions can be undertaken without using cash and conventional types of money. Cryptocurrency is the latest entrant. Since the emergence of Bitcoin in 2009, several other cryptocurrencies have been introduced, such as Ether, Litecoin, and Monero. Cryptocurrencies are digital assets intended to function as mediums of exchange. They are based on
Clustering Cryptocurrencies 1. Introduction Why is clustering interesting? How to value cryptocurrencies has been a major question ever since so many began finding their way to market. As Qunitero (2018) points out, “having a clear and unbiased benchmark while evaluating new decentralized projects in the crypto economy” could help to answer the question of valuation. Clustering commonly occurs around token type: thus, one routinely sees the clustering of currency tokens, platform tokens,