There’s a number of reasons why cryptocurrencies are so inherently popular. They are safe, anonymous and utterly decentralized. Unlike conventional currency, they are not controlled or regulated by some singular authority, their flow is determined entirely by market demand. They are also nigh impossible to counterfeit, thanks to the paranoidly complicated code system that encrypts each and every transfer, ensuring complete anonymity and utter safety to each and every user. They even make for a genuinely rewarding, if risky, investment endeavor, despite the fact that any financial advisor in their right mind will caution you against them. Therefore, despite the admittedly high stakes that this sort of dealing entails, not to mention the lack of any government agency to lend credence to them, cryptocurrencies can only thrive and multiply.
If I were to tell you of the history of cryptocurrencies, I would have to begin with cryptographer David Chaum, who in the 1980s devised an extraordinarily secure algorithm that allowed for the kind of encryption required in electronic fund transfers. Chaum’s “blinding algorithm” laid the groundwork for the future development of all types of digitalized currency transactions, be it alternative currencies like Bitcoin or just plain old digitalized cash transfers.
“I am personally excited for the future of cryptocurrencies and blockchain technology in general. Current innovations such as Bitcoin, Ethereum, and others are just the beginning for this technology that can help revamp many industries. There is plenty of opportunity in this space.” - Chalmers Brown, Forbes
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