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Sunday, August 13, 2017

Cryptocurrency is Here - And It's Frightening

Cryptocurrency is Here - And Its Frightening

Most people who buy a house or a car, or buy things on Amazon, never think about “paying” with cryptocurrency. Most people have no idea how many cryptocurrencies there are (over 1,000), though a lot of people have heard something about Bitcoin.

Very few people realize that cryptocurrency is simultaneously a currency, an investment and a technology: you can buy a house with cryptocurrency, speculate with some of your retirement money in cryptocurrency (and eventually invest in cryptocurrency ETFs), and invest in cryptocurrency’s underlying technology (blockchain).

Not surprisingly, banks are smarter than politicians about cryptocurrency, and many individuals and start-ups are smarter than banks. The rise of cryptocurrency is roughly analogous to the rise of medical and recreational marijuana. How long will it take “official institutions” – banks, corporations and the government – to discover cryptocurrency opportunities – and threats? Their discovery journey is already well underway.

Full story at

Source: Forbes

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