Why Authorities Are Worried About Cryptocurrencies
Figure 1: Bitcoin Coin Source: Adapted from [1] Some became slightly richer, some “went big” and became millionaires, some became faintly poorer and others became homeless. There are many success and failure stories surrounding cryptocurrencies and their use by different people, but we often forget that cryptocurrencies can do more than change our monetary status. Indeed, for the general public cryptocurrencies may be another technological buzz-word, whose meaning is associated with either wealth, poverty or lottery, but for those who have a keen understanding of the potential of cryptocurrencies, this relatively new technology is often seen as a danger to social order. Figure 2: Crypto Farm Source: Adapted from [2] How They Work Before explaining “why authorities are worried about cryptocurrencies”, it is important to define what makes a cryptocurrency and how to use it. Cryptocurrencies are assets which are financial and digital and whose ownership and transfer of ownership is handle...