DO YOU KNOW CRYPTOCURRENCY?

For years we have been witnessing an increasing growth of cryptocurrencies
but it is important to clarify this phenomenon that is unknown to many and
underestimated by others. A cryptocurrency is a digital or virtual currency that
is secured by cryptography, which makes it nearly impossible to counterfeit.
Many cryptocurrencies are decentralized networks based on blockchain
technology a distributed ledger enforced by a multiple network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any
central authority, rendering them theoretically immune to government
interference or manipulation.

The word “cryptocurrency” is derived from the encryption techniques which are used to
secure the network. The first blockchain-based cryptocurrency was Bitcoin,
which still remains the most popular and most valuable. Today, there are
thousands of alternate cryptocurrencies with various functions and
specifications. Some of these are clones or forks of Bitcoin, while others are
new currencies that were built from scratch. Bitcoin was launched in 2009 by an
individual or group known by the pseudonym “Satoshi Nakamoto.” As of
March 2021, there were over 18.6 million bitcoins in circulation with a total
market cap of around $927 billion, today one bitcoin is value $60.00.00. There
are others crypto as Ethereum, Cardano, Ripple or Litecoin the aggregate value
of all the cryptocurrencies in existence is around $1.5 trillion Bitcoin currently
represents more than 60% of the total value. But cryptocurrency has one
dark side ; infact this world is so dangerous and hard to learn!

On the web we can find many risks as many cryptocurrencies are only
slightly varied duplicates of existing currencies without any notable technical
progress. In some countries, regulatory authorities have spoken out against the
use of cryptocurrencies and in some cases have already taken specific
regulatory measures to prevent their use. At the G20 summit in Buenos Aires in
2018, it was decided to regulate crypto-assets for combating money laundering
and terrorist, other countries are discussing issuing a state cryptocurrency.

In conclusion we can say that the world of cryptocurrencies is still to be studied and in continuous evolution in fact many people are approaching this new financial method that is certainly damaging banks and states. In my opinion this phenomenon is absolutely positive after years of government control over finance, hoping it will bring many benefits to the entire planet.

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Autore:

Tindaro Perdichizzi

Classe:

5A Liceo Classico
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