What are the key obstacles that must be overcome before the general public considers cryptocurrencies to be a viable alternative to fiat currencies?
About Yehudah LebrettYehudah is currently studying Banking and International Finance at the Cass Business School in London. Yehudah is particularly interested in how cryptocurrencies can increase economic freedom and prosperity in the developing world.
Bitcoin miners use their computing powers to solve cryptographic puzzles which, in turn, build up the blockchain by adding blocks of transactions. This process is fundamental to how Bitcoin transactions are authorised in the absence of a central authority, although the energy consumption involved has raised concerns. Now a new threat to the blockchain is [...]
Satoshi Nakamoto, the unidentified author of the Bitcoin white paper, described the cryptocurrency as a, “peer-to-peer version of electronic cash [that] would allow online payments to be sent directly from one party to another without going through a financial institution.” Those “financial institutions” that Nakamoto wished to bypass when conducting online commerce referred not only [...]