Business Wars Crypto Wars | We're in the (Virtual) Money | 7
Nov 10, 2021
In this discussion, Gian Volpicelli, a journalist at Wired UK and author of "Cryptocurrency: How Digital Money Could Transform Finance," dives into the evolution of cryptocurrency since Bitcoin's inception. He explains how crypto operates as a decentralized financial system, contrasting it with fiat currencies. The conversation touches on the booming NFT market, the roll-out of Bitcoin as legal tender in countries like El Salvador, and the regulatory landscape, including China's crackdown on crypto. Finally, Gian speculates on crypto's future impact on global finance.
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Cryptocurrency's Goal
- Cryptocurrency, like Bitcoin, aimed to create digital cash by removing intermediaries like banks.
- This decentralization was intended to make transactions faster, cheaper, and unstoppable.
Decentralization's Appeal
- Unlike government-issued currencies, Bitcoin aimed to remove government control over currency.
- Its fixed supply of 21 million coins and a predetermined "minting" rate ensured a strict monetary policy.
Bitcoin's Popularity Surge
- Bitcoin's popularity exploded partly due to its potential for quick profits.
- Its price volatility and unregulated nature attracted many seeking get-rich-quick opportunities.
