The Threatening Implications of Cryptocurrencies
Cryptocurrencies are best thought of as fiat currencies without a country backing them. A fiat currency is one in which the money is not based on a valuable commodity like gold or silver but on something of little or no intrinsic value such as paper money or coins made with base metal. It is made legal tender by law. Its market worth is based on confidence, both domestic and international. That confidence is a reflection both of how the currency actually performs, the regulatory regime which governs the currency and the general standing of the issuing authority which is…
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