Cryptocurrency is not just a new form of money, but a fresh approach to organising power and influence. Bitcoin, the first cryptocurrency, was created by an anonymous inventor who wanted to create a decentralised, peer-to-peer electronic cash system that didn’t rely on banks. This was achieved through blockchain technology, a public ledger of all transactions that have ever occurred.
The blockchain is maintained by ‘miners’ who use powerful computers to solve complex mathematical problems. For their efforts, they are rewarded with new bitcoins. This process is known as ‘mining’. It’s a system that is both transparent and secure, as it’s nearly impossible to tamper with the blockchain.
Yet, bitcoin has its drawbacks. It’s volatile, and its value can fluctuate wildly. There’s also the environmental cost of mining, which requires a lot of energy. Furthermore, it’s been associated with illegal activities due to the anonymity it offers.
Despite these issues, the idea behind bitcoin has sparked a revolution in the tech world. Many other cryptocurrencies have since been launched, each with their own unique features. Blockchain technology is also being explored for use in other sectors, such as healthcare and voting systems. The future of cryptocurrency is uncertain, but it’s clear that it’s more than just digital money – it’s a new way of thinking about power and control.
Go to source article: http://blogs.harvard.edu/doc/2017/06/21/crypto/