A cashless society: the International Monetary Fund (IMF) calls it the future of money. The World Economic Forum (WEF) was enthusiastic about the concept way before it was cool. In the United States, the usual suspects such as the Brookings Institute and the New York Times ask our leaders to have the boldness and courage to follow this new path.
The history of money is a story of human ingenuity and economic evolution. From the early days of bartering to the unfortunate establishment of fiat currency to a future rippling with potential thanks to cryptocurrencies, the concept of money has endured a wild ride.
Cryptocurrency is an item intended for use as a commonly accepted medium of exchange that exists in the digital world and relies on encryption to make transactions secure.
Like something straight out of a Neal Stephenson novel, Bitcoin has cyberpunk sex appeal. It foreshadows a radical change in the social and economic order and is shrouded with a mystique and aura that can be difficult to penetrate.
There are 32 national currencies in these playoffs, from the 32 largest economies in the world. The winner of each currency-to-currency matchup depends on their exchange rates from January 1 to December 20, 2016.
This post by Kevin Boyd originally appeared on R Street on October 19th, 2015. Below is an excerpt. Bitcoin and other cryptocurrencies have grown in influence and usage the past few years. People looking for an alternative to government-issued fiat currencies, or who simply don’t trust having their spending tracked by banks, have flocked to them. Bitcoin […]