Cryptocurrency is digital money you can’t hold. It’s managed by a decentralized network outside the governance of any country’s economy or government, unlike traditional, governmentally regulated legal tender. But is that a good or bad thing? Chargebacks911 COO Monica Eaton weighs in as part of a recent feature for Readers’ Digest.
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The author states that understanding digital currency means going beyond just cryptocurrency; it’s about learning a new vocabulary. Start with the blockchain, which plays an essential role in cryptocurrency. The blockchain ledger is duplicated and maintained on numerous computers around the world.
“A government can’t pass new laws that artificially inflate or deflate its value on the open market,” Monica says in the piece. “When everything works perfectly, cryptocurrency is secure, confidential, and independent of political chicanery.”
In the future, cryptocurrency may be even more commonplace. At the moment, though, cryptocurrency represents a highly volatile and unregulated market rife with political complications, potential financial ramifications, and a fair share of scams. In this case, cryptocurrency bears a rather large “buyer beware” moniker.
