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Decrypting Cryptocurrency, Blockchain and Related Topics

Thursday, August 9, 2018   (0 Comments)
Posted by: Heather MIller

There was once a time where currency did not exist. Really. There were no paper notes to trade, and no coins to pass from hand to hand. Barter was the “coin” of the world and the value of an item depended on the individual who possessed it and the individual who wanted it. Over the centuries, traditional currencies began to emerge: coins around 700 BCE and paper notes in the 11th century. 

Today, a large amount of our currency exchange is handled digitally. Chances are a business has used an electronic payment, such as ACH, or ordered supplies from an online vendor.  A consumer is more likely to have placed an online order but could just as easily have transferred money to a peer using PayPal or Venmo, or simply paid a bill online. 

What all these transactions have in common is that their processing takes place over a centralized network; digital monies flowing through a trusted third party, i.e., a financial institution, who keeps a record of the transaction. But, what would happen to those records if the financial institution was compromised?  How would you know that your financial information was protected? Where is the transparency to make sure that the institution is doing what it says it will do? Are your monies really secure?

Members: click here to read more about the topics above, plus pros and cons of cryptocurrency, potential use cases, taxes and more! 

 Not a member? Click here, to learn about the many benefits of becoming a NAPCP member!


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