Encryption protects cryptocurrencies. What protects encryption?
We are witnessing an economic revolution. Not quite as grandiose or desctructive as the final scene of Fight Club when Project Mayhem detonates bombs to take the entire financial system down. But still much more drastic than what the financial system has dealt with in decades.
Bitcoin and other crypto-currencies crashed the fiat money party uninvited and created a commotion. Crypto-currencies are not backed by any government or institution. Therefore no government can print crypto-currency nor can they stop it from being printed. Governments can not control crypto-currency transactions, flows, or prices of crypto-currencies against their national currencies.
Bitcoin price has skyrocketed within last couple of years and it has been thought of as a practical wealth repository, a digital gold.
Some other crypto-currencies with fast transaction potential are rivaling actual fiat money for daily use. Crypto-currencies have also seen wide adoption at countries where the government is perceived to be corrupt and therefore national currency is not trusted as there risk of de-valuation, seizure by government from bank accounts, etc.
The enthusiastical uptake of crypto-currencies can be attributed to trust in the underlying blockchain technology. They are ‘mined’ by…
