Cryptocurrency (WIRED guides): How Digital Money Could Transform Finance

Cryptocurrency is a digital currency that has the potential to change the world of money. WIRED Senior Editor Gian Vopicelli explains its development, operation, jargon, political and economic ideologies, and potential impact.

Format: Paperback / softback
Length: 224 pages
Publication date: 15 July 2021
Publisher: Cornerstone

The past decade has witnessed the unwavering surge of cryptocurrency as a novel alternative to traditional digital currency. However, the intricacies of this digital phenomenon and its potential to revolutionize the financial landscape remain shrouded in uncertainty. In this comprehensive and concise guide, WIRED Senior Editor Gian Vopicelli takes readers on a journey to unravel the enigmatic world of cryptocurrency. He provides a comprehensive overview of its development, elucidating the intricate mechanics that underpin its operation. Vopicelli demystifies the jargon that has emerged alongside this revolutionary technology, encompassing terms such as blockchain, Bitcoin, stablecoins, mining, smart contracts, and forking. He delves into the political and economic ideologies that drive cryptocurrency, exploring the diverse perspectives and beliefs that shape its trajectory. Moreover, he addresses the central question that looms over the cryptocurrency realm: will it truly possess the transformative economic and social impact that its ardent advocates predict?

Cryptocurrency, a digital currency that operates independently of central banks, has gained significant attention in recent years. It is decentralized, meaning it is not controlled by any government or financial institution. Cryptocurrencies use cryptography to secure and verify transactions, and they are often traded on decentralized exchanges.

One of the key features of cryptocurrency is its potential to revolutionize the way we think about money. Traditional currencies are issued and controlled by central banks, which can manipulate interest rates and print more money to stimulate economic growth. However, cryptocurrencies are decentralized, meaning they are not subject to these same controls. This can lead to greater stability and security in the financial system, as well as more control for individuals over their own money.

Another potential benefit of cryptocurrency is its ability to facilitate faster and cheaper transactions. Traditional financial transactions can take days to process, and they can be expensive due to fees and commissions. Cryptocurrencies, on the other hand, can be transferred instantly and at a fraction of the cost. This can make it easier for people to access financial services, especially those in developing countries who may not have access to traditional banking.

However, there are also concerns about the potential risks associated with cryptocurrency. One of the biggest concerns is its volatility. Cryptocurrency prices can fluctuate rapidly, making it difficult for people to predict their value and make informed decisions about investing. This volatility can also make it vulnerable to fraud and hacking, as well as other security risks.

Another concern is the lack of regulation in the cryptocurrency market. This can make it difficult for consumers to protect themselves from fraud and other risks, as well as to ensure that the market is fair and transparent. Some governments have taken steps.

In conclusion, the past decade has seen the relentless rise of cryptocurrency as an alternative form of digital currency. While it has the potential to revolutionize the way we think about money and facilitate faster and cheaper transactions, it also presents significant risks. It is important for consumers and policymakers to be aware of these risks and to take steps to protect themselves and ensure that the cryptocurrency market is fair and transparent. As the technology continues to evolve, it will be interesting to see how it shapes the future of finance and society.

Weight: 186g
Dimension: 129 x 177 x 24 (mm)
ISBN-13: 9781847943279