We all know bitcoin. Well, sort of. What about other cryptocurrencies like ether, litecoin, EOS, or Facebook’s libra?
Central banks, as finweek readers would know, control the supply of money. They regulate the monetary system tightly to ensure stability. It has worked fine thus far. Well, mostly. Save for Weimar Germany, Zimbabwe, Venezuela and others. Commercial banks, of course, facilitate financial transactions within the system. But commercial banks have grown obese and slow-witted on inflated transaction fees, leading to marble-bedecked lobbies and, often, arrogance and complacency – especially in an age of rapid new technology-driven deployment options.
Recently a great rumbling was heard, especially among a few tech nerds. Money is a private affair, they said, we need a new sort of money. We want a financial system in which there are no central banks and prying eyes, and which is infinitely secure, immutable, borderless and answerable to no central authority.
And so, in 2010, bitcoin was born. For the first time there was a small but noisy competitor to the traditional monetary system. Bitcoin was designed, from the ground up, as a token of exchange between strangers. Particularly untrusted strangers. It turned out to work exactly as envisaged.
What is bitcoin?
The bitcoin blockchain allows your wallet to send bitcoin currency to someone else’s wallet. Delivery is guaranteed, can’t be changed, is logged forever (literally), is perfectly accurate, reasonably fast (at a negligible fee) and can be used anywhere in the world. Currently, banks cannot match this on any level.
Bu hikaye Finweek English dergisinin 15 August 2019 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Finweek English dergisinin 15 August 2019 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
THE HEALTH OF SA'S MEDICAL SCHEMES
As the Covid-19 pandemic abates, finweek takes a look at the financial performance of some of the largest players.
The effect of Gilbertson's departure
With Ntsimbintle Holdings now the major shareholder of Jupiter Mines, it could change SA’s manganese industry.
Making money from music
Why investors are increasingly drawn to the music industry.
Conviction is key
Sandy Rheeder plays a critical role in Mukuru’s mission to open up financial services to the emerging consumer market in Africa through tailor-made technology solutions and platforms.
The post-pandemic toolkit
How CFOs can use technology to support growth.
Big city living exodus
Mini cities like Waterfall City and Steyn City are redefining city-style apartment living.
Big compact, big value
Handsome, with a hefty level of standard specification, the roomy Haval Jolion compact crossover is a great value proposition.
On barriers to entry
There are various ways in which a company or sector can achieve competitive dominance. They usually make for good investments.
Fear and greed in one index
To buck the trend, when markets are hot or cold, is a tough thing to do. However, it can deliver solid returns.
Africa's largest data centre facility coming soon
Vantage Data Centers plans to invest over R15bn for its first African data centre facility in Attacq’s Waterfall City.