Scripting A New Currency

Governments all over brace themselves as the cryptocurrency bitcoin takes the world by storm.

- Hazel Austin 

It has taken the world by storm and very few topics can ignite conversations and debates like the bitcoin has in the recent years. Governments are still unsure about the stand they’d like to take as many opt for the wait and watch before they decide what is to be done on the matter. FWD Business attempts to decipher this offshoot of cryptocurrency and demystify the concepts and technology around bitcoin.

WHAT IS CRYPTOCURRENCY? 

Financial wisdom website Investopedia describes cryptocurrency as a digital currency or virtual currency that uses cryptography for security. This brilliant piece of technology backing the digital currency makes any sort of attempt at counterfeit purportedly a challenge. But the global appeal, however, comes from the organic nature or the fact that the decentralized nature of its functioning makes it immune to government or manipulation of sorts. Decentralized, because, its transactions are overseen by a distributed network of computers, which theoretically means that no central authority, such as banks or governments, can control the flow of the currency.

Theoretically, most cryptocurrencies are designed to decrease in production over time like Bitcoin, which creates a market cap on them. Bitcoins in itself is said to have a finite supply of 21 mln which is expected to be capped by the year 2140. But, what shrouds the currency in mystery is the lack of understanding about the technology it is based on or how disruptive it can actually be.