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Sociological and Political Aspects of Cryptocurrencies
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A new appetite for cryptocurrencies arose last year, and it has not diminished during this course of 2021. Why? These currencies are more secure, being now better supervised by the public authorities, but they still scare political leaders who react by imposing increasingly intrusive regulations. They are also looking to launch their own cryptocurrencies, the central bank digital currencies.

The main technical aspects of these cryptocurrencies are easy to summarize. Their base is the blockchain, which is a technology for storing and transmitting digital data. It’s probable industrial origins reduce the number of intermediaries who are responsible for verifying and preserving the data of the traders in a lasting and always verifiable form.

The principle of the blockchain is very simple: every transaction is encrypted in such a way that it integrates in blocks in its cryptogram all of the preceding transactions. This, in monetary matters, prevents anyone from involvement without having the necessary money first. Hence, no bouncing checks, no fear of bankruptcy, no blind trust in an intermediary – since there is no intermediary.

The corollary of this encryption is the anonymity of both the payer and the receiver. This makes cryptocurrencies a convenient medium for all illegal operations: payment of ransoms in Bitcoins, purchases of illegal weapons, illicit trafficking, concealment of secret capital gains. The paradox is that this double anonymity of the payer and the receiver goes hand in hand with total transparency of transactions. Everyone involved in crypto exchanges is informed of all transactions.
© Union of Catholic Asian News 2024
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