To what extent have cryptocurrencies influenced the development of modern…
To what extent have cryptocurrencies influenced the development of modern economy?
single computer protocol, keep track of trades, blockchain
no signatory defaults on obligation
reduce fraud and mediation fees
Lets parties that do not trust each other take loans, smart property is a collateral, much less trust necessary to trade smart property
Too much accuracy - no changing terms
Lack of transactional privacy - pseudonymous. Miners?
More about transferring money, contractual agreement (Crypto tokens, the escrow agent) Agents decide who is at fault in case of a problem
Eliminated motivation for frauds
Safe since funds are kept secure, secure wallet and payment processor - require multiple signatures to be released, additional layer of trust
Security is debatable- many professional impostors online
System repsponse delays
High transaction fees
Digital assets, distributed network, e-government???
Effective usage for fighting diseases- saves funding
Cryptocurrency can not be counterfeited or duplicated
Digital ID - digital record, punishment and labour productivity
Problem of mining - mining farms . More public audience involved- more fluctuations, government can not control and be responsible
Dark net- more anonimity and more criminal activity that disrupts internet services