The Cons of Decentralizing Banking Systems

Cryptocurrency has gone through several iterations since its inception. Where is it headed in the next decade? How does crypto affect the average person? Scott Condie, Financial Economist and Associate Professor at Brigham Young University, talks through the future of cryptocurrency and its role in our modern economy. With so many changes happening so rapidly, the next era for cryptocurrency is exciting, uncharted territory.

Cryptocurrency has a reputation for being the go-to financial workaround for illegal activity. Although there has been fraudulent behavior since its inception, there is a significant drop in the amount of criminality involved, thanks to regulation.

What’s next for cryptocurrency mining? As government policies across the world ebb and flow, so will many mining operations, leading to geographical shifts based on energy costs, regulations and other country-specific factors.

Paper money has been on a steady decline for years. With so many alternative payment methods becoming available—credit cards, mobile phones, wearables—cash will become decreasingly important in modern economies.

How does cryptocurrency actually work? Does the general ledger ensure financial legitimacy? Let’s break down this seemingly complex phenomenon into layman’s terms with a simple example transaction.