Today, the value of currencies is based on national power. Tomorrow, cryptocurrencies that are based on cryptography may provide an alternate source of wealth and exchange that can operate independently of a central bank or authority. The most well-known cryptocurrency is Bitcoin, which is already used as a medium of exchange by many online-​particularly on the dark web. Cryptocurrencies such as Bitcoin are undoubtedly the precursor to major changes in the banking and finance industries brought about by the internet. In the future banking will be different, although it’s not clear how just yet.
Credits: Talking: Geoffrey Challen (Assistant Professor, Computer Science and Engineering, University at Buffalo). Producing: Greg Bunyea (Undergraduate, Computer Science and Engineering, University at Buffalo).
Part of the www.internet-class.org online internet course. A blue Systems Research Group (www.bluegroup.systems) production.