Cryptocurrencies: market study and viewpoints
Cryptocurrencies are digital financial assets, for which records and transfers of ownership are secured by a cryptographic technology instead of a bank or other trusted third party. They can be viewed as financial assets as they bear some value for cryptocurrency holders, even though they intend no matching obligation of any other party and are not backed by any physical asset of value such as gold, for instance, or the equipment stock of an enterprise.
As the term cryptocurrency, and the other terminology employing ‘coin’, ‘wallets’ in the original white-paper advising the supporting technology for Bitcoin (Nakamoto 2008) all convey, the original developers consciously tried to grow a digital transfer mechanism that corresponded to direct transfer of physical cash used for payments or other financial assets—such as valuable metals and ‘bearer bonds’—that like cash also modify hands through physical transfer.
Cryptocurrencies can be seen as a portion of a broader class of financial assets, “crypto-assets” with related peer-to-peer digital exchange of value, without bearing on third party institutions for transaction certification intention.
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