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Bitcoin explained: How do cryptocurrencies work? - BBC News

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◽ Governments are not in favour of accepting cryptocurrencies since these undermine the states sovereignty

◽ Due to the huge energy inefficiency of most cryptocurrencies there is doubt if they would be viable replacement of fiat currencies

◽ (Questionable disembedded)

◽ From a demographical perspective mostly young people with certain political ideologies are interested in promoting cryptocurrencies

◽ Referring to Fichte, German philosopher, a value should provide stability and security. From a financial perspective cryptocurrencies are very fluctuating when it comes to price (1 Bitcoin = 40,160.00$ at the time of creating this Padlet) as can be seen from the graph below ⬇

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◽ Instead of relying on banks to keep track of records, cryptocurrencies utilize the technology called Blockchain for the recording of payments

◽ This use of the blockchain technology allows it to be "disembedded" from the traditional banking system

◽ In his peer-to-peer payments network, all transactions between participants are verified for their legitimacy

◽  This is done in the course of the so-called mining process by solving extremely complex cryptographical problems

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Critical reflection on the Peer Review 🔍

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Critical reflection on the Peer Review 🔍

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Reflecting on the provided feedback by our colleagues we have taken into account the following criticism:

◽ The shorter length of the introduction, which we mainly treated as brief introduction, could have been more explicit right from the start. This is something that we address more carefully in the future

◽ We do notice that some sentences may exhibit additional or non-relevant information and we will be aiming to be more succinct

◽ Some discrepancies might have appeared partially due to the fact that multiple people have worked on this essay and therefore different types of terminology were used, but we will keep this regard in our minds for next time

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◽ Cryptocurrencies are quite a contemporary and heated topic with a lot of articles and new information being published almost every day. It was a bit challenging filtering out all the materials we have prepared for the essay.

◽ We had to economize words in our essay in the end. We had a lot of things we wanted to mention but had to take out a few sentences and compress some of the sentences so we would fit into the word limit.

◽ As is mentioned in the point above, we could not really mention topics that are in some way related to cryptocurrencies or blockchain e.g. NFTs (Non Fungible Tokens) because they would occupy quite a substantial amount of space to be fully elaborated on.

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So far, crypto-values are not used as a day to day value. To help spreading the use of those Nuri (Bitwala) enters in the scene.
Giving their clients the possibility to have a credit card that coverts directly their ordinal value into Bitcoin.

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Nuri gives you everything you need to grow your wealth: A top-notch bank account, debit card and safe access to the world of cryptocurrency.

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◽ There is a high likelihood that new regulations will be placed on Cryptocurrencies

◽ Cryptocurrencies are unlikely to replace fiat currencies if their energy inefficiency is not addressed

◽ We will likely see some form of digital currencies issued by central banks in the upcoming years

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Interested in Central bank digital currencies?

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Interested in Central bank digital currencies?

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We would recommend the following video ⬇

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Why Central Banks Want To Get Into Digital Currencies