With some autocratic regimes now using digital money for economic control and surveillance, can the original promise of cryptocurrency endure?
Ten years ago, bitcoin was introduced as the first open-source, decentralised, peer-to-peer cryptocurrency. The idea of money perpetrates every level of our lives. We trust that someone will accept our money in exchange for goods and services almost everywhere we go. Society relies on banks and governments for this, but since the 2008 financial crisis shook people’s faith in these institutions, the system is being questioned more and more. The architects of bitcoin designed it to solve challenges created by conventional currencies.
Digital currencies reconstruct the idea of money and place faith in technology instead of centralised institutions. Bitcoin was the first cryptocurrency and is still the biggest, but since it was created, alternatives have come along. All of them have the same basic idea: they use a blockchain, a shared public record of transactions, to create and track digital tokens, and these can only be made and shared according to the agreed-upon rules of the network.








