London Daily

Focus on the big picture.
Saturday, May 31, 2025

Crypto-Fabulous: What Exactly Is Cryptocurrency and Will It Ever Truly Become 'The People's Crypto'?

Crypto-Fabulous: What Exactly Is Cryptocurrency and Will It Ever Truly Become 'The People's Crypto'?

The world's most famous cryptocurrency, Bitcoin, has seen a meteoric rise past $50,000 in recent weeks, and the word 'crypto', an unfamiliar reference to a new type of currency exchange, has now become ubiquitous in the media.
The cryptocurrency craze has grown to new heights after Tesla chief executive Elon Musk tweeted, "Dogecoin is the people's crypto" in early February, sparking a #DogcoinArmy campaign to promote the new currency.

The alt-coin bearing the Shibu Inu meme that nearly broke the Internet in 2012 started as a joke in 2013, but is no longer a laughing matter as investors rush to purchase the cryptocurrency, which has reached market capitalisation of $7.2bn.

But talk of the word 'crypto' is much less a mystery as it seems, as the word refers to the cryptographic 'handshake' via blockchain, a technology used to verify peer-to-peer exchanges which gives the currency its underlying asset value.

According to the Wall Street Journal, 'crypto' refers to the Greek word 'kryptos', meaning 'secret' or 'hidden', and later passed to Latin as 'crypta' and into English as 'crypt'.

Rumours of a cryptographic means of finance erupted in October 2008 after an anonymous source with the pen name Satoshi Nakamoto published the paper "Bitcoin: A Peer-to-Peer Electronic Cash System", which would later set the stage for a currency exchange that would revolutionise financing globally.

What began as Bitcoin quickly took off, changing shape into numerous altcoins such as Ripple, Ethereum, Dogecoin, Litecoin, Nano and many others, giving rise to an open-source, decentralised financial (DeFi) system in the hands of the public.

As governments began building stablecoins, or cryptocurrencies designed to limit market volatility, for central banking systems and public investors promote DeFi currencies, further debates over who controls the future of cryptocurrency and how they will be applied as a means of exchange are well underway.

European Central Bank president Christine Lagarde hinted of a digital Euro at an event in January, while China is leading the globe in piloting digital 'red packets' in Shenzhen, Shanghai and Beijing, among others, amid the Lunar New Year.

Germany also also passed a law in December last year backing digital securities to boost transparency of blockchain technologies.

Abishur Prakash of the Center for Innovating the Future said in an exclusive report that cryptocurrency and blockchain would become a top tech geopolitical risk in 2021 reshaping the future of finance.

Despite this, the future of crypto retains its original meaning - shrouded in mystery - but analysts are clear the rising currency will only take off.
Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Trump Threatens 25% Tariff on iPhones Amid Dispute with Apple CEO
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
Liverpool Car Ramming Incident Leaves Multiple Injured
Australia Faces Immigration Debate Following Labor Party Victory
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
Macron Dismisses Viral Video of Wife's Gesture as Playful Banter
Cleveland Clinic Study Questions Effectiveness of Recent Flu Vaccine
Netanyahu Accuses Starmer of Siding with Hamas
Junior Doctors Threaten Strike Over 4% Pay Offer
Labour MPs Urge Chancellor to Tax Wealthy Over Cutting Welfare
Publication of UK Child Poverty Strategy Delayed Until Autumn
France Detains UK Fishing Vessel Amid Post-Brexit Tensions
Calls Grow to Resume Syrian Asylum Claims in UK
Nigel Farage Pledges to Reinstate Winter Fuel Payments
Boris and Carrie Johnson Welcome Daughter Poppy
×