The Crypto-Currency Revolution

On February 3, 2015 Professor Mark Naigles and freshman Russell Katz, enlightened the audience about the growing popularity of encrypted money, also known as Crypto-Currency. The history behind money is fascinating, dating back to BC and even earlier, if bartering is considered legal tender. Professor Naigles covered the Gold Standard. Did you know that when the gold standard was in use, you could bring a $100 bill to a bank and exchange it for $100 worth of gold? This was primarily used from 1875-1914.

Russell Katz presented next, talking about the background of encryption and tying it into money. Bitcoin is encrypted currency, currency that is not easily traceable because it has an internet coded “lock” on it. Bitcoin has been all over the news for the last few years, most commonly associated with the backroom “black market” site, The Silk Road. However, it is not just illegal websites that accept Bitcoins. Many reputable businesses accept payment in Bitcoins, for example, Overstock. But Bitcoins have been the center of the black market scandal, which has very much tarnished their image. Katz stressed that “Bitcoin itself is not the future, but crypto-currency is.” He believes that encrypted money is not going anywhere, and in the future, it will be a major business asset.

Susan Wayman, Director of The Fischer Institute, plans to bring more events about crypto-currency to campus. This is an important topic in the business world and, though small right now, it will continue to rise in popularity. Look for Part 2 of The Crypto-Currency Revolution.

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