In the wake of a global new found love for fresh economic frontiers, crypto currencies have emerged as a way of gaining massive amounts of wealth in almost complete anonymity.
What are crypto currencies?
Well, explained in a plain and simple language, they are what you get in exchange of using your available computing power to solve complex mathematical problems (hashes), be them for ledger purposes or crunching of advanced researches data.
What is the good thing about them?
They do not have a central bank that controls everything and everyone can start his own Crypto currency, as the tools for doing so are widely and openly available.
Everyone can have a wallet, or more than one, and no personal data correlated to it, thus the complete anonymity.
Everyone knows how much of that specific currency is around as the ledger is available to all of the participating parties, and above all the maximum amount of currency to be issued is well defined.
They are very secure and almost impossible to fake.
They can be exchanged with available partners all over the world, needing just an internet connection.
Wow, although the above are not all the benefits you gain from using crypto currencies, why are they not so wide spread and widely accepted?
First thing they are not regulated, and every day you can hear news of Crypto currencies exchanges going bust or bubbles being created and blown with their pricing (Bitcoin or others).
Complete anonymity does not cope very well with laws and regulations, AML being one of the first to suffer.
They cannot be used everywhere, although giant steps are being undertaken to allow them as national currencies or at least adopting the underlying technology to major stock exchanges (NYXBT).
We have to be ready, crypto currencies are coming for us and they will show no mercy for the already established AML and/or Fraud flows and processes.
Hoping you will find this interesting.
