- If the future of money is decentralized, most of today’s cryptocurrency exchanges are still stuck in the past.
- Satoshi Nakamoto created Bitcoin and its distributed accounting ledger, called the blockchain, so that people could trade units of value without the need to trust centralized authorities like banks (For more: “What Bitcoin Is, and Why It Matters”).
- Switching back and forth between fiat money and cryptocurrency will require a traditional point of exchange for the foreseeable future.
- The idea hinges specifically on so-called smart contracts, software code that can be stored in a blockchain and set up to programmatically govern transactions.
MIT Technology Review - 2 years ago