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Despite only coming into the public consciousness a decade ago with the invention of bitcoin, it's developed into a multibillion-dollar industry. Despite its growth, for many people not involved in tech cryptocurrency is still a big unknown. Here are answers to some questions you might have. Perrin said it's estimated the amount of legal tender around the world that exists in a physical form is only between two and 11 per cent, with the rest being stored digitally.
First, it's encrypted — hence the "crypto" part of its name. The creation of coins and transactions are verified by a type of cryptography. Records of deposits and withdrawals at banks are all recorded on a ledger. Some of that money ends up in circulation, but the rest is held by the bank. Cryptocurrencies also use a ledger, but a decentralized one called the blockchain more on that below. It records transactions publicly, on servers around the world, cutting out the need for a central bank to manage and hold on to that money.
For some, the appeal of cryptocurrency is that it's a currency system separate from banks and governments. So, hypothetically, a corrupt government can't shut it down and it wouldn't be hit by a banking crisis, like the stock market crash of the s.
That's because most of the currencies aren't controlled by a corporation or run on a central server. Napster was a file-sharing site that was shut down in the early s after a court injunction due to complaints of copyright infringement.
Users uploaded their own files directly to the server, making it easy for the government to pull the plug on the file transfers. After Napster's demise came more resilient sites like BitTorrent, that instead split up the downloads to host files on computers around the world. Even if they pulled all the Canadian servers, the torrents would still be up. Comparing the Canadian dollar to Napster isn't exactly flattering, but if you talk to some cryptocurrency advocates, that's exactly how they view government-issued currencies — risky, and soon-to-be defunct.
But it's not the only reason people buy in. Some are speculative investors, hoping to make a buck off coins that are rapidly rising in value.
Cryptocurrency caution: buyers beware the cybercash hype. And others are experimenting with the blockchain technology itself, seeing how it can be used to push past the traditional definition of money. It was invented in by an anonymous inventor or group of inventors who call themselves Satoshi Nakamoto. Bitcoin uses the blockchain, which is a distributed ledger that publicly records all transactions.
On the blockchain, a bunch of different people around the globe hold onto identical copies of the transaction ledger on their computers. Each time a transaction happens, the nodes have to independently update and verify it from chunks of data called blocks, which are strung along in a chain that together comprises the entire record of transactions that have occurred, going back to the first bitcoin ever transferred in Each block contains a collection of unconfirmed transactions, the timestamps of the transactions, and a reference to the last transaction on the ledger that was confirmed.
Miners set a computer program to work solving a difficult mathematical puzzle that's unique to each block. The program crunches numbers until it spits out a string of letters and numbers — a hash — that act as a proof the miner has solved the block's puzzle and verified the transaction. That proof then gets broadcast to all the other nodes to confirm they're on the same page.
If the nodes come to a consensus, the transaction gets added to the ledger and each miner starts work on a new block. So what's in it for miners to keep the network going? Well, they get paid in bitcoin for verifying the transactions. There's a finite amount of bitcoin and the individual coins have risen sharply in value since the network began, meaning that mining can be quite lucrative especially in places where electricity is cheap.
One bitcoin mining facility near Drumheller, Alta. And many people have chosen to lend their home computing power to bitcoin mining operations as well, earning between dozens and hundreds of dollars a month above their power bills. But Perrin said there are more than 2, cryptocurrencies — colloquially called altcoins, or alternatives to bitcoin — most of which are wildly different from each other.
And that number is rapidly growing. The first thing you need to buy cryptocurrency is a wallet — and not the leather kind you keep in your pocket.
A wallet is a software program that stores private and public keys that are used to send and receive cryptocurrency. A wallet can be as complicated as an app on your phone or computer, or a string of numbers you write down on a piece of paper. There's no way to recover those coins because it's not stored or backed up centrally, the way you can still access your bank account if you lose your debit card. Funds are sent to a public key — that's kind of like an email address an e-transfer is sent to.
Then you can access your money with a private key, which functions like your password and should be kept secret. Once you have a wallet set up, you can buy currency at either ATMs or at brokers or currency exchanges. But while you can trade between Canadian dollars and cryptocurrency on an online exchange, you should never leave your money sitting in one like you would with a bank, said Perrin.
And it's much less safe than a bank, as exchanges are newer and they have varying levels of security. While bitcoin initially gained notoriety for being used to purchase illegal goods like drugs on the dark web, it has a variety of legitimate uses. In Calgary, an office building accepts lease payments in cryptocurrency, and another company will let you pay for your renovations in bitcoin or ether. Yes, even though cryptocurrency is touted as an anonymous investment, the Canada Revenue Agency's rules still apply to all digital currency transactions as it's considered a commodity.
Investors are expected to keep track of their own trades and report any profits as part of their income. The Financial Consumer Agency of Canada has a website with advice and information on the laws surrounding cryptocurrencies. Since cryptocurrencies aren't backed by governments, the coins' only value is assigned by those who decide it has worth — meaning that value can fluctuate wildly.
The combination of very few coins in the market and speculation-fueled demand led to a meteoric rise in late , followed by a massive crash in January — bigger than the tech stock crash during the dot-com bubble. But that hasn't dampened the coins' appeal for advocates who say cryptocurrency has the long-term potential to be a game-changer in the global economy.
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Comments are welcome while open. We reserve the right to close comments at any time. Join the conversation Create account. Already have an account? Curious about cryptocurrency? Calgary Curious about cryptocurrency? Here's everything you need to know Cryptocurrency is big business, but for many not in the tech sphere, it's still a big unknown.
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