Crypto Currencies: History, Function, Potential

Author:Dr. Andreas Glarner
Profession:MME Legal | Tax | Compliance
 
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A cryptocurrency is a medium of exchange using cryptography to secure the transactions and to control the creation of new units using decentralized control. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoin became the first decentralized cryptocurrency in 2009 and still is today the most accepted cryptocurrency available. The decentralized control is related to the use of bitcoin's block chain transaction database in the role of a distributed ledger.

Crypto Currencies and in particular the blockchain technology are an innovation with the potential to change how our financial system works. But Crypto Currencies also raise various yet unanswered legal questions to be tackled while implementing the new technology.

In his article (in German only), Luzius Meisser explains the history of Crypto Currencies and the principles how they work and what potential the blockchain based technology has. Focusing on Bitcoins, the author aims at providing the...

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