Virtual Gold: Crypto

Concepite nei giri più radicali di teorici dell’economia, le criptomonete si proponevano come una rivoluzione del sistema monetario attraverso l’uso della tecnologia. Rappresentano una vera alternativa o sono solo una nuova e sofisticata forma di speculazione e di truffa?

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Glossary Stampare

Glossary

+ cryptocurrency: criptomonete 
 + to stun: stordire 
 + claim: affermazione, 
dichiarazione 
 + countless: innumerabili + purportedly: presumibilmente + launch: lancio,rilascio + to regard: considerare + money laundering: riciclaggio di denaro + to shake up: scuotere + policies: politiche + to profit: trarre profitto + oversight: supervisione + savings: risparmi + to avert: evitare + developers: programmatori + to prompt: spingere + fiat: fiduciario + to rocket: salire alle stelle + assets: beni + to lay the foundations: mettere le basi 
 + purposes: propositi + to embed: incorporare + to lure: attrarre + alleged: presunte + to track: tracciare + ledger: registro + to store: immagazzinare 
 + thus: così
455 Cover ITA February 23

Questo articolo appartiene al numero February 2023 della rivista Speak Up.

The first decentralised cryptocurrency + cryptocurrency: criptomonete 
 was invented in 2009 by a programmer using the pseudonym Satoshi Nakamoto. Bitcoin, and the technology that made it possible, stunned + to stun: stordire 
 the world with its claim + claim: affermazione, 
dichiarazione 
 to revolutionise the entire economic system, making it more democratic, more transparent and more stable. Today, there are countless + countless: innumerabili cryptocurrencies available, with Bitcoin still the most popular. However, despite the purportedly + purportedly: presumibilmente high ideals behind its launch + launch: lancio,rilascio , cryptocurrency is now regarded + to regard: considerare as notoriously volatile, rarely used outside of speculation or money laundering + money laundering: riciclaggio di denaro , and does little to shake up + to shake up: scuotere the economic status quo. 

the ideal

The original aim of cryptocurrencies was to serve as an alternative to the established monetary system, dominated by central banks that dictate monetary policies + policies: politiche and by financial institutions that profit + to profit: trarre profitto from acting as intermediaries between individuals.

Cryptocurrency’s creators argued that with a functioning digital currency system, transactions could be made without the oversight + oversight: supervisione of third parties, and government and central banks would not have control over the creation of money or the setting of interest rates, so problems like inflation (which devalues savings + savings: risparmi ) would be averted + to avert: evitare .

EVOLUTION

In the decade that followed its launch, the idea of an alternative payment system became increasingly attractive to developers + developers: programmatori . Built on open source software, Bitcoin prompted + to prompt: spingere the creation of thousands of other cryptocurrencies, including Ethereum, Tether and BNB (Binance Coin). In the past few years, the value of cryptocurrencies in real — or fiat + fiat: fiduciario — money has rocketed + to rocket: salire alle stelle and they have become increasingly attractive assets + assets: beni for investors. As such, far from laying the foundations + to lay the foundations: mettere le basi 
 of an alternative monetary system, cryptocurrencies are mainly used for speculative purposes + purposes: propositi .

AESTHETICS

Critics say that cryptocurrencies have become an online casino, attracting investors but also many young people who hope that it will make them rich. Embedded + to embed: incorporare in online communities, so-called ‘crypto’ lures + to lure: attrarre in potential users with its videogame aesthetics and the alleged + alleged: presunte infinite possibilities of the blockchain technology, which appears to promise an economic revolution.  

HOW THE BLOCKCHAIN TECHNOLOGY WORKS

Cryptocurrency is a payment system that uses advanced cryptography and digital signatures to secure the system and transactions in a decentralised way, which means that there isn’t a single central controller in charge of the money or tracking + to track: tracciare where the money is. One of the main innovations of Bitcoin was the design of the blockchain technology: a decentralised ledger + ledger: registro that stores + to store: immagazzinare 
 encrypted blocks of data and chains them together. The blockchain technology allows the money to move from one account into another using private keys to validate the transaction. It is put into a ledger that is encrypted and that records the transaction as permanent, stopping the user from spending that same digital money twice. This allows digital assets to be distributed among many computers instead of being copied in a central database, thus + thus: così creating an immutable record of each transaction that cannot be altered by any single party.

Crypto: The Future of Money or a Scam?

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