@DailyNation

Fiat currencies or cryptocurrencies? It depends on where you put your trust - 8 months ago, 12 June 10:35

By: John Walubengo

I have deliberately avoided talking about cryptocurrencies, because I felt it would divert attention from its more important underlying technology – blockchain.

However, due to public demand and in light of the increasing interest in some of the more popular cryptocurrencies like bitcoin, it would be important to try to demystify the topic.

First, let us dispense with the definitions. What exactly is a cryptocurrency and how does it differ from “traditional” money or what is technically known as the fiat currency?

There are three elements that make up a currency: it must be a unit of account; it should be a medium of exchange; and it should have the capacity to store value.

The Kenyan shilling is a currency because it can be used to measure the value of goods and services. It is also a medium of exchange since we use it to purchase goods and services. Finally, it is a ...
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