Cryptocurrencies are digital currencies in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
There are numerous cryptocurrencies of which Bitcoin is, by far, the most well-known.
The Money Show's Bruce Whitfield interviewed Scott Cundill, internet entrepreneur, researcher and founder of Majestic3.com, for his weekly "The Science Of" feature.
Scroll down to listen to the audio.
eBucks is not a cryptocurrency, because it is centrally created.
— Scott Cundill
This can disrupt banking in the way that Uber has disrupted the taxi industry.
— Scott Cundill
Cryptocurrencies won’t ever close down like the banks are doing now in Greece.
— Scott Cundill
Currencies now are based on confidence. It’s not backed by anything, only debt. Is it not worth looking at alternatives?
— Scott Cundill
The acceptance of Bitcoins is growing exponentially. There are now more than 100 000 merchants around the world that accept it.
— Scott Cundill
The most beloved aspect of Bitcoin is the block-chain technology that supports it.
— Scott Cundill
Bitcoin came out in 2009. We don’t know who created it.
— Scott Cundill
This article first appeared on 702 : How Bitcoin may be the death of money (and central banking) as we know it
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