The concept of cryptographic currency is not new. Efforts to launch digital currencies began in the 1980s, with cryptocurrencies following closely behind in the 1990s. About eight years ago, a pseudonymous cryptographer known as Satoshi Nakamoto introduced Bitcoin as a digital analog to gold: Limited in supply, but secured by modern cryptography, and made for the internet age. Bitcoin and alternative cryptocurrencies are starting to see widespread adoption. The main innovation behind cryptocurrencies is that, instead of relying on a trusted third party, transactions are recorded and propagated in a distributed ledger known as the blockchain. This allows transactions to be trustless, censorship-resistant, permissionless and private. There’s a lot of excitement about cryptocurrencies. Optimists claim cryptocurrencies will fundamentally alter payments, economics and event ...

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