# Future of Finance (DD-188)

> A cryptocurrency is a digital currency that uses cryptography to secure transactions and usually runs on a decentralized ledger called a blockchain rather than through a central bank. Bitcoin, launched in January 2009 by the pseudonymous Satoshi Nakamoto, was the first decentralized cryptocurrency. Thousands of others, often called altcoins, have followed. Supporters point to lower barriers to access and to privacy; critics and regulators point to price volatility, fraud, and use in illegal activity. Regulation varies widely by country. The footage shows coin graphics and charts, with the presenter.

- Department: History (also Tech)
- First published: 2024-01-18
- Last updated: 2024-01-18
- Permalink: https://detailenjoyer.com/case/future-of-finance/
- Author: Marcus Easterling (DetailEnjoyer), The Detail Department

## On the timeline

- **January 2009**: Bitcoin launches

Full timeline: https://detailenjoyer.com/timeline/?case=future-of-finance

## Quick facts

- **DD-188-F01**: Cryptocurrencies use cryptography for security. _(Write-up · Exhibit A (Cryptography))_
- **DD-188-F02**: Most run on a decentralized blockchain. _(Write-up · Exhibit B (Blockchain))_

## Write-up

Bitcoin launched in 2009 as the first decentralized cryptocurrency. Thousands of other coins, called altcoins, have followed.

1. **Cryptography**: Cryptocurrencies use cryptography for security.
2. **Blockchain**: Most run on a decentralized blockchain.
3. **Bitcoin 2009**: Bitcoin launched in January 2009.
4. **Altcoins**: Thousands of other coins followed.
5. **Volatility**: Prices are highly volatile.

## Related case files

- [Fresh Fiat (DD-622)](https://detailenjoyer.com/case/fresh-fiat/): I linked how traditional money is made

## Reel vs. record

- **Note**: None needed.

## Video: Future of Finance: Bitcoin Launched in 2009 as the First Decentralized Cryptocurrency

- Duration: 34.9 s · Published: 2024-01-18
- File: https://detailenjoyer.com/assets/videos/C2P3nnHuUz3.mp4

### Transcript

Cryptocurrency is a type of digital or virtual currency that uses cryptography for security and operates on a decentralized network based on blockchain technology. DID YOU KNOW? Bitcoin, created in 2009, was the first decentralized cryptocurrency, and since then, thousands of alternative cryptocurrencies, commonly referred to as altcoins, have been developed. Cryptocurrencies have gained popularity for various reasons, including the potential for financial privacy, lower transaction fees, and the promise of financial inclusion. However, they also face challenges such as regulatory scrutiny, volatility, and concerns about their use in illegal activities. NOW YOU KNOW!

## Questions & answers

**Q: What secures cryptocurrency transactions?**  
A: Hence the name. _(Source: Write-up · Exhibit A (Cryptography) · Wikipedia: Cryptocurrency)_

**Q: What ledger do most use?**  
A: Decentralized. _(Source: Write-up · Exhibit B (Blockchain) · Wikipedia: Cryptocurrency)_

**Q: When did Bitcoin launch?**  
A: January 2009. _(Source: Write-up · Exhibit C (Bitcoin 2009) · Wikipedia: Bitcoin)_

**Q: What are other coins called?**  
A: Thousands exist. _(Source: Write-up · Exhibit D (Altcoins) · Wikipedia: Cryptocurrency)_

**Q: What is a common criticism?**  
A: Prices swing. _(Source: Write-up · Exhibit E (Volatility) · Wikipedia: Cryptocurrency)_

## Sources

- [Wikipedia: Cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency)
- [Wikipedia: Bitcoin](https://en.wikipedia.org/wiki/Bitcoin)

## Cite this case file

Easterling, Marcus. "Future of Finance." The Detail Department (DetailEnjoyer), case file DD-188, last updated Jan 18, 2024. https://detailenjoyer.com/case/future-of-finance/