A beginner’s guide to cryptocurrency
The Los Angeles Lakers’ home game on Christmas Day against the Brooklyn Nets will be a coming-out party for Crypto.com Arena, the new name for the facility formerly known as Staples Center. Created by an individual or group using the pseudonym Satoshi Nakamoto, bitcoin — the first cryptocurrency to gain a global foothold — was billed as a digital version of money that didn’t depend on banks and was impervious to governmental interference. Bitcoin’s blockchain exists solely to keep track of bitcoins, but ethereum and later initiatives use blockchains to run “smart contracts” — applications that could be triggered on demand. In a paper summing up economic research on bitcoin, Parthajit Kayal and Purnima Rohilla of the Madras School of Economics in India warned that the price of bitcoin could fall to zero if the benefits bitcoin offers “are taken away by the government or the coins are hampered by fraudulent activities or if a better alternative emerges in the market.” There’s certainly no shortage of alternatives; there are more than 7,500 cryptocurrencies in circulation now, according to Statista.com. One last factor that suggests cryptocurrency trading is an insider’s game: Studies show substantial evidence of price manipulation in bitcoin values.
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