GREENSBORO, N.C. — Interest in cryptocurrency doesn't seem to be going anywhere any time soon, especially after President Joe Biden signed an order calling for more research on it. Triad residents, like many others, have their eyes on digital currencies, and a professor and a hobbyist weigh in with their thoughts on tech money and its popularity.
Biden signed an executive order calling for more research on the digital currency of bitcoin and cryptocurrency, and creating new security measures to protect consumers.
What You Need To Know
There are more than 10,000 different types of cryptocurrency
President Biden signed the executive order in March, calling for more research on digital currency
Cryptocurrency is a decentralized digital money
Cryptocurrency, like bitcoin, is becoming more mainstream. It is a decentralized digital money designed to be used over the internet, which makes it possible to transfer value online globally without a middleman, like a bank.
Unlike non-digital money used, crypto is not issued or controlled by a government. It’s operated by a free and open source software, and secured by a technology called blockchain, which is similar to a bank’s balance sheet or a ledger.
Biden signed the executive order in March, and it is supposed to ensure responsibility within cryptocurrency. It’s the first ever whole government approach to addressing the risks and harnessing the potential benefits of this technology.
According to Nir Kshetri at the University of North Carolina Greensboro, the order asks various agencies to come up with recommendations. The goal is to figure out how to govern cryptocurrency and protect people from fraud.
“If these are implemented in the future then they make all these watch trading, or spoofing or price manipulation, all these things. The law clearly says it’s illegal. Then people will, are less likely to, break the law if they know that it's clear,” said Kshetri, UNCG Business Professor.
Jane Nickles is the former chief information officer for the City of Greensboro, retiring last December. Since her retirement she is now into the popular world of cryptocurrency, and she finds the technology behind it all appealing, mostly bitcoin.
"Emerging technology that is very innovative, it’s very disruptive, but that’s what makes it very cool," Nickels said.
The technology used in crypto is what's new and exciting for Nickles. She even started a meetup group called, All Things Crypto of the Triad.
The group meets monthly to discuss different topics to learn more about blockchains, crypto, investing and how it all works. There are more than 10,000 different types of cryptocurrency.
"I think this is important for people to have a place to come and learn about. They can talk to other people and find out what mistakes people have made and what works and what haven’t worked," Nickels said.
Cryptocurrency is still young, and she’s glad the government is stepping in to research ways to provide stability.
"It’s not one thing, it’s not just bitcoin, it’s not just about currency, it’s a platform that all these other applications are being built on, and these applications do things like lending, buying, fractionalized ownership," Nickels said.
Nickels says this reminds her of how the internet started from nothing and grew into the online world it is today.