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Communications of the ACM

ACM Opinion

Why Cryptocurrency Is A Giant Fraud

dollar bills, a wallet, a chip, and a bitcoin

Cryptocurrencies are invented kinds of alternative moneys that are "sliding into the mainstream," reports The New York Times.

Across the Internet, you can find blog posts and explainers that tout the benefits and possibilities of this new form of currency.

Much of the cryptocurrency pitch is worse than fishy. It's downright fraudulent, promising people benefits that they will not get and trying to trick them into believing in and spreading something that will not do them any good. When you examine the actual arguments made for using cryptocurrencies as currency, the case for their use by most people collapses utterly.

Using it does not create greater security or safety for one's finances. It does not free one from the oversight of the government. It is not convenient or free. Its volatility makes it functionally useless as a currency.

From Current Affairs
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