At Davos, the world’s most powerful Central Bankers have found a new enemy: “crypto.” But as they attempt to describe what is wrong with crypto, they slip between different definitions and understandings of the word, suggesting they don’t have a clear picture of the phenomenon they claim to oppose — or its benefits.
Very simply, cryptocurrencies are a form of money for the internet age. They don't make sense in a world without the internet, but in a world with the internet, they are inevitable.
The "crypto" in cryptocurrency refers to the technology — cryptography — that enables these natively digital currencies to circulate without counterfeiting or duplication. Saying "cryptocurrency" is therefore like saying "paper currency": While paper currencies are printed on special papers made of specific fibers, watermarks, and other security features, cryptocurrencies are defined and circulated using the tools of advanced cryptography and distributed ledgers, sometimes called blockchains.
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