Blockchain, Bohemian Villages and Bitcoin

Ines Balcik

"Palmström travels, with a Herr v. Korf, / to a so-called Bohemian village. / Everything there remains incomprehensible to him, / from the first word to the last." So begins Christian Morgenstern's poem "The Bohemian Village" in the "Gallows Songs" published in 1905. One hundred years later, the digital Bohemian villages bear other names: Blockchain, for example, Bitcoin or cryptocurrency are words that are as incomprehensible to many as the proverbial Bohemian villages. And this despite the fact that there are so many reports on the subject. Okay, these reports often contribute to confusion rather than providing factual info.

More than Money

There are also unusual reports, e.g. about this initiative, which wants to offer refugees a perspective by means of cryptocapital:

Hacking borders with cryptocapital - this is apparently even about a sensible use of cryptocurrencies. More common, however, are reports of dubious ventures, the bitcoin cruise ship thing zum Beispiel. Or, worse, the reports around bitcoin fraud, possibly paired with a current Netflix series, like this: Squid game coin turns out to be million-dollar scam.

Cryptic and Encoded

So there are many moasic stones, but what exactly is behind cryptocurrencies? According to conventional linguistic understanding, Bohemian villages are cryptic, namely enigmatic and incomprehensible. In the digital world, cryptography has a very different and very important function: it serves to encrypt information and thus to ensure information security. Consequently, a cryptocurrency is a digital asset that can also be exchanged. Assets are attributed via a decentralized database. This is where blockchain comes into play: an expandable list of data records that are linked as blocks using encryption methods.

Growing Market

Bitcoin is considered to be the first cryptocurrency, it was introduced in 2009 and is so far the digital currency that might have the highest level of awareness. If you want to get an overview of the cryptocurrency market, which is of course in constant motion, you could visit Cryptomonday.

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