President: CloudCoin Consortium.
Cryptocurrency expert and Author
One of the tantalizing promises of cryptocurrency is that by using it, two private parties can conduct relatively anonymous financial transactions without regulation, oversight, or needing to pay fees to third parties.
A Libertarians dream.
But while cyber-currency offers a win-win situation for buyers and sellers, money transfers made with encrypted digital money are not so good for the banks and US government agenciesaccustomed to collecting fees and taxes from transactions denominated in Federal Reserve notes.
Central bankers have been monitoring the rising global interest in cryptocurrencies, watching how cryptocurrency exchanges around the world are growing at a rate of 100,000 users-per-day, and they don’t want to stand by while millions of Federal Reserve note holders exchange their notes for a hodge-podge of encrypted (and very hard to tax) digital currencies, says cryptocurrency expertSean Worthington, author of Beyond Bitcoin: The Future of Digital Currency.
Sean H. Worthington is a tenured faculty member in the Computer Science Department of Butte College in Northern California and an expert in computer information systems. He is the author of the book Beyond Bitcoin: The Future of Digital Currencies and is the Creator of CloudCoin, the world’s first Cloud-based currency.