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June 2025 • Issue 25:06:01

Money, from pucca shells to bitcoin: a primer

By Patti Murphy Blockchain is not crypto, but underpins crypto

oney has always been about an exchange of Bitcoin was introduced in 2009 by an individual or group
value. In prehistoric times, someone might using the pseudonym Satoshi Nakamoto. Bitcoin pioneered
have requested a handful of pucca shells in the use of blockchain as a ledger system that underpins
M exchange for a wheel or cutting implement. most cryptocurrencies.
Today, that exchange of value might involve cash, a check,
or a credit/debit card. Or, it could involve a cryptocurrency But blockchain has evolved well beyond cryptocurrencies,
– a digital or virtual currency that is secured by cryptogra- as its core features—decentralization, transparency,
phy. immutability and security—render it useful in a wide range
of industries. Decentralization means that the data is stored
Bitcoin, the first cryptocurrency, was introduced sixteen on multiple computers across any given network, making it
years ago. At the time, it was valued at well under $1. In late resistant to single points of failure or tampering.
May 2025, the market assigned a value of nearly $112,000 to
a single bitcoin. Now that's real value, and a lot of people It's a digital ledger that provides a record of transactions,
are using it to purchase cars, yachts and more. One ISO just like a paper ledger, except that it is distributed and
recently described calling on a gun shop that wanted to shared. A digital ledger entry is a block (a collection of
accept cryptocurrencies. validated and cryptographic links to previous blocks
that have been verified by the network) and thus form an
But the vast majority of people use Bitcoin as an investment. immutable ledger entry.

When addressing the Bitcoin 2025 conference on May 28,
Vice President J.D. Vance estimated 50 million Americans
now own Bitcoin, and he predicted that number will Contributed articles inside by:
double "before too long," according to reporting by crypto
journalist Benjamin Nijiri. "Crypto is a hedge against bad Allen Kopelman .....................................................................................16
policymaking from Washington, no matter what party
is in control," Vance told the crowd. "It's a hedge against Austin Mac Nab .....................................................................................18
skyrocketing inflation, which has eroded the real savings Chad Otar ................................................................................................20
rate of Americans."
David Unsdorfer ....................................................................................28
This article is the first in a series on digital money— Azimkhon Askarov ...............................................................................30
cryptocurrency—how it began, how it is used, public
opinion and governmental policymaking. Jennifer Lee ............................................................................................32
Ken Musante ..........................................................................................34

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