Have you ever wondered why cryptocurrencies are nowadays so important and why any financial crypto crimes compliance organizations need to have a good understanding of them?
The Emergence of Cryptocurrencies
In 2009, when Bitcoin was launched, it introduced this idea that you can have a fully decentralized payment mechanism, that didn’t require the traditional types of financial intermediaries. It was a revolutionary concept.
Subsequently, it didn’t take long for new concepts being added to the initial idea of the Bitcoin. Around 2011, there was the emergence of alternative coins, or altcoins, like Ripple and Litecoin. Essentially, they have introduced the idea that you could have an entire ecosystem of cryptocurrencies that serve different functions.