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Why is Asia so obsessed with cryptocurrencies?


Cryptocurrencies have entered the mainstream for a while now, buoyed by a mix of controversy, investor interest, and, well, ramblings by influential personalities (read: Elon Musk).

But what exactly are cryptocurrencies, and why are they so popular here in Asia?

Tech Wire Asia explores.

Cryptocurrencies: The science explained

Cryptocurrencies are essentially digital or virtual currencies secured by cryptography, which is a class of security techniques that encrypts data to ensure only the receiver and the sender receive them. 

While not impossible, cryptography-secured information can be exceedingly difficult to “hack” into or be tampered with. This thus makes cryptocurrencies almost impossible to counterfeit or double-spend and hence are seen as secure. 

This security feature of cryptocurrencies is primarily based on the nature of the technology powering them — blockchain. 

Popular cryptocurrencies such as Bitcoin (BTC) are…

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