Cryptocurrency, the Future Solution
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Cryptocurrency has come out as the most controversial and yet elegant invention of this century. One way or another it has wormed its way into virtually every industry and sector and brought about massive changes for the better; it has revolutionised the way banking and e-commerce are carried out and has negated the necessity for a centrally localised monetary authority, like banks.
Since the early 2000s, with the advent of the internet and an explosion of technology that grew and advanced at an alarmingly fast rate, we have seen futuristic shows all depicting the use of invisible money, intangible money, or even just virtual debit cards, instead of the familiar green paper rectangles we have come to consider synonymous with fiat currency. Of course, they also showed flying cars and a lot of other things too. Why should one thing be more believable than any other, when the air of fantastic awe is so visible? Are we are clearly meant to believe that everything shown is supposed to be impossible, or was it thought even then that these things were plausible?
The world of the first decade of the twenty-first century is not the same as that of today. So much has changed and so much has happened. And looking back at the ten years between that fateful day when the blockchain was announced, we’ve come very far in a very short time.
Can Crypto Replace Fiat?
We have discussed in previous articles the various factors that cryptocurrency needs to meet until it can replace fiat currency as the de facto currency and mode of transfer of value in the world. If you haven’t been able to read it, check it out here.
On the other hand, there is no solution that solves all problems. You can’t come up with a one-size-fits-all, blanket statement or idea to solve all the world’s problems. Cryptocurrency may not be able to solve every problem in the world, but it’s been doing a great job making the currently existing problems of most sectors can be dealt with in an efficient manner.
So, to answer the question, yes, cryptocurrency can replace fiat currency and solve the existing problems associated with money. Imagine the crime rate of robbing and mugging falling to zero because would-be robbers wouldn’t be able to rob anyone! Your typical blockchain transaction involves at least an hour of constant effort and work, so even if a robber asked you to transfer money to him at gunpoint, he’d have to wait at least an hour for the transfer t be completed. Preposterous!
That’s not to mention that money would be infinitely more secure, with absolutely no chance of the new devices thieves have come up with to steal a person’s credit card information. Like the new device thieves have started to use that can get complete credit card information through several layers of clothing and objects like a briefcase in the way would be rendered useless. The only transactions that happen on the blockchain are completely consensual, because cheating of practically every form is just so difficult.
Will Cryptocurrency Make Other Industries More Efficient?
Again, the answer is an easy yes. This has also been discussed in a previous article, which you can read at your own leisure.
We have seen the effect of the blockchain on the e-commerce industry, and the pressure it is exerting on the banking systems to become more efficient, and faster. Of course, the blockchain is not perfect and it is not infallible, but it’s a lot more advanced than the existing infrastructure for money management. When you look at it, this claim isn’t far-fetched at all; in a TED talk, Don Tapscott stated that some of the companies involved in the verification of a credit card purchase are using technology from the 1970’s.
When you look at the virtual debit cards available on the market, it makes sense that the blockchain be hailed as a solution to the mess of bureaucracy that is the modern banking system. Simple Bitcoin debit cards have seen so much progress in the last few years, and their services are undoubtedly better in every way.
In other industries, the blockchain is making everything better y increasing competition. The blockchain also provides a source of earning to many individuals and can help reduce social inequality. Above all, it can easily replace the existing need for services like Uber and Lyft, while charging less, and establishing a peer-to-peer connection between service user and service provider.
Who Benefits the Most from the Blockchain?
This is the best part, folks. The blockchain may have been developed by the elite and rich, but it was intended to bring the lower classes to the upper echelons of society by giving the middle classes access to opportunities to succeed.
The blockchain benefits the middle class and the lower classes more than the upper classes.
The blockchain has been famously credited with being an attempt at levelling social inequality. You see, the blockchain can allow for virtually you code it for. It may even come to be one day that interviews for jobs will be taken using this system. Imagine such a world, where racial discrimination and other prejudices would be eliminated because the interviewer wouldn’t even know these details about their applicants.
The security and efficiency of the blockchain allow for faster transactions at lower rates. When you think about it, who do you think needs to save money more, Elon Musk or an averagely paid middle class worker? Of course, neither would mind saving money, but of course the effects would be more profound for the middle-class worker.
From an unbiased perspective, the blockchain is really a solution to our problems of today and the problems of the future. It is high time we embrace it as a definitive innovation of this era, one that signals a new age in the history of humanity. The blockchain ensures that the way we value things in our daily lives will change, and we will start moving forward towards a new world.