Ever since the Internet entered our lives, we seem to be living in a never ending introduction of technologies that derived from the inset of email and the internet browser. One after another, from Napster to torrent websites, the internet is truly defining just about everything we do. In today’s world, we are always connected … Read More
Ever since the Internet entered our lives, we seem to be living in a never ending introduction of technologies that derived from the inset of email and the internet browser. One after another, from Napster to torrent websites, the internet is truly defining just about everything we do. In today’s world, we are always connected whether it would be through the always on devices or event now smart TVs. The Internet is now so homogenous, the Internet is just there, but we need not to understand how it works, almost in the same way that we drive a car, but we need to not understand how the engine in our cars function, we tend to leave that to the mechanic whenever something does sound or look right. If there is an innovation that it is bringing constant roars around the web today is cryptocurrencies, as it is indeed not the only crypto currency today, the Bitcoins are definitely one of the most adopted ones, where in some places in the world more and more businesses are adopting it, there are now ATMs which are converting digital cash into tangible paper cash. As it is the case for most innovations which threaten business practices just like it happened when PayPal when it was not yet part of eBay when we started to hear about all those fraud and hacking stories. What happens usually when an innovation that threatens the status quo, it turns the corner and someone in the upper levels of positions of power find a way to try to bring it down. A similar story is taking place now with Bitcoin, where we hear now and then again about its continues ups and downs like a very bad bipolar case. But as if it isn’t enough that the cryptocurrency is so unstable, it leaves many unwilling to approach it, it is also very well covered by the press about the fraud and disappearance of half billion Bitcoins. Therefore making the Mt. Gox and its CEO becoming a very known face on the media. What the media does not put into perspective is that fraud, currency instability, vanishment of funds and people’s pensions being taken away happen all the time in any type of currency. Every day these cases are happening and companies going under for this very reason. The very existence of the stock market exists in constant influx. Therefore, to point out the new kid on the block in the world of currency as a bad idea, or at the very least as a conflictive currency due to news of disappearing funds is really nothing that will cause it to shattered. It is very true that, as I pointed out before, that cryptocurrency is here to stay, we cannot un-invent an innovation, perhaps media moguls and power people may only delay what is coming. This was the case with many other innovations, such as the electric car, or other innovations which threatened the cash flows of a few. If it is for certain whether it will be the Bitcoin or another reincarnation of the technology. Cryptocurrencies are here to stay and better to be an early adopter and understand what it is and how it works.
I also believe it will be good, because of how transparent it is, where transactions are being recorded in view of others on the network. This ability threatens dubious practices currently being exercised by the owners and shapers of current currencies and for those who dislike the fact that crypto currencies exist to bypass a number of fees associated with conventional banking transactions. Besides transferring and receiving Bitcoin is so much easier than any currently used method beating PayPal or even eTransfers. Cryptocurrencies are unstable, just like any Internet based innovation when it was first adopted. What 28K modem was reliable, we got drop connections and the speeds were slow. Now we are using LTE connections on the go on our phones. Cryptocurrencies will be a common place in the future, so financial institutions will probably not have any choice but to adopt it or create cryptocurrencies of their own. If it is undeniable crypto currencies threaten a whole lot of people, so it is for sure there will be resistance for it to succeed so as long as it does not serve those who have, for now, control the money system. So I invite you to get started.