So serious question here. I kind of see myself as someone who doesn’t understand crypto currency. At the same time, I’m also quite experienced in investing, business, spotting trends, etc.
I’ve read a bit on crypto currencies over the past 2 years to try and wrap my head around all of this.
Reading articles like this, it seems like the whole thing is more philosophical in nature versus utilitarian.
A currency’s role is to function as some mechanism for the transfer of value from one person to another. But in order for this transfer to occur, both parties must recognize the underlying asset.
With cryptocurrency forks, it seems this doesn’t seem to offer enough stability most people would transactionally want.
Other than the obvious speculative desires by the parties involved, how will crypto currencies evolve into becoming mainstream?
-Then people used placeholders instead of goods to barter, like precious gems or sea shells
-Then people used gold coins
-Then people used government approved gold coins
-Then people used government approved fiat currency backed by gold
-Then people used government approved fiat currency backed by nothing
-> Now comes the fancy technology
-Then people don't even use paper anymore they use credit cards, essentially moving numbers around in files or computers
-Then people don't even use credit cards anymore they use accounts like PayPal
...but all of these are fundamentally transferring around fiat USD currency
Well the next iteration is for them to skip fiat and transfer around digital currency so no governments control you at all. Cryptocurrencies are truly global currencies, the only ones that will ever matter. There have been proposals in the past to introduce global fiat currencies, but that's an age long gone - it's too late for anyone to bother with anything but cryptocurrencies
They are decentralized, non-censorable (just make a new wallet, buy crypto in person, then use Tor), deflationary (fixed supply = rising in price over time, the opposite of fiat)
The list of benefits goes on and on. It's a foregone conclusion that cryprocurrencies are the future, it's only a matter of time. The technology is not yet mature but once someone makes a venmo-like app that the normies can use to easily utilize crypto, it's game over for every other system, period
Swiss bank account on your flash drive, swiss bank account in your BRAIN if you memorize your wallet seed phrase. The utility is indescribably large and we will have to fundamentally change our entire government and taxation system to be consumption based (sales taxes not income taxes) once this becomes mainstream, there is no stopping it
I think these people are holding society back. So I hope that they will read articles like this.