Cryptocurrency Breaks Systems Of Scarcity
Systems of currency have shaped the world we live in, providing a structure that works, but isn’t exactly fair.
The fundamental flaws of centralized fiat banking are simple: Debt and Inflation.
Debt Based Scarcity
When new money is produced by a central bank(for example, the Federal Reserve) it is “loaned” to other banks, who loan it to you, at interest. When one dollar is produced, an even greater amount of debt is created with it’s loan. This creates the never ending rat-race, a system with more monetary debt than monetary wealth. If there is more money owed back to banks than there is money in circulation foreclosures, bankruptcies, and poverty are all but guaranteed. Each cryptocurrency creates an alternative system, where the math doesn’t have to work against us, and we can instead create systems of abundance. When creation, distribution, and storage of money become decentralized, centralized systems of subjugation can no longer be sustained.
The Hidden Tax Of Inflation
When the creation of new money outpaces growth of population and economy, your savings are devalued. This can be seen in almost every economy, especially in extreme cases like Venezuela and Zimbabwe, where people desperately deserve an alternative. Cryptocurrency allows for systems of distribution and growth that are fair and transparent, rather than leaving it up to a revolving door of individuals in power of intituions.
Money Is Whatever We The People Agree It Is: Cryptocurrency Renews Individual Sovereignty
As people around the world decide that cryptocurrency is money, people are breaking the chains of centralized power. Cryptocurrency allows individuals to assert sovereignty, and to create global communities outside of government or borders. While some scoff at the idea of cryptocurrency breaking systems which have controlled people for ages, that is exactly what is happening. The domino effect is continual. We are witnessing the earliest stages of a new age of banking, where individuals take back power into their own hands, and build new systems with even stronger foundations.
Funding Technological Advancement and Green Energy
Cryptocurrency is fueling a race for the advancement of computer processors, and more efficient electricity production. Cryptocurrency mining is providing a direct profit-motive, and increased demand for creating faster computer processors. The mining of Bitcoin, LiteCoin, Verge, or other cryptocurrencies, is also providing a way better motive alternative energy operations, by providing a method of monetizing electricity that may otherwise be wasted. Others, who don’t see that as the best way to incentive green energy, may decide rather to promote proof of stake cryptocurrency. The beauty of it all is the innovation which is inspired.
Aside from cryptocurrency mining, the blockchain revolution is spurring programmers to think outside the box. Both to develop better technology for existing cryptocurrencies, as well as creating new blockchain based applications that can revolutionize the way we do business and connect with one another.
Cryptocurrency is building communities that expand across the globe, and bringing people together. People who come from all different countries, backgrounds, cultures, etc, are connecting with one another and working towards common goals. While traditional mechanisms of control rely a dichotomy of divide and conquer(see: politics), cryptocurrency causes people to put differences aside to fight for a common cause. While there has been rivalries and healthy competition within different crypto communities, there is a sense of unity among all. Even as cryptocurrency becomes mainstream, and is reported more in mainstream news, the narrative if still the communities to decide.
The future doesn’t have to be centralized. In the future you may be able to support, and spend whatever currency you like. New platforms are enabling real-time exchanges between crypto and fiat currencies, allowing a more efficient global economy, and choice for individuals. Whether you want to send money to family on the other side of the world, or do business with a stranger over the internet, cryptocurrency is going to make it easier for you to do that. Also, cryptocurrency decentralized communities within themselves are evolving, with new facets springing up regularly. Each person can contribute in their own way, to help build and support the systems, and vision for those systems use. It is fascinating to watch, and even more fascinating to play a part in.
Also, in a technological sense: processing and ledger storage is also decentralized. In theory this means, cryptocurrency can not be controlled, and stopped, by any centralized authority or rouge party. Decentralized networks provide a very different framework than previously existed. This technology can not be stopped, like a force of nature.
Decentralization is turning old ideas and power structures upside down, and providing an alternative vision of a new world without control by centralized government and intuitions.
Privacy and Transparency
Every cryptocurrency technology is different. Some are focused on privacy, while others are focused on transparency- and some provide both. Blockchain technology is extremely versatile, and provide solutions traditional banking did not. On some systems, transactions can be obscured, providing you privacy from the prying eyes of banks or government. On public blockchains, there can be full transparency, where anyone can view transactions and account balances. These concepts are revolutionizing the economy and disrupting old systems.
Cryptocurrency is here to stay, what that means for the future, is up to you!