In Blockchain We Trust - Why Crypto?

---

Having an issue with trust personally due to a number of factors, I have been drawn towards crypto currencies since I first heard of them. built on top of a pre-existing one appealed to the systems admin and network admin side of me. Redundant systems are the best kind of systems and utilizing the already existing network seemed highly efficient so there is that as well.

Traditional methods of storing value and transacting with another rely on trust in a single point of failure, the bank (network) and the governing body (not to dilute the base currency). With crypto you distribute this single point of failure out across the network, and it is in the best interests of the participants in said network to action all requests and maintain the smooth running of the network because they are relying on and participating in it as well.

The consensus nature of block chain technology also means that without a majority 'vote' say with hash power, majority stake or with the nodes and wallets themselves it is impossible to push through a change without everyone agreeing with it, be it a change in emissions or a change to the network layer. This is far above and beyond the level of trust you can put in a single entity who is hoarding all the cash and playing markets with it, or just printing money like its going out of fashion and debasing the local coin.

In crypto all transactions are visible on the chain given the correct parameters as well, even when using something like Monero. This provides a level of accountability and transparency that you can't get in any other value store or transaction network. Allows automated auditing of your transactions without the need to disclose personal information and keeps the actors within the network honest to an extent. This can also reduce the amount of corruption and abuse that can take place on the network, which is a positive thing in my opinion.

There are also certain coins that allow you differing levels of privacy if you wish, allowing you to tailor make your own solution to transacting and storing value, coins such as Dash, Monero, Verge, Zcash etc. Some have methods of broadcasting the transactions via ToR and I2P, some use master nodes and coin mixing to obfuscate the transactions, and some use fancy stuff like RingCT which makes transactions harder to trace by obscuring the output of the true sender in a set of n other outputs on the block chain.

So inside crypto you can find the perfect mix of fungibility, accountability, transparency, privacy, trust or trust-less transactions, emissions schedule and immutability. Alongside the ability to transact with speed and ease with any entity within the worldwide network, that most if not all entities within the network are working together instead of against one another and well, we are onto a winner here folks. Compare this to traditional fiat currencies and the advantages become rather obvious.

Inflationary value store vs deflationary, central point of failure vs many distributed nodes, trust in the many vs trust in the few.

I know which side of the fence I'd rather be on.

Thank you for listening dearest readers.

Much love. <3

---