Crypto currencies and the future benifits
So tired of people saying but it is not real money. After my divorce I did a degree in economics, and while it by no means makes me an expert, it does help me understand the history of money, and that is why I believe in Crypto's.
Humans have always traded tangible items such as food, gold, silver, tools, and so on. The Ottoman empire was one of the largest trade areas in history, and they devised a numbering system that we basically use today. As it became difficult to trade tangible items as people do not want to walk to the shops with gold bars to buy milk and eggs, currency was introduced as a piece of paper that was backed by the gold standard, and we still rely on that principle today.
So what about Cryptos' what are they backed by. Well, basically technology and information. The world has moved into an era where we no longer need to hold an item, we send e-cards, we download music, we rent a movie online, buy apps. And this is where crypto currencies will continue to boom. The blockchain is designed to ensure a transaction only occurs once, so imagine how this will benefit the music and movie industry, e-cards and other gift cards. Imagine being able to send money through the world without having to convert it to a local currency and pay ridiculous fees.
I see a huge future for it, and I welcome any feed back. Just one final note, Banks only need to hold 8% of your cash, if they ever go under, or struggle like in the GFC, you are only ever guaranteed between 4-8% of your money.
could not agree more. there is no stopping crypto currency now that the genie is out of the bottle, the only real threat it faces is by hackers.
I actually think that is what is going to make cryptos strong. Every system could be hacked, the power company, amazon and so on. I think blockchain technology will become so desirable by banks, gas and power companies, and corporations as a anti theft device
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