The Future of Money
In the future, money will be far different, and far better than the abominations we use today.
I call this future money super-bitcoin (because it will take a giant leap forward from what bitcoin/dash/ethereum are right now. )
Super-bitcoin will be to bitcoin, as bitcoin is to FED notes today.
Bitcoin is replacing the money storage and payment structure that used to be the sole purview of the banks.
Bitcoin is providing the transparency we need in our financial markets.
Super-bitcoin will go even further. It will replace the entire financial system. Stock markets, banks, saving, trading, lending and insurance will all be made completely obsolete.
Super-bitcoin will have several attribute which currently money does not have, and as soon after people find out about them, they will demand their usage.
- Being able to shift easily between physical and digital.
- As easy to give to your neighbour as someone on the other side of the world.
- Being able to be recovered
- Being able to choose whether the transaction is completely anonymous or completely public with both parties being discoverable/known
- Being as easy to use, for millionaires or beggars.
- Being super easy to pay known stores while being very sure that the money is going to the correct place. (verified name space)
- As well as all the other money attributes; fungible, divisible, etc
Super-bitcoin will replace lawyers. As most contracts will be on the blockchain, and ruled by code, not by law.
These contracts will be of the building block type, and so you and anyone else can enter a contract from selling your used car (transferring title and transferring payment) to contracting for a new roof to be put on your house.
The first contracts will probably be, upon delivery conformation, release currency to seller.
Paypal is almost doing that now. In the future, it will be even easier.
Then further escrow contracts will be added. Ending in a position where most people will use some sort of escrow/contract because it is so simple, and it all works out automatically. It won't be an extra layer of hassle, almost nothing extra will have to be done and both parties benefit from the safeties built into the system.
Super-bitcoin will be to dollars as the iPhone is to the rotary phone... actually, it will be compared to banging on rocks or sending smoke signals.
Will the enterprise level blockchains like IBM Hyperledger kill the real philosophy behind Blockchains? HELL NO!! Excellent post @builderofcastles - I really enjoyed reading this one ... more on this theme please! UV & RS.
I will not lie, the path ahead will be two steps forward, one step back.
But, where we are going is quite certain.
Thank you
Too many steps now ... we cannot be stopped :) Steem on @builderofcastles!
Great post and I like where we're headed, too.
The old establishment thinks the masses will one day breat out the pitchforks and chains and riot.
Nope more like the cryptocurrency and blockchain, baby.
No doubt. Good post.
Thanks you
the world is in for exciting times! great post.
Yes. The earth is in for some exciting times. Thank you.
Your description of super-bitcoin sounds like what Dash is doing with Dash Evolution. We will get there for sure because we always have competition in the crypto market.
Absolutely. I like what Dash is doing. Sure they have problems, but they are working on them.
Unlike the FED. They have problems and they are trying to make them bigger.
Since everybody in Congress is a lawyer, and since they have enjoyed the same levels of repugnant repute from biblical times, through Shakespeare, up to today, they will never, ever go away. They will make sure they are always essential.
There are several ways that they, congress and the powers behind them, will be ignored out of existence.
Imagine that narcissism is actually studied and any found without empathy are summarily voted out of offices.
This is happening. "You will know the tree by the fruit it bears" and these people will be exposed. Further, we all will understand that good fruit does not come from a bad tree.
Money will created from the bottom up, instead of the top down. So, there will be no points of power for evil to try to occupy. So what if 5% of the people try to scam people to get money, when 95% will just basically ignore them.
So, they may never go away, but their impact on the empathic people's lives will become rather limited.
that actually sounds like a castle built in the air, sorry. these people have been exposed, no banker but Madoff went to jail, the regulators of everything do not do anything but the merest handslaps for violations, every person with 2 functioning neurons knows 911 was an inside job, I can go on. We might be able to get away with building a parallel trading system, but that remains to be seen how long we can get away with it. So far, so good.