#MONEY - Is Blockchain the Way of the Future?: Personal thoughts on Cryptocurrency, Blockchain, and the future of value. | SOL 145

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Disclaimer: I am not an economics expert nor consultant on the subject of Economics, financial or otherwise, nor can I legally dispense such information as "advice" or prophecy. The thoughts expressed in this article represent my own personal views and take sole responsibility for all ideas illustrated here.

Wikipedia states the definition of economics as,

"...the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the entire economy (meaning aggregated production, consumption, savings, and investment) and issues affecting it, including unemployment of resources (labor, capital, and land), inflation, economic growth, and the public policies that address these issues (monetary, fiscal, and other policies)."

Money, whether that be printed on paper or minted coin, represents the will of people who spend it. In all of its forms, money is the measure of monetary gain. It's cultural effects permeate every aspect of modern daily life, such as to purchase goods and services, only after resources that create those goods are made available. The essence of money is an exchange of value. Universally, anything can be assigned a value or justified by relative proximity to other values that may rigor or reduce the growth of value.

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Cryptocurrency is the sign of the times. A form of material wealth on the internet encoded in its properties the fundamental connection of ideas and value traded on the global exchanges on the Internet. For the first time in history, any individual can use a connected device and transfer all forms of money, otherwise, fiat currencies currently circulating all around the world. Each token represents a possible way to how we create and cultivate wealth for one and all, in the form of digital currency.

Our dollar, once backed by physical gold quantity, now exists as fiat currency. We trade value levied by debt taken on by the system itself and that circulates subjects of value traded pegged at solely the capacity to supply tokens. The essence of money is to trade values as true to its origins, a coefficient that equal growth for the system to accumulate value overall.

Bitcoin emerged in 2009, developed the initial concept of digital money as a form of currency. Currency, in effect, assures the quantified value of anything worth trading. In the digital world of the Internet, everything is a product of information technology and ideas drive the commerce of communication online. Information is the currency, how it is secured, verified, and utilized entrust its value. A cryptocurrency token (i.e Bitcoin) represents that coefficient, a "dollar" that self-adapts to its supply and demand, therefore binding whatever value it trades for universally throughout its system of distribution. However, unlike the historically traditional dollar, tokens can be distributed for additional purposes (for instance, property) and implemented as a financial tool to test the viability of trade for given token, say to endorse an idea or support a global cause.

Money has always been a litmus of interest in the materialist, capitalist world, yet as the concept of wealth broadens to include the abstract of technology and potential areas in which technology may exist, money itself may not be enough to retain gainful value. In this case, the value of each dollar in circulation greatly increases as their physical number directly limit the amount of trade of value, therefore fewer dollars in circulation, higher the value of the dollar. Inflation, the bane of a financial paradigm as ours, is a fatal byproduct of our current monetary policy.

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