Steemcryptochallenge #4 - How Cryptocurrencies Will Transform The Future | @abdt
Assalamualaikum beautiful people, welcome to my participation in #steemcryptochallenge.
Hello friends. I hope you all are doing well. Today you will enjoy a participation in #steemcryptochallenge with a quick view on: from Egypt's pyramid time to cryptocurrency time. I hope you will enjoy.
The theme is of the post today is future of cryptocurrencies, but it will more knowledgable, if we try to look back in history for some time.
If we go back to the third kingdom of Egypt (26-66 BC), the king commanded his people to build a pyramid of six steps surrounded by a large temple complex. It was the first of the great Egyptian pyramids and it was astonishingly complex project. Thousands of labors worked according to a plan that unfolded more than 20 years.
The man who put that plan together and executed, he was a scholar, a physician, an architect. It is very appropriate that the man who helped Usher in Egypt's era of pyramid-building is remembered by history as a writer, because all of these grand projects, the things that emerge are the product of many people working together.
The Deep Dive In Topic: (Future Of Crypto)
The people working hard and united by communication technology. Whether you are building a pyramid, a Great Wall of China or a transcontinental railroad. These group of people work together.
We have a money system that is more efficient and more effective than many points in history. The "blockchain" is something you may already familiar with from the example cryptocurrency Bitcoin. If we want to chat, we can do chat over video from any corner to every corner of world, but if we want to send someone 20 dollar we have to spend a week in a process of sending 20 dollar to anyone. There is still a huge portion of our economic activity now passes through credit card companies, wire transfers etc.
Blockchain currencies are not just cheap to send, transactions sent over this network cost about 1/10 of 1%. Which compared to VISA which charges you 3%, it is huge difference. But these transactions are not just cheap to send, but you can send them at any size and very fast.
We are only a few years away from self driving cars, we are going to have automatic taxis running around. But if we take those taxis and join them with a few other intelligent systems, and host certain parts of their systems on a blockchain that's linked to cryptocurrency like Bitcoin. So you can pay the taxi from your phone or whatever with your cryptocurrency. This can be the biggest competitor for Uber.
If we consider the shopping that is about being converted in digital shopping nearly, this is a great facility to note.
We need to accept this efficiency comes at the price of jobs. It seems quite clear to me that blockchain technology is going to create massive efficiencies and disrupt whole sectors. I do worry about how blockchain tech might be used when put in the hands of authoritarian regimes. If it is leveraged to gain greater control over whole populations, I will not be surprised.
Finally we all have to know that technology is not good and bad in itself, it is all about how we use it. After reading again and again these points here is a simple conclusion, "Crypto world is the future of everything if we are to free ourselves of the bondage we've been put in from the top to the bottom."