Some people worry that cryptocurrencies are a phase that the world is going through…
Some people want that to be the case and hope it will turn out to be the case.
Those people are wrong. Unless you want to call the Industrial Revolution a phase. Unless you want to call the Information Age a phase. Unless you want to call the internet a phase…
The rise of crypto-currencies and blockchain technology is actually a financial revolution, allowing people to get away from the control of central banks. And it is a disruptive force in the world. Imagine being able to buy or sell a house or car without any middle-man. Imagine making a crypto transfer for goods to India or China, and the transfer of funds is free, or close to free; you can mutually agree what cryptocurrency to deal in, and almost as soon as you press the button, you’ve done the deal. Imagine getting paid instantly instead of waiting for days for your funds to clear.
Imagine buying your shopping using a crypto-currency that you know is going up in value as you shop, and that your shopping is actually helping it to gain value, and when you get back home and check your crypto-wallet you find that your crypto-currency value is worth more than it was before you spent some of it on your shopping, so you’ll be eating for free that week!
All of this, and far more is happening now!
It is mainly happening to bright sparks. To people willing to risk a little for the possibility of gaining a lot. To people with a level of focus that allows them to learn new things. To those who would rather do something than watch TV. It is happening, currently, to just a fraction of one percent of people, but word is spreading, and the revolution is gaining force. Even the couch potatoes are beginning to notice. Because they see their neighbour in the same job as them buying a new car, or taking a cruise, and they ask, “How did you manage to afford that?”
I’m not saying that there are not people resisting this revolution, but the movement is unstoppable. It’s as unstoppable as an earthquake or a tsunami. the floodgates have opened, and it is an unstoppable force because of many factors.
Just to take a brief sampling of those factors in a very non-comprehensive list, there are a given a number of facts:
a) There are already hundreds of millions of people stocking and using crypto-currencies;
b) The distributed nature of blockchain technology makes government control next to impossible – you can shut down one exchange or platform in your jurisdiction, and another two will spring up in its place in areas where you have no jurisdiction, and those holding or wanting to buy or exchange crypto-currency will just go elsewhere, even if they have to do it through proxy servers to remain anonymous.
c) The anonymity of blockchain transactions means that your private keys are yours alone, and unless you give them up, nobody, from a central bank to a government agency can touch your coins.
d) People like having and using crypto-currencies! They like looking in their wallets and seeing the value of their investments rising. They like that their profits cannot be monitored. I mean, when you buy coins from all over the world, certified by anonymous blockchain miners who could be anywhere, nobody – not even the NSA, can track your transactions.
This is their big chance to get away from the system of never-ending debt. And whilst it is true that the most popular new coins or ‘tokens’ have been designed with a purpose in mind, whether that purpose is to enable companies to make instant anonymous transactions without a middleman, or whether that purpose is to replace ‘fiat currency’, with its systemic flaws and government-controlled interest rates, the fact is that whilst two or three out of every ten new crypto-coins will stagnate or fail over the next five years, the majority will succeed, making those who bought them early very wealthy, as their prices and values rise.