The Twilight of Cryptocurrency

The idea of cryptocurrency has intrigued me. I thought by now that we would be on the fast track of having a tap to pay like we do with Apple or Google pay but on a permanent digital basis with blockchain being the universal standard. I know, blockchain is part of everything these days, but the promise of having the ledger that is readable from being passed hand to hand is the most valuable thing blockchain has to offer. Money has had the social illusion of having a value, its what the digital number in your account that matters. People use less and less cash these days and some countries don’t even accept cash.

So imagine having a device like they did on the show “Almost Human”. They carried around a device that they just tap to pay for everything. Passing money, transactions, etc. Very simple and convenient.

Like everything else, maybe bitcoin and this notion of cryptocurrency is just the start of what is to come later down the road. Railroad companies went bankrupt at first building railroads around the country.

What makes Bitcoin attractive, is not Bitcoin itself but the underlying technology, Blockchain. If you do a search of Blockchain, you will see tons of uses and forced uses for it. Other countries are starting to adopt the idea of blockchain for their currency. I wouldn’t expect the US to give this a chance, since we have valued the dollar for so long, and like I have said before in my previous posts’, the US government is slow to adapt to the digital world. Heck the US is still slow to adapt with the chip and pin at the register that other countries have adopted for years.

So the problem with all this is the privacy and the security of it. Blockchain is very hard to hack but any security expert will tell that anything can be hacked in due time. When blockchain is able to prove itself and be secure, I think it will be a cornerstone for better currency.

 

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