“Money, it’s a crime! Share it fairly but don’t take a slice of my pie.” That’s David Gilmour, making a stash while singing money with the great Pink Floyd.
Let’s face it: unless you’re a Haight-Ashbury hippie during the Summer of Love, money fuels human life on earth. But, the banking system built around it isn’t inclusive and left billions of people on the edge.
Then comes 2017 with its cryptocurrencies worth thousands of dollar, and it’s Blockchain shaking the realm of Wall Street. As a matter of fact, the notorious Bitcoin was first mentioned in a paper written by Satoshi Nakamoto in 2008. This new form of peer-to-peer electronic cash is completely open-source and enabled a “digital currency that could be used without any governing authority”.
Few years down the road, a little over 1500 different digital currencies have seen daylight and a whole new decentralized ecosystem is slowly creeping into mainstream adoption. In the midst of a nearly religious debate over their viability, new institutions emerged. Exchanges, electronic remittance services, lending services, you name it. Even new industries are thriving as we speak like “crypto-mining” and, like Olaf Carlson-Wee, many people have been living exclusively on cryptocurrencies. Let’s take a closer look.
In fact, there are no physical coins or notes in cryptocurrencies. No upstreet bank, and no governing authority. It lives natively on the internet and comes with no third-party fees. The transactions are increasingly fast, and ultimately secure. Thus, their potential of disrupting many aspects of our lives.
Furthermore, sending money from one country to the other will save greatly on bank fees and processing time. All you need is a cryptowallet loaded with the cryptocurrency of your choice.
As Bitcoin is loosing ground given it’s relatively high volatility and processing fees for small payments, other forks emerged with optimized features. However, the Blockchain of Bitcoin is the very crux of most cryptocurrencies and the upcoming “lightening network”, already being deployed on testenet, will cure this very problem.