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We have to admit it: Blockchain and cryptocurrency have a learning curve. Even a superficial explanation of the technology and its bases can make the head spin, and more than one potential investor has fled before the esoteric vocabulary of the field. Yet, despite the reputed reputation of bitcoins and other cryptocurrencies, in practice, they can prove to be more accessible, more democratic and more egalitarian than the new trendy restaurant in front.
In all United States, cashless businesses, especially restaurants, are opening their doors. It is usually possible to recognize these companies by their elegant designs – many white walls and unpainted wood – their Square or Stripe readers and their lack of cash registers. A visit may seem like a journey to the future, but the sad reality is that these businesses leave millions stuck in the past. The Federal Deposit Insurance Corporation (FDIC) estimates that 8.4 million families, representing more than 20 million people, were deprived of the United States last year. Unpaid Americans must pay for cash checks, can not transfer funds electronically through phones, do not have a savings account and often take payday loans. Cashless restaurants add insults to a long list of injuries.
A world of idealized blockchain?
While barriers are growing due to the lack of space and underhand in everyday life, they are shrinking in the world of cryptocurrency. While making a digital payment remains the most common way to get cryptocurrency, it is far from the only way; you can buy it in cash and keep it in a wallet even if your family does not own a computer. Equally important, the investment in the crypt is democratic in ways that few other investments are. Real estate investment is potentially profitable, but entering that market requires you to be an accredited investor hundreds of thousands in your bank or on your salary. And even if you have a poor or non-existent credit score, the crypto community will not turn you away.
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I do not intend to paint an idealized portrait of the blockchain world; it's still growing. There is the problem of communicating the value of the crypt and the need for the blockchain; the language of the field remains difficult. Perhaps even more important, there is the problem of scams. Just like coins cutout – discreetly and illegally cutting gold or silver from coins – threatened the English currency in the seventeenth century, so does offers of fraudulent coins and other scams today they endanger the cryptic economy. Although I do not think today's scammers should be hanged, drawn and quartered like the old-fashioned coin-cutters, I welcome the first steps towards market regulation. New York State BitLicensefor example, it can help to demonstrate the reliability and reliability of blockchain companies; if the cryptocurrency has to prove to the general public, the general public – including the unbanked – must be able to trust it.
As a colleague recently wrote, it took 50 years for credit cards to reach their current almost ubiquity. When credit cards appeared for the first time, they were little understood and weakly not recommendable; now, of course, most people have at least one. Blockchain and cryptocurrency are going in the same direction as credit cards and, as befits our frantic age, they are moving much faster than their plastic predecessors. Regardless of the owners of fashionable restaurants, we are not yet in a cashless company and the payment industry has made some mistakes during the trip. Credit card identity theft remains a problem, although most US cards now have EMV chip cards that offer greater security to consumers. But technology should also draw a lesson from the slow implementation of US chip cards: European cardholders had the technology improved two decades before Americans acquired this new way to safeguard their portfolios. Advanced cryptography at the root of cryptocurrency obviates many of the security problems that have plagued credit cards, but there are still lessons to be learned. Blockchain pioneers must learn from the mistakes of their ancestors and strive for rapid global delivery of improvements. So far, blockchain is as agile as anyone could hope for. Despite the initial bad press, no one considers bitcoin the black market currency any more; he entered the public consciousness much faster than the unmanaged cards.
SEE ALSO: When trying to immerse yourself in Ethereum, the first important step is to expand the field * beyond * Ethereum
Conclusion
The fundamental vision of Blockchain is inclusion and accessibility: it should work equally well for any person, in any place and under any circumstances. Blockchain is a powerful financial and economic tool, but it is important not to forget its moral vision. It is vital that we continue to adhere to the first principles of this transformation technology. The world of cryptocurrency should be safe, open and welcome to everyone.
