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When I think in my humble perspective, I have the sensation that I was already left behind in the World of CryptoCurrencies and BlockChain Technology. Our BitCoin (Btc) for records, was first released and made public as an open-source software in 2009, and in April 2013 it was already valued $135 per Btc. Well, for you that is reading this on Steemit, I'm pretty sure that you already know that Btc has reached the mark of $3000 during this month of June, and that may not even be a surprise if you were one of those that has been following close the CryptoCurrency market for a while.
Just yesterday, I was trying to explain an old friend of mine the reasons why Digital Currencies like Bitcoin may actually be better, for our future, than Fiat money like Euro or Dollar. My arguments started to show how digital currencies could perform better, the three main functions of money, which are: Medium of Exchange, Store of Value and Unit of Account.
Till that point was everything OK...
He agreed that as a medium of exchange, Bitcoin by instance, has the potential to actually perform faster when it comes to make transfers or execute payments, and this regardless where you are in the world. He also agreed, looking to the charts of bitcoin valuation, that as a store of value is performing better than other currencies. No doubt that Btc has kept and raised its nominal value and purchasing power over time, but it's also increasing its liquidity when being accepted more and more by everyone and everywhere. Many mechanisms where created and others adapted to Bitcoin phenomenon, like are the prepaid debit cards marked VISA and MasterCard or some traditional "official" Banks that are now accepting deposits in Bitcoins and its exchange to any other currency. As a store of value, digital currencies can also be easier to transport with you, someone only needs a smartphone with an installed app for that. As a unit of account there was little to say, like any other currency a digital currency provides a common measure of the goods and services that are being exchanged when using it.
Well.. the trust in a Decentralized System was actually the PROBLEM!
People don't question from where the Dollars, Euro or any of other Centralized national currency came from, or who are the responsible to determine the quantity of it, or who printed it etc... We actually did that when we were child, but at that time most of Parents couldn't find the right answer to give us because they had forgot when and how they accepted the social pact that actually attributes value to the money we commonly use, it just looks so natural...
As any other currency nowadays, Bitcoin or any other digital currency are accepted by the same social pact that made Dollar and Euro mediums of exchange, stores of value and units of account. We know that having it in our pockets gives us the possibility to buy things we need or to store it for future planned expenses. For us who do use digital currencies in our daily lives, we are also secure that the amount of money that will be available in the market are linked with its demand. It is just a result of the multiple interactions between each one of us that determines its quantity.. so natural to me. Unlikely Fiat money, there is no and it's meant to be no central organization that calculates the right amount of money should be printed out and made available to the society.
What shocks me more is the fact that we still have people trusting totally the fact that his money is safe under the control of a small group of persons, elected by their governments that probably are doing an amazing job for their countries, and I am not questioning that, instead of believing in the unbiased result of the overall people's interaction in a global economy.
When I stop and think, HOW FUTURE IS GONNA LOOK LIKE, I really do not see us going around with paper notes in our pockets for shopping, and I also do not believe that banks will still be adopting that big Vault that was inspiration to many Italian spaghetti western movies. Therefore, even if someone do not really think that for now "this" is gonna work, I really advice anyone and urges them actually to give at least a look on what's happening in the digital currency world, and start questioning with stronger arguments its potential and frailties.
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