The Future Of Cryptocurrency
Before we talk about the future of cryptocurrency, it’s important to remind
ourselves of the past and what cryptocurrency was like in the beginning.
Back in 2008, when Bitcoin founder, Satoshi Nakamoto, first released his
whitepaper on Bitcoin, many people said it was just a fad and a scam
designed to trick people into giving up their ‘real’ money.
There were many naysayers and financial experts who said Bitcoin will
never be adopted by the masses and will fizzle and die out in a year or so.
Fortunately, the cryptocurrency community rallied and worked together to
make Bitcoin a success. They saw potential in the blockchain technology
and what it could mean for the finance sector. They saw the need for
cryptocurrency because the current financial setup via banks and
governments had too many problems and was causing national economies
to collapse.
They saw that keeping inflation at bay was difficult with traditional
currencies and the poorest people often have no easy access to banks.
Receiving or sending payments was oftentimes a headache with
transaction fees eating up a significant amount of money.
Banks charge exorbitant fees just so their customers can get access to
their very own money, and the government takes very little action, if at all,
to help the people.
Bitcoin supporters say the modern financial system is a mess where banks
and governments collude or work together, not to help their citizens’ financial needs, but to take as much money as they can from them in terms
of fees collected.
Bitcoin changed all that. With Bitcoin, you’re cutting out the middleman.
There are no more banks to deal with and no government to spy on your
bank accounts. With Bitcoin, you are your own bank. You’re the bank teller
sending and receiving payments, and you’re the banker in charge of
keeping your money safe.
Bitcoin has been a leader on so many fronts. As the first successful
cryptocurrency, it has paved the way for other cryptocurrencies to succeed
and the global community has slowly taken notice these past few years.
Read on to find out what other possibilities Bitcoin and cryptocurrencies
bring for the future!
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