I have only recently entered the world of Cryptocurrency. I pondered getting a Bitcoin mining slot with Genesis mining some years ago, but to be honest thought it was a con and that bitcoin would be a flash in the pan, oh what a mistake. This time I am older and better understand the risks. I can also see the benefits. I would like to start a discussion on the future.
I currently believe that cryptocurrency and the block-chain will be here to stay and will be a major part of our future, however for this to happen sooner rather than later there has to be a fresh look at how we interact with it.
There are countless projects out there some very good with practical applications, others are just trying to make a 'quick buck'. Also numerous exchanges with more springing up all the time, it's hard for the average person to know where to start. A lot of them are slow and hard to navigate others just randomly prevent you from using your currency. The wheat needs to be separated from the chaff, there has to be a cull and quality control of both new coins entering the market and exchanges operating around the world.
And this is my main point, for cryptocurrency and the block-chain to be adapted and used daily by the general public it has to have a major face lift. The clunky user interfaces have to go, transactions have to speed up and be easy to understand and complete. Exchanges need to be reduced to a small amount of solid performers that allow you to turn cash into the crypto of your choice.
I say this because the future of crypto currency for most people is not to get rich on the ever climbing price it is to use it for everyday purchases. People already embrace the fact that their money moves from bank to bank over the internet and not physically, so why should it be that hard to convince them to remove the physical money altogether. It needs to be shown that crypto and the block-chain is both practical and safe.
For instance an item has been built by a manufacturer using the block-chain to identify, order and track the individual components, allowing them the accuracy to identify when they will arrive so that they can be ordered and received a short time before being used. The products are then tracked to the storage areas around the world, where that link in the chain helps the seller know exactly where it is and make it available for sale and delivery. We then walk into a high street shop or more realistically browse the web, identify a product, and know instantly the stock and availability for delivery not within days but to the minute, we then pay by waving our secure hardware wallet over an NFC point after picking the currency of our choice, and then being able to track that item from depot to your door.
This is a practical use scenario that most people would want to see, this would help them get over their fear of change and embrace the future. I know manufacturers try to use the 'just in time' method, however individual items can't be tracked with ease and if a lorry breaks down or a cargo ship sinks they are relying on slow methods of communication to inform them of the problem and manufacturing may have to be paused or they rely on items being stored in expensive warehouses.
These ideas and not original there are talented people out there trying to make this scenario and many like it a reality but with so many trees people are struggling to see the wood. The projects that can help launch crypto into the mainstream are at risk of being lost amongst the ever growing throng of poor quality fly by night get rich schemes. And with them the dreams of cryptocurrency powering the future and securing our economies.
Comments welcome.