I stumbled upon this video recently and being a Steemian and knowing about the blockchain advantages it really brought up my hopes of a much brighter future for the people that don't have it as good as us who aren't living in developing countries.
Before I get more into it, watch the video and think about what you as a blockchain enthusiast already know about its advantages and how many of the steps taken in the videos will become obsolete in the near future.
This video was recently shared on Reddit by the youtuber Pleasant Green.
Middlemen, middlemen, middlemen.
From Indiegogo to Western Union to Banks, all of these will soon become obsolete for the people using blockchain technology. For most of you that is already old news, but imagine that 99% of the people in the world are still not aware of the big changes in innovation this tech is bringing us.
Joel who was the person to contact the youtuber already had access to the internet, and that's all it will take to make all this possible without needing to use middlemen. Not only will it be a lot more efficient, fast and secure but it will also save unnecessary fees for all parties involved.
In the video above the youtuber had to use Indiegogo which is a crowdfunding platform that takes fees for their operations, these fees won't be necessary on the Steem blockchain.
He was then going to use Western Union to wire him money, which also takes massive fees and is not even available every day. The Steem blockchain runs forever.
Then his bank disabled his transfer thinking someone had hacked his details. Sure this could be good in a way but with the way Steem is designed, private keys, posting and active keys and even a way to recover your account in case of a hack. You won't be needing others looking over your account activity and delay your transfers.
Do you see how all this time and effort will be obsolete with blockchain tech?
This was a really awesome video, showing us that given the benefit of the doubt every once in a while and giving people some trust, something wonderful can be accomplished.
I am grateful to have stumbled upon a platform that will be able to do all of this in a much more efficient way.
For some of you who are not aware, something similar to what happened in the video is already happening on Steemit with great success. Check out this post from the account @schoolforsdg4 which is handled by @azizbd!
Make sure to follow him!
I am looking forward to next year as I believe the adoption rate will multiply even more than it has so far.
Let me know in the comments what you think about this. :)
I do see an issue with people understanding how to control their keys and not having the backing of their bank protecting them. My mom for instance, has had her bank save her multiple times from money that was lost due to whatever fraudulent means they used. The bank then takes on those losses and gives the money back to the user that lost it, in this case, my mom.
I feel this is a huge issue with the crypto world. Once you lose your money, it is gone. Who is going to give you that money back? Where is a way to reverse that transaction. Well, we all know there isn't a way.
So what can be done, is there some sort of insurance you can get that if a fraudulent person gets a hold of your keys, you can get refunded that amount from this insurance company? Do we just understand that if we lose our keys, we are out of luck?
I imagine for many people, understanding having multiple keys, using cold storage, air gapping computers... It is a lot of work. That is what a bank is for. To deal with that crap.
While I agree that it is a wonderful thing and it can definitely be utilized far and wide and hopefully, everywhere, with no more need for a bank. I think that for normal users, these are questions we are going to have to have an answer to. People like simplicity, without it, I don't think we can become as utilized as banks.
Any thoughts on how we can fix that? Is insurance a good idea?
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Steem has something that no other blockchain has so far as far as I know for the first part. If someone steals your private key and changes it, you have 1 month time to recover it by providing your old private key and information that proves you are the original owner of the account.
On other chains, once someone steals your private key, its a "whoever sends the funds to another address first, gets them" which is the hacker most of the time obviously.
But if you lose your private key and don't have any access to it, then your account is gone forever, no one is able to retrieve it. If Steemit would be able to retrieve it that means they would have a copy of your private key and the funds of the account would never truly be in your control only.
Maybe we should create an SMT for a company where we pay a certain fee for them to keep our keys safe and secure in case we lose them somehow, but until then all we can do is make copies of them and save them here and there.
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I understand that you can get your account back, but you can not regain the funds that were lost correct? If someone sends thousands of Steem or SBD to another address, you are lost for that money correct? While I understand it takes time to power down Steem, there is still a chance of losing a large sum of money. This was my main point. Nobody can give your money back. Unless I am mistaken on how they account recovery works?
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Yeah no, the liquids are gone in that case.
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So I feel that is the thing we need to try to answer for when people want to know what happens when their information, or keys, are stolen. Like I said earlier, if my bank account or credit card is compromised, I can get refunded for that money I lose. No such hope in the crypto world.
Why would somebody move all of their money into a form that they could lose with no help for getting it back once it is gone.
Crowd source insurance for if you lose your key for a bit and get some liquid Steem stolen? Then we gotta somehow figure out people aren't doing fraudulent claims. Basically, we would have to have an insurance company that we pay, to insure our crypto that is stolen if we lose our key.
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That's probably 99.99% of the cryptospace currently, considering the marketcap is over $170 billion I'd say a lot of people. :P
All I'm saying is that comparing Steem to the others, here you have a better safety if you have your funds in SteemPower and have registered the account through @steem.
I can see insurance companies being needed in the future of blockchain security, though.
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For sure, but the people who have money in crypto, they haven't moved all of there money into it. I am sure there are some people, but for the vast majority, everybody still has a bank account and a credit card.
Steem is definitely ahead of the curve. I just feel we have a lot further to go before people are able to utilize the block chain like we can utilize a bank or a credit card. And one of those, is the insurance I have for my funds if they are lost.
Thanks for the talk Acid!
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Indeed @biasnarrative, we have a lot to go further to reach that target, so much that I have few hope that I will be still alive to see it, but this is the inevitable future. Blockchain technology is the inevitable future of the financial world.
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@acidyo, I think you are right about the insurance company aspect but one alternative could be (shameless plug coming), a protocol like ours that resolves disputes through smart contracts, and manages escrow through the blockchain. I think this could one method of securing crypto investments across multiple platforms.
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That's the one negative aspect of the tech.
Then again you could also debate how safe your liquids are on your bank accounts. :P
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But, my bank will refund the money I lose.
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Your bank will also cut off your funds, or confiscate your funds, if they decide you owe the money to the state, or other entity (like ex-wife).
The bank will not help you if you come by large sums of cash legally (as in farming hemp). Banks are generally, more trouble than they are worth for many people. I only use credit unions, not banks, as little as possible.
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Don't use banks any more than you have to use them. I don't. I keep just enough in them to pay my monthly bills. Use a credit card instead of a debit card too to avoid your actual bank funds being stolen.
For Steemit.com specifically, keep the majority of your funds in Steem Power or Savings instead of STEEM or SBD. That protects it from immediate withdraw if you fall for a phishing trick and share your key.
As far as I know, no one here has been hacked. They've all fallen for a scam instead. That's the user's error, not a problem with Steemit.com.
Don't have just one account either. Spread your savings around to better protect them. No one should have a majority of their wealth in one account anyway. That's asking for trouble.
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Great advice, and I like your ideas about banks too.
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Thank you and followed!
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No kidding man. I love the possible future I see in blockchain tech The way business is done is going to be so streamlined and honestly will put a LOT of people out of work who are not prepared for it. We live in pretty exciting times, I am sure we wont even be able to imagine some of the stuff people will do with this tech in the future.
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Absolutely! With a steemit account, all of this could have been accomplished much more efficiently. I am hoping that there will come a time when much of this is obsolete- that these people will have their own means to improve their lives, simply through technology. Thanks for sharing such a great and heartwarming video.
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I think the transparency of the blockchain will make people more trusting.
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Amazing things can happen with the blockchain. I am so happy to be apart of this community and be able to help initiate change. I might not be able to change the world but I can help make ripples in the water that can turn into waves. I think it is awesome that you are bringing more attention to the good the blockchain can do and for giving a shout out to the school our community has already been helping.
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You are right mate, more than 99% of the world is not aware of the magic of the blockchain, we need to spread the word to the world.
Each one contribution is so beneficial.
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The technology is already there. I think that if we want it to succeed, it's important to be thinking about making it more popular. I personally find it quite inspiring to see a lot of people putting significant efforts into making the platform more popular each in their own ways. I think that's crucial as just having the technology available is just a part of the equation, people also need to learn about it, trust it and start using it on regular basis.
I have no doubt that is in fact in the future of the platform though. :)
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Video incredible, and the Steemit with blockchain system is an easier way and would play a fantastic role in underdeveloped countries, having a fairer distribution of income with transparency and total ease!
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Thanks for the sharing very interesting topic video. Definitely do not get worry with steemit account. I refer to say that in this block chain possible ways and more secure procedure has. I am hopefully waiting block chain do improve their steemians with use great technology. Lot of money transfer services will close in future with block chain because this way do transfer very speedy and comprehensively.
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They should definitely teach "blockchain" in Schools. That would be a gift to humanity. But it would also be terrible to see all the Western Union employees lose their jobs. ;)
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Great post. Just hard to imagine the wonders that can be achieved with this new technology that we are seeing evolve everyday.
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Joel is a hero.
Voluntary charity and exchange without "middlemen" are beautiful things.
Hopefully, Joel can join Steemit too!
What I love most about this is that the guy worked to receive the payment.
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Blockchain IS the future. Adoption here will rocket upon people figuring it out.
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Such a beautiful story! I Love it!
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Very interesting article
Thanks for sharing
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Steemit with great success.
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Yes. it is success of steemit. Thanks for mentioning us.
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Blockchain technology is now a revolutionary way of helping people earn and move money with ease. It transforms their lives in many ways possible like it is helping me with my medical needs.
Things that we should know about it too are easy to learn like keeping the keys and all that @acidyo
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You are so inspirational. have a peaceful life and keep us update about your life always.
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Thank you for your kind words @schoolforsdg4
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Spreading love ❤
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Anyway,future is very bright with blockchain technology .all business are going to use it. I know there is a very big problem of scam,phishing etc and it is pretty hard job or very less chance to remove this problem
But still i think these are the future and no one can stop it.
By the way thanks for sharing this beautiful video
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some people work and earn and the rest wanna just to use the others earned.
it's the common sense for blockchain and real life(
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That's a pretty neat story. Beside the opportunities of hope and positive changes that blockchains and other new technologies will bring as @biasnarrative mentioned, this video also touches on how crowdfunding is making a difference and how we as individuals can make a true difference in peoples lives where there is such a great difference between economies.
I work with a lot of people in impoverished countries through Upwork, and I have had similar occurrences such as with my coworker and friend Bilal in Pakistan. He offered me a 50/50 split if I could figure out a way to help him create a profitable business trading products between his country and mine (the US). I've looked into a lot of products that are created in Pakistan for very little that could have a much higher resell value in the US, but what I learned was that the shipping cost is so high that it makes this idea not very feasible. For example, I looked into furniture thinking it would be cheap in Pakistan but could earn a decent profit in the US, but even to ship just a 40lb table could cost $800 or more. So I am now trying to find items with high value that have little weight to keep shipping cost to a minimum, but I have not found anything that seems totally practical as of yet. If I can find such an item, it would be possible to help him to sell it to US based customers via Amazon or other marketplaces or our own ecommerce websites - so far I am still searching. So for now continuing to do web development may be the best approach (we are both developers). It seems like the shipping cost ratio is about $10-20 per pound (depending also on size) from Pakistan to the US, so something profitable would have to retail for at least twice that much to be worthwhile. If anyone has any ideas to help my friend Bilal in Pakistan I am open to input.
I love the crowdfunding angle and selfless attitude this guy had to help his new friend in Liberia.
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I'm so ready to embrace the future, thanks @acidyo
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Thank you for follow up our work on steemit and make us visible for your followers ! The video is awesome. I watched it more than twice and also his youtube videos. He did a great job for Liberia. We are working on long term business plan so we can make the school self-sustainable. Any business idea will be welcome to discuss.
My journey started with 25 kids on 20 April, 2016 and later it increased to 50 kids in February, 2017. It is amazing that we could involve thousand of people by steemit. Hope next year we will get chance to share big success story by attending steemfest !
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Very heartwarming =)
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I like this ... Bless u all lil kids
Upvote
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super nice post.
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Definetely, blockchain is the future.Nice post!
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Such a good topic discussing this moment use the video. In my mind much need steemit account safety. But Steem blockchain system never mind it. We have nice and better technology in present tense. So no worries Block chain. More refers, have to make best images about block chain.
Upvote and resteem
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Really awesome post!
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The post is very interesting and will add insight from the way steemians think around the world because by watching this video the steemias will know about the benefits of blockchain and it really brings hope in the future.
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The block chain technology is the future and I am glad to be part of this along with everyone else
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Great information! Thank you @acidyo for sharing!
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There are still good people in this world. Humanity not lost yet.
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Great topic, In future can be happen scammer problem and do the needful for fix that problem. If more safety gave blockchain someone has hack steemit accounts. So please provide more safety methods immediately. in this condition we have great hopes with block chain system, its go ahead with climbing more climbing. growth up. Always improving very recently.
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From zero to hero :p
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the Steem blockchain helps you to overcome the obstacles of position banks and administrative bureaucracy
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Congratulations @acidyo!
Your post was mentioned in the hit parade in the following category:
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Great post!
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Steemit is really a helpful platform. People on this platform respect the good talent.
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Thanks man to make this awesome picture and nature i really love it kepp it up
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