New Kid On The Block
Who would have guessed that the most attractive currency in the world could be something that you cannot touch, taste, smell or hear? In fact, you cannot physically experience it outside of seeing it represented on a digital screen.
Cryptocurrencies are not yet the most powerful currency but as people become familiar with the circulation of bespoke non-physical coins, it seems to be heading that way, ultimately killing the dollar and decentralising the money system.
But this will not be immediate, the Queen B on the block is Bitcoin and she means different things to different people. As she flirts with investors and anarcho-capitalists alike they all want a bit.
I have often pondered on how today’s world of escalating dishonour, in every facet of trade, could be reverted back to good old trust. And suddenly, from the least likely place, my questions are answered. A catalyst for change in the form of a coin. What have we done to deserve this? Nothing really, I guess the heavens showed mercy on those of us who actually want a fairer world. Or maybe it is a curse for those who get paid from its imbalance. All we really need is a little gratitude, to say thank you and to make sure that the security of cryptocurrencies and the blockchain is upheld as a standard for mankind. Hopefully, before extremists succeed in resetting this crooked world.
What’s All The Fuss About?
It’s a very, very big thing, even if you don’t know it yet, you soon will.In 2010 I was baffled by the concept of E-gold so I became curious. Virtual gold backed by real gold? How can you trust it, who, what, where, why?
I was lead to discover that people were beginning to use an alternative currency called Bitcoin. Immediately I thought that this may be the beginning of my ideal – A world of unregulated, free trade. Being a traditionalist at heart, a currency that you cannot touch seemed well abstract and wasn’t easy for me to accept, but on the other hand, a currency owned by the people: understandable. All this caused me to delve deeper into a more abstract concept called cryptocurrency mining which basically involves virtual miners (manned computer hardware) solving a digital request in the form of an algorithm and a complex equation verifying transactions on a blockchain. With this done successfully, the miner is remunerated in Bitcoin. The request normally aims to verify a ledger entry.
Even after reading numerous articles, and watching as many videos, it all still made no sense to me. My interest suddenly disappeared after realising the amount of processing power needed to generate a substantial amount of Bitcoin (more here). It was an investment that I felt was too expensive, time-consuming and risky; it didn’t quite weigh up.
Fast forward five years, I only recently returned as what I call, a late-early adopter as this was just before the period of mass awareness – 2016 to the present. My interest soared. I now see that I was clueless (and still am) as to how many fresh possibilities cryptocurrencies offered. It’s almost a sin not to know.
Although much about this new type of money has become common talk, I still couldn’t grasp a full understanding of it. I put this down to the complexity, the huge scope of this money of account thing, the volatility and the many huge unanswered questions surrounding it. But now, I think it’s safe to say that four years on, many of the initial issues, such as the convenience and transfer times, have been addressed with its natural evolution. By the growing amount of startups and the thousands of crypto exchanges emerging online right off of its back, you can see that the world is shifting.