So How/When will Cryptocurrencies Be the Standard?
Welcome to our first article, where I'll provide a brief cryptocurrency overview of what we have and what's to come. Feel free to join the discussion in the comments below, or leave a tip in cryptocurrency.
Many people are looking at cryptocurrency volatility and other issues and thinking to themselves that it's "just a fad" and will never replace traditional currency and mantras of that sort. If that's the case, it's likely to be for arbitrary reasons, like everyone heard Justin Beiber say "it's for losers", or government having a war on crypto as though it will be less of a joke than the "drug war". Some even conflate Bitcoin with blockchain/cryptocurrency technology. Even if Bitcoin is a fad that doesn't mean that cryptocurrencies in general are. But with all the cryptocurrency marketing hype flying around, it's easy to see why people might think that.
Many people are looking at cryptocurrency volatility and other issues and thinking to themselves that it's "just a fad" and will never replace traditional currency and mantras of that sort. If that's the case, it's likely to be for arbitrary reasons, like everyone heard Justin Beiber say "it's for losers", or government having a war on crypto as though it will be less of a joke than the "drug war". Some even conflate Bitcoin with blockchain/cryptocurrency technology. Even if Bitcoin is a fad that doesn't mean that cryptocurrencies in general are. But with all the cryptocurrency marketing hype flying around, it's easy to see why people might think that.
The fact is that cryptocurrencies have utility and are inherently more secure and resistant to fraud. For all the fraud and hacks we hear about Bitcoin and other coins, we must remember all the ones in the existing banking system. Target, Yahoo, and many other companies and even The Pentagon have had databases full of people's data fall into the hands of hackers. People all over the country and world have their identities stolen, bank accounts drained, credit ruined, etc. on a daily basis. The cost of these sorts of losses I would guess has long exceeded whatever we might lose with cryptocurrencies, and is a motivating factor and logical reason to develop cryptocurrencies further, rather than reject them. In the United States in 2014 alone identity theft cost us $15 BILLION. That's not including counterfeiting, check washing, and a myriad of other financial scams and crimes that cryptocurrencies are resistant, if not immune to.
Many naive newcomers heard about Bitcoin and seemed to think it's adoption would be a 'take it or leave it' proposition. Cryptocurrency marketing pitches and media hype lead people to think of it as a finished product that is unmodifiable and any flaws holding it back will mean we will never adopt it. This is not the case. Bitcoin Cash, Dash, and many other cryptocurrencies are in some way a variant of Bitcoin all aimed at solving not only Bitcoin's shortcomings, but meeting our needs.
Much like the US dollar, the Mexican Peso, British 'pounds', and all the other analog currencies we use today, it will take time before certain cryptocurrencies become adopted as a standard. We will have to experiment a lot before we all settle on a few currencies that work for us. I believe this is inevitable, barring some unforeseen cataclysm like a plague that would make the financial system a low priority.
The only real question on my mind, is if we'll get it right before we "settle" for something. The last thing we need is some government backed crypto that's terrible but everybody adopts or settles for because of some incentive or pressure or some kind of cryptocurrency marketing gimmick.
I hope you enjoyed reading and feel free to leave feedback in the comments below, and/or send a cryptocurrency tip to one of my wallet addresses below.
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