Blockchain: Open Source Money


"Blockchains are simply distributed transaction processing engines, technology allows data to be stored in different places while tracking the relationship between different parties, and most people who try to explain blockchains like to compare them with a big book: a transaction, for example a change of currency or the addition of a new device to a network, is recorded in the chain and everyone can follow what has happened. That's why the forces of order are so keen on Bitcoin: digital footprints are easy to use trace. " Fortune Tech, Stacey Higginbotham, May 29, 2015

What if we lived in a world where global access to money was available to everyone? Money can travel the world at the speed of digital as a co-operative and decentralized process of equals – no banking system from top to bottom is needed. Trust relationships occur automatically through unsigned, digitally signed transactions, destroying the inevitability of poverty. Would this represent a giant step for humanity?

This is the utopian dream of technology developers. The next generation of computer networks is preparing for the world for the benefit of all. Welcome to the future transformation (financial) chain block of the world.

Ignore it at your own risk.

My article of May 2016, The power behind the throne, discusses the generally underestimated but steady progression towards a cashless society via blockchain technology, and my thinking about the beneficiaries. This could become a giant leap for the banking sector, gaining omnipotent control over our financial transactions. An article from Bloomberg, In the secret meeting where Wall Street tested Digital Cash on May 2, 2016, cited representatives of Nasdaq, Citigroup Inc., Visa Inc., Fidelity, Fiserv Inc., Pfizer Inc. and others present.

Enter 2017 and the documentary produced to inspire and excite: The Blockchain and Us. Some say that 2017 will be the year when this technology will become the norm; others say it's too risky.

The infomercial-type documentary features "leaders" from countries around the world who extol the merits of open source money, the base and the upward cultural game changer started by Bitcoin in 2008. Blockchain technology and its impact potential are compared to the introduction of the aircraft changed society; the structure of the financial services sector alone would transform 100% of digital in 20 years. In addition, blockchain technology should:

  • Assign each industry as a "value" platform with military level cryptology

  • Create generational technological change, an opportunity to "lift people out of poverty"

  • Accommodate what they called, "smart" contracts

  • Radically change the way the Internet could be used to create new forms of value and new ways of transaction

  • Generate more jobs through automation

That's what you have … Blockchain and us. Yet, naysayers, like me, can not see the corresponding personal benefit. Give away the derisory financial privacy we left in cash to the Goliath banking sector? It seems to me that we may not have the choice, because the "little" people seem to be the recipe units throughout the race.

Having said that, using cash and paying as you go has obvious and perhaps less obvious benefits:

  • Choice

  • Confidentiality of the transaction

  • No bank interest (overdraft, credit cards, loans, lines of credit, etc.)

  • Possible 5% reduction on request

  • Tax liability that the use of credit has destroyed

  • Limit instant gratification: easy credit encourages

  • More personal time to deal with debt means working harder / faster

I think that living in a material world makes it easy to forget that the complete definition of wealth is not limited to accumulation. The immaterial wealth of personal well-being and tranquility of mind is priceless as long as it is not overlooked and underestimated. Instead of the utopian dream, imagine this: we no longer make unnecessary purchases, with money we do not have to impress people who do not really care about us. If more people were used to using money, we could strengthen our own money management skills to create real wealth, and also send a message. to those who own the gold.

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