There is a silly narrative going around asking what crypto solves. Or better yet what is the purpose of cryptocurrency? Many believe it exists as a novelty with zero purpose in society. Well, everything under the sun has a purpose.
🦾
And cryptocurrency is no exception. Bitcoin was created to decentralize money. It was also a response by the free market to call out crony capitalists. Merging the State and money is a dangerous exercise.
With the many projects created on the blockchain there are now markets for every token imaginable. From gaming to logistics blockchain is gaining traction. In the coming years it will have an impact on every facet of society. The biggest problem I see being fixed is poverty.
I could go on about the various issues with the legacy system. But I don’t want to sound like a broken record. Anyone who has to work for a living can tell you the issues with this system. Many families have to rely on two incomes just to get by.
While there are others who are in the silent majority. These silent majority may have issues finding stable work. Or have to rely on multiple gigs just to pay rent. The “working for one company for life” is no longer relevant in the legacy system. Not to mention the out of date resume/interview process.
Having a college degree no longer guarantees a life of job security. This illusion is no longer relevant today. Unless of course you have friends or family who can get you that coveted position. Cronyism exist in all areas of the legacy system.
Cronyism also exists in the credit score system. This one score can determine wether you have a home or qualify for business financing. And if your score is in the toilet good luck. Your basically shunned by the legacy system.
So blockchain is going to fix this. First and foremost blockchain enables you to participate in multiple economic currency systems. You aren’t tied down to one system controlled by politicians. This is crucial since people tend to make many mistakes. Their bias alone has caused many financial issues throughout history.
Secondly, I don’t need anyone’s permission to do anything. If I want to participate and earn some crypto I open a wallet and start earning. No ass kissing required or lengthy resumes to fill out. And I don’t have to worry about getting that job call back.
Blockchain is also all inclusive meaning there are no silly scores to worry about. There are many financing mechanisms in place. And soon there will be so much liquidity that capital could be easily acquired. Again, anyone anywhere in the world can have access.
The legacy system probably will never solve the issue of poverty. That is because it extracts value from the same people it impoverishes. Blockchain instead creates value for people through multiple channels. Income streams also come from multiple sources.
Some of the streams like Hive ecosystem occur almost daily. In turn currency is being created constantly as opposed to weekly/bi-weekly in the legacy system. Constant liquidity gives user the ability to compound or invest in other projects. This positive loop creates even more spendable income.
Virtual worlds and gaming will also begin to bring value for people. More income channels will create even more value for families. Income that the legacy system could never create. And when it all boils down to it this is an income problem.
Blockchain is not without it’s issues. As with any technology or system there will be certain flaws. Nothing in this world is perfect. Yet, the crypto community has always been resilient. The network effect has a way of ridding itself of bad actors.
Aside from the income/poverty issue crypto will also bridge the income gap due to the coming automation boom. People will need more income that the Federal Govt’ simply can’t provide. See missing stimulus checks for proof. The social contract is simply broken.
I could go on but it’s too early for a rant. Suffice to say crypto will solve many of society’s ills. Income instability is one of many problems that will soon be fixed. It is best to focus on the solution.