Cryptocurrencies look to be here to stay, but, will they create a fairer world, with wealth distributions, or just be another nail in the coffin for the common people, those that did not buy in early enough. It’s a question that needs to be asked.
The premise of blockchain, decentralization, trustless transactions, autonomous control of your own money and privacy are all to be applauded. But, there is also huge potential for blockchain and cryptocurrency to create a fairer distribution of wealth via smartcontracts, and other innovations, cutting out expensive middlemen.
Wealth is Health
Wealth, is a very similar word to health, and that is likely no accident. Having enough funds, to adequately feed, clothe and house your family is the goal of every person on this planet. Not always achievable by all under current monetary systems. Looking at the current distribution of wealth globally, it’s obvious that we have a giant pyramid scheme of have nots, with a minute portion of haves at the very top. Some might say that this monetary pyramid is actually visually represented on the US dollar bill.
Figures from Credit Suisse global wealth report
The world’s richest people have seen their share of the globe’s total wealth increase from 42.5% at the height of the 2008 financial crisis to 50.1% in 2017, or $140tn (£106tn), according to Credit Suisse’s global wealth report
Monopolies, on wealth distribution can be challenged by the cryptocurrency revolution, but only if the majority of participants want a fairer brighter world. Blockchain, smartcontract and cryptocurrencies can be a revolution for good, or a revolution for greed, choose carefully.