Cryptocurrency & Decentralised Blockchain Tech Are An Unstoppable Juggernaut!
Many seem to have forgotten how the Internet began disrupting the music industry some 20 years ago. Those of us early to computers and the Internet in the mid-90s witnessed these changes as they occurred.
Napster, for example, was a revolutionary technology that brought a paradigm shift in the music industry.
Regulatory issues aside, it opened up the floodgates of accessibility to global music for everyone, anywhere in the world running this software. It successfully turned the music industry on its head forcing them to evolve quickly.
Cryptocurrencies, over the past decade, in their own small ways have been slowly disrupting archaic central banking practices.
For the past decade, it has been largely ignored as something trivial, just as the internet and computers were considered a waste of time in the 90s in many parts of the world. But no one and no government can ignore it any longer!
Facebook's Libra, centralised as it may be, seems to have stirred the hornet's nest, shaking up the status quo even before anyone can begin to use it. Governments know that they won't be able to slow it down.
It will be the first amongst major technology companies entering the FinTech space and giving central bankers a run for their money.
Bitcoin unlike Napster of the 90s is an unstoppable force! But centralised Libra is within their sights and jurisdiction.
But sadly for them, and luckily for people, things are evolving very quickly.
To those on the outside, far away from any direct exposure to this vertical of the FinTech industry, it may seem irrelevant for now. This is changing, and if you don't start learning about it now, you will feel left behind very quickly.
The evolution of money and currency (which are mutually exclusive) was inevitable. It has evolved from cash-only transactions to (now preferred) high levels of digital transactions within a single generation.
Our paper currencies were once backed by Gold, now it's pretty much created out of thin air and backed by it as well.
Technology will always continue to outpace regulations. Even more so in the years to come and lawmakers will continue playing catch up for a very long time!
Governments cannot keep decentralised cryptocurrencies out of their geographical boundaries anymore. They can try and they will fail.
Will the dinosaurs in our governments and central banks adapt quickly and embrace these changes? There is no stopping this juggernaut!
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