Crypto is the next financial revolution and our currency system is evolving, but is it really fine to go digital with our live savings and everything we’ve worked for, to rely on an alogorithm for the rest of our lives?
I'm scared, let me put it out there
Why?
Because we are on a brink of change, I think crypto is amazing and should exist alongside out really currency but however I don’t think it should replace our main form of currency which is now paper currency. Because despite with paper currency we at least have something physical in our hands and we can use that to exchange and barter with something else that is physical.
Crypto relies on a computer algorithm to even exist, to got more crypto you have to go through a process called mining. My issues with crypto is that we are putting everything including our life savings inside something we can’t even touch or feel when we trade and it just gives me the hibi jibies.
We are effectively trading nothing in return for something, our hard work equals a bunch of number which can be manipulated if someone cracks the code. Right now crypto storage is quite secure and there are security protocols in place by technological institutions, but what’s not to say that those can be hacked.
It’s been done before hasn’t it? Not to crypto but the internet, right? Everytime we place a security on something, someone on the other side has made a way to bypass the security. There’s a saying “ you may have the key, but they have the lock” which means that despite you having the only access to the lock, the other person knows the system and can try to create their own key.
Another thing which comes to mind is.
How long is crypto gonna last? I mean how long until the next revolution or the next evolution within our digital and technological society. You see there is a term in business called “overtrading”, where it means that the business is rapidly expanding without having enough resources to support that expansion.
Isn’t that what’s going on right now, we are evolving at a really fast rate that it almost seems like a time bomb waiting to go off. We look back 60 or 70 years internet wasn’t even a thing and things are just coming and going really really fast, so yeah am scared.