The Ebbs and Flows of Crypto
For many, 2017 was the year a larger percentage of the world’s population was introduced to the concept of cryptocurrency. People were presented with these strange “digital assets” that no one could quite explain in their basic form, which made it difficult to win over friends and family to buy the varying tokens.
Many individuals would simply point to the rising gains of various tokens and brag about how they had tripled their money overnight! I can imagine most conversations were based around the possibility of making more fiat than the practical use of Bitcoin or Ethereum in today’s society.
Maybe this is one of the reasons why there has been stunted growth in 2018.
This is just a small visualization of the massive growth and capitalization of cryptocurrency during 2017 through today, June 23, 2018. We peaked around $830 billion and are currently hoovering around $250 billion.
What Can Be Done?
So, what can we do as a community to help the general public understand the potential of a decentralized currency run along the coding of a blockchain? And, how do we explain why it is so important that the world adopt it?
The first issue is that central entities simply do not want to lose their power over money. Our entire economic system has been based on the debit and credit criteria, which is a ledger kept by the central banking industry. This is the basic formula around the world for most of the population. Unfortunately, there are many that do not have access to banks and are victims of hyper inflation, hidden fees, and a number of issues when trying to transfer funds across state or country borders.
When you first read about a solution of cryptocurrency and blockchain technology a lot of enthusiasts will drive home that very point. They bring up the fact that billions of people are not a part of the financial system already in place. They do not use banks or have access to many of the resources most of the world are accustomed to having and using on a daily basis. This point is very valid and definitely a strong topic when convincing people of the use of blockchain and cryptocurrency.
So, does cryptocurrency simply solve this issue of creating a system of banking for the 3 billion unbanked citizens of the world?
As much as I would love for that to be the case, I simply do not believe this solves some of the core issues that keeps cryptocurrency from becoming main stream and adopted worldwide.
Before I move forward with this article, everyone should take a moment and watch this short TED Talks by Charles Hoskinson about the future world of decentralization from 2014:
There are some fundamental issues that we may need to solve in order for a decentralized system to be fully adopted. As Charles mentions in his presentation, the largest issue is providing the world with accessible internet. In order for a decentralized system to work and to become a viable option, then the world will need access to the technology needed to run the blockchain.
The video is a bit dated, but the statistics mentioned are still pretty relevant. There is still about 50% of the world that does not have access to the internet. So, how do we get to the point where we can solve some of the issues mentioned in the video:
- Practically free remittance transaction fees
- Documentation for poorer nations
- Identification
- Deeds
- Insurance
- Security of goods and services
- Move from a cash-based system to crypto
- Plus, many more uses of data storage
Obviously, there are tech companies in the space that are equipped to solve some of the issues brought up in the presentation, but the implementation of internet and technology will still be the greatest obstacle outside of the perception of needing centralized banking.
A few things that the community could do to help bring awareness is continue to liberate the connected. Yes, this sort of sounds like a synopsis of the ‘Matrix’ films, but it is quite true. Most of the world is plugged into the idea that there is no issue with the world around them. The central banking system is like their central nervous system and essential for their survival. Obviously, this is just laziness blanketed by comfortability.
This simply means it is our duty to help educate the public on the technology of blockchain. Lately, large corporations have started adopting the superior technology in several fields, which may help bring the topic of discussion to light. However, we can still play our part and create content that expresses the potential and the need of blockchain for the world (i.e. blogs, articles, videos, and localized meetups).
If enough people speak about its need, then the masses will eventually adopt the meta.
Be More Like Elon Musk
This closing is a bit pretentious, but I have come to admire the mentality of the inventor and entrepreneur. The man simply wants to make the world a better place than it is right now by trying to solve issues he believe make it technologically greater. Yes, this may also include flame throwers made by the “Boring Company.” However, he has made strides and has been innovative in many fields that have pushed the boundaries of science and technology.
One particular venture has the potential to solve the 50% internet-less population with his advanced communications satellites. The objective is to provide powerful internet to areas of the world that currently do not have access. Obviously, there may also be some other agenda associated with the technology and communication companies, but it is a real solution to a major problem and roadblock for cryptocurrency.
If enough entrepreneurs and innovative scientists that have access to capital funding move into the space, then I do not see any problem that cannot be solved with perseverance. We simply have to continue to connect with one another as a species and fulfill the potential we have within ourselves to solve the world’s issues.
Freedom and power is at one end of the blockchain road. We can provide so many people with the possibility to grow financially without the intervention of centralized banking systems, governments, and corrupt hierarchies. It all starts with a conversation and spreading the word of blockchain to our friends, our families, and our neighbors.
So, keep learning and growing.
-Nick @mycryptoverse
Originally written on my blog: https://mycrptoverse.com/2018/06/23/how-do-we-get-the-world-to-adopt-cryptocurrency-and-why-it-is-imperative-we-do/
Extra Resources
Crypto Book Recommendations:
The Age of Cryptocurrency - https://amzn.to/2L1bWOW
The Truth Machine - https://amzn.to/2IekrrP
The Starfish and the Spider - https://amzn.to/2jXG15C
Digital Gold - https://amzn.to/2k0uAKx
Wildcat Currency - https://amzn.to/2IHyHJ6
Blockchain Revolution - https://amzn.to/2jUtrUB
Be More Pirate - https://amzn.to/2yA6ZKv