Why Cryptocurrency Is The Next Operating System For Capitalism

Authored by Chris Herd via Hackernoon.com,

Money wont last Forever — that is Guaranteed

It didnt exist when exchange evolved to become a feature of humanities first economic system, nor will it persist when there is no advantage to using it. That time is approaching far quicker than traditionalists care to admit.

The reality is that our evolution to a largely cashless society is almost complete. I rarely have money on me physically, I can count on one hand the number of times I have had cash in my wallet in the last 3 years. Paper cash and metallic coins are prehistoric.

That is what those who carelessly brandish Cryptocurrency a bubble fail to comprehend. Money doesnt care what you think. It is simply a means of exchange. When its utility is replaced by something more efficient it will become extinct. Right now it is a protected species with a few purists trying to revive it. Unfortunately, the poachers are pulling down each pillar which underpinned the system one by one.

Soon it will fall.

With Fiat valuations no longer tied to any commodity — with its price being entirely independent and its valuation contingent on what we collectively believe it to be — give me one sincere and serious argument which convinces me fiat isnt also a bubble.

Give me a coherent reason why that if we stopped believing in the value of paper money today it would be worth anything tomorrow. Without resorting to the argument of historical precedent, the size and scale of central banks or the promise these institutions have made to maintain a certain valuation what do you have to argue against it?

Fundamentally it is still a question of trust and belief. This forces you to consider that there might be a technological solution which forces a level or trust and believe that is inconceivable in a human-led system.

Your argument might still be that cryptocurrency is a bubble, but I raise you the perspective that all money is. It is a product of our beliefs married to our hope that its value will remain. Ditto stocks, shares, and bonds.

Money is, and has been for the last 30 years, an intellectual construct centered on humanities trust in Governance — but trust in these institutions is at a historical low. We dont trust the reasons they give for the decisions they make, theyre incentives to act in our best interests or their ability to deliver a better future.

Cryptocurrency isnt just the future because that is what a committed band of dreamers would have you believe. It is the future because it is a new operating system for a decentralized world.

It is the future because it takes back control of the things we are most dependent on for us to subsist. It is the future because it is already here making a difference in how we act. Bitcoin has enabled a whole generation of Venezuelans to have an alternative to crippling inflation left unchecked by corruption.

  • No longer do we have to trust a governm ...

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Tags: Cryptocurrency, It Is, Money, System, Operating system, Capitalism, Bitcoin, Chris Herd, Present, Fiat