Reflection

Image: Forbes.com

Reflection On Why Cryptocurrency Is The Future Of Finance

Cryptocurrencies are the first alternative to the traditional banking system, and have powerful advantages over previous payment methods and traditional classes of assets. Think of them as Money 2.0. — a new kind of cash that is native to the internet, which gives it the potential to be the fastest, easiest, cheapest, safest, and most universal way to exchange value that the world has ever seen.

Cryptocurrencies can be used to buy goods or services or held as part of an investment strategy, but they can’t be manipulated by any central authority, simply because there isn’t one. No matter what happens to a government, your cryptocurrency will remain secure.

Digital currencies provide equality of opportunity, regardless of where you were born or where you live. As long as you have a smartphone or another internet-connected device, you have the same crypto access as everyone else.

Cryptocurrencies create unique opportunities for expanding people’s economic freedom around the world. Digital currencies’ essential borderlessness facilitates free trade, even in countries with tight government controls over citizens’ finances. In places where inflation is a key problem, cryptocurrencies can provide an alternative to dysfunctional fiat currencies for savings and payments.

Coinbase

Even as crypotcurrency is seen as one of the biggest trends in business and finance, it is not criticism free. There are some people who see it as something too risky, for the consumer, more than being beneficial.

Sonnet of Cryptocurrency

Abhijit Naskar

The reason people are nuts about cryptocurrency,
Is that they hear the magic phrase regulation-free.
But what they forget to take into account,
Is that it also means the user alone bears liability.
The purpose behind a centralized system,
Is not exploitation but to provide trust and stability.
Anything that is decentralized on the other hand,
Is a breeding ground for fraud and volatility.
Not every fancy innovation is gonna benefit society,
Innovation without accountability is only delusion.
Cryptocurrency can be a great boon to banking,
If it merges with the centralized financial institution.
Intoxication of tech is yet another fundamentalism.
Algorithm without humanity is digital barbarism.

Abhijit Naskar, Hometown Human: To Live for Soil and Society

Reflecting On This Personal Journey…

I must admit, this task and project was one of the more challenging and thought provoking-technology and finance wise. When I first began the subject of cryptocurrency and its trend in spending and money, the only subject that I knew of was a term known as Bitcoin. That was the extent of my knowledge on cryptocurrency- the term, Bitcoin. I had no clue in any capacity about the full extent and nature of digital spending, cryptocurrencies and digital wallets. So, to say this topic was a challenge, is putting it mildly.

I began my research by watching videos that explained in simple terms what this digital trend was all about. I began to feel as though I had only scratched the surface of information with what I was seeing in the videos. So I decided to further enhance my research and quest of better understanding by downloading a few Kindle books on the subject. Halfway through, I slowly began to acquire and sustain some of the cryptocurrency jargon and philosophies.

Learning how the world is rapidly changing in response to global economies and fear of economic depression was quite the eye opener. This subject enlightened me of the plight and fragility of the stabilization of money and currencies. This new way of buying, spending and trading definitely has its advantages, but also appropriate reason for concern. As we attempt to move towards more privacy and anonymity regarding our personal information and spending habits, spending using cryptocurrencies is the way to go. In regards to cryptocurrency replacing traditional forms of money and the way that we spend/pay for things, crypto definitely needs more time and research for this trend to completely become accepted and used globally.

The extensive research into this subject and also the extensive research into building a website has allowed me to tap into something that I was not aware of existed. These were both very challenging, but the work that went into it has helped me grow with more confidence and knowledge of both subject that I had no clue about prior to beginning this assignment. I am now vastly interested in continued knowledge and expansion in the subject of cryptocurrency. I may even eventually dabble in buying and trading cryptocurrency myself. WordPress has allowed me to use some great features when building this site, but I’ve researched the paid plans which allows for so much more. So, I was able to create, within the best of the limited capabilities, something that I am extremely proud of and leaving with knowledge and wisdom that I had not expected to gain from such a task, prior.