I frequently write on Quora about cryptocurrency and had a fairly popular on their about some of my favorite cryptos. The question was something along the lines of "What are your five favorite cryptos to buy?" and then I received this comment on my answer.
None. The “wealth” generated by crypto currencies adds nothing to society. Real wealth is generated by real production and services. I feel that investing in crypto currency is immoral and inhumane.
I am not offended that I had someone comment this on my answer (there will always be someone who will troll even my best and most well written articles) but I felt this was a topic worth diving into and not merely a stupid internet argument. There are a lot of people who think the only purpose of Bitcoin and other cryptocurrencies is to buy low and sell high; in other words believers in the greater fool theory. But is that all crypto offers? I personally don't believe that's the case.
A New Series?
From my time in the cryptocurrency space it seems that there are actually hundreds of different use cases besides buy low and sell high. For the purpose of this article I will only list three of them but if this article is popular enough and I get three requests in the comment section I will write another article.
Answering a Cryptocurrency "Hater"
- Remittances. To send an international wire transfer will easily take 3-5 business days and that's assuming you aren't sending on a weekend, a bank holiday or have any other issues. And that's if your lucky. I have heard about remittances in some situations taking weeks only to arrive at a bank that's 100 miles away from where the receiver lives. Cryptocurrency bypasses all of these problems. I can send a Bitcoin to anyone in the world within an hour; that might be too slow if I want to buy coffee but it's lightning for sending remittances.
- Bank the unbanked. Bitcoin and other decentralized blockchains are very open and don't require loads of identification, minimal amounts of crypto to be held in a wallet (unlike bank accounts) and don't have ridiculous fees. All of this is great for those who lack identity, don't have enough money to open a bank account or live too far away from a physical bank.
- Protect against currency or government failure. Cryptocurrencies like Bitcoin are not ran by any government or corporation so they are a potential hedge against government and mass market failure. Since cryptocurrencies like Bitcoin are accepted worldwide they are great for refugees, or people who live in a failed (or failing) state.
Notice the three advantages that I listed for cryptocurrency are the ones who help the poor and helpless the most. The advantages of cryptocurrency go much further than what I listed above but I think this is a great starting point. Please let me know what you think about these three categories and how effective you think crypto really is.
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