There’s a gripe I have with “crypto”. Not the actual currency. But the term “cryptocurrency”.
With juggernauts like Goldman Sachs & Wells Fargo entering this arena, and the IRS now watching digital exchanges, there’s little to nothing cryptic about it. Plus the term diminishes the significance of digital currency.
It doesn’t have value simply because people perceive it to. Sure, that might be the case with hype-coins that burn bright today and burn out tomorrow. But the life blood of digital currency overall comes from the fact that it has true, real-world value. Bitcoin for example is a blockchain. The first one, in fact. Ethereum and Cardano- also blockchains.
But what’s a blockchain? It’s a new kind of internet that relies on peer to peer accountability. The simplest possible definition: a network where information is spread evenly across all computers on the chain. And in an age when the world wide web is rife with hacking, fraud, and misinformation, this new internet could provide a solution.
Even Dogecoin has value beyond the whole “perceived value” adage. It could potentially become a quick, easy way to purchase anything with low network fees. While Bitcoin and Ethereum have higher fees and slower transaction times (at least for now), this means that even Doge is much more than just a “hustle” (as it was recently called on SNL’s Weekend Update). Its lower fees and higher speeds give it an actual utility; and apparently, there’s a bit of reverse-engineering taking place to make Doge even more effective in that regard. Though again, don’t expect any kind of digital money to be cryptic.
Just take a look at the ransomware situation with Colonial Pipeline. Authorities were able to trace and seize much of the ransom because it was sent on a blockchain (Bitcoin, to be exact). This peer to peer accountability, forces its users to be… well… accountable. So “cryptocurrency” might very well turn out to be the very opposite of what its name suggests.
Also, this technology provides so much more than just currency. Augmented reality and even artificial intelligence will most likely live on blockchains some day. In fact, it might be the only place where A.I. will be safe from hackers. Then, there’s also the distribution of food and medicine- “cryptos” like Vchain represent protocols that aid in the logistics of such necessities.
To sum it up, there needs to be more effort put into explaining what digital currency actually represents. The sooner people understand its true value, the sooner we will see digital currency and blockchain tech receive mass adoption. The paper hands of today will be the diamond hands of tomorrow. Only then will the volatility of the market find an even keel and be exponentially higher than it is today.
