The truth behind cashless society
A note for the reader before reading the article : I am in Crypto currency space since it’s birth and i trade the first 5 popular crypto currencies. Therefore I am not a crypto currency hater whatsoever. What i am trying to say in this article can be considered as pure fiction or reality, This can or can’t happen . Read it on your own risk.
Crypto Currency’s usage and values are surging day by day. Bitcoin is going to be listed in the major stock exchanges in United states. Venezuela is going to create their own Cryptocurrency to boost their economy. But have you ever wondered where this revolution is taking us ?. Is it going to make or break us ?.
The answer can’t be explained in a word or a sentence. It’s pretty vague because of the immense complexity of our capitalistic money hungry society and the block chain.
Most of us know that the Block chain and Crypto currencies are indeed a great innovation which will transform this society to a different dimension, Something we can barely imagine with our senses.
By introducing Bitcoin to the future trading the main stream society is going to adapt the crypto currencies like bitcoin , litecoin and ripple in a very large scale for their day to day basis. The instability and the fluctuation nature of the cryptocurrencies can create tremendous amount of issues in the future society. The same instability and the fluctuation is what attracting the masses to this innovation. Investing in the crypto market can bring 1000 + % percent growth compared to the 1% growth we get from the stock exchange. This can increase the user's tremendously. Because of the profit they can make from it.
If people increase the use of crypto currencies in the coming days or months, this will force more and more leading markets to adapt this phenomenal invention and the fiat currency will become eventually obsolete. But this can lead to something called a highly fluctuating economy. The highly fluctuating economy will double or triple the amount of rich people and poor people. In a highly fluctuating economy people would stop spending money on stuff because of the fear of losing money on the next day because of the high fluctuation. Businesses would stop getting revenues and would have to calculate their total valuation in Crypto currencies . And the Businesses and the society would have to move to a new accounting system to take care of the money they make.
These can lead to severe issues and we would have to go on a roller coaster on a day to day basis. Does it sound scary ?. It is scary because of the problem's complexity we going to face in the future.
What’s the solution to this problem ?. The solution is much simpler than the problem in this case. The society has to balance the fluctuation of the buy and sell price of cryptocurrency and its related assets. The lack of the central exchange in the decentralized system can be solved by choosing a central decentralized exchange for setting the price of the all the other ones out there. But it’s up to the public to decide and take control of something which is going out of control. We lost so much control already, Should we lost more ?.