Cryptocurrency has solved the problems of sending money from person to person.
This has opened up the path to insert digital cash into situations where fiat money cannot reach. Trustless and irreversible transactions change how business is done.
Accountability and transparency are now aspects built into digital money. It has made it possible for us to carry out trades with anyone around the world with lower fees, and trustless transactions. It enables us to make large purchases without needing to trust the other party. It also allows us to tie money to conditional or time based restrictions through smart contracts.
Money used to be a promise. Now, money is a program.
A program that has the same exact value all over the world no matter where you spend it or who you spend it with. Global currency is a new feature of money. It allows us to all translate value on the same terms, and creates a more blended world. Cryptocurrency still has many hurdles left to overcome in its path to becoming an everyday currency used to buy goods and services.
The power of a currency is what you can trade it for it in terms of goods, services and insurance. In other words, the strength of any currency is it’s commerce system. Large businesses currently benefit greatly from the exclusiveness of localized currencies and the financial incentive deals to expand their business.
They have no real incentives to drive adoption of cryptocurrency.
Even if we are able to get some stores to accept the most popular crypto, they would not and could not afford to accept the bulk of the altcoins. The problem now is that no one agrees which coins will be the most widely used, and adopted by these larger organizations. From our perspective, the corporation-first model of adoption of crypto where the network effects trickle down to common users is flawed.
Instead, we believe that in order to gain wider adoption, we will need to create a community first commerce model, where adoption and trade of crypto for goods is carried out between individuals. This allows people to collaborate and combine creativity and insight to create new systems and tools for commerce. Similar to the Mobile App economy, it is the third party app creators that will give the platform of cryptocurrency more relevance and utility for everyday life.
With upgraded money, upgraded financial tools and platforms should result.
The next stage of the web, is using programmable money to create and sustain distributed systems, like the ethereum smart-contract system. Crypto allows us to build utilities on the web, that can pay for their own continuance through cryptocurrency. Fixed value currency changes how we use it. There will not be anymore bitcoins printed, which changes the way they are spent in the marketplace.
We recreated the scarcity of rare gems and metals, while giving them a verifiable limit that cannot be counterfeited, or inflated by printing more ad infinitum.
Crypto has removed the concept of trust away from authorized people and organizations to the solid principles of mathematics and decentralized consensus.
This creates a true market.
A market that is not held captive to the borders of physical money and its limitations. A true market, that allows buyers and sellers to transfer value to whatever is valuable and whoever provides the best service, in a trustless and secure way.
Incentives can be tied to data-backed metrics and distributed globally on the basis of performance, instead of personal bias, or nepotism.
Removing money from the sole arbitration of human beings frees us from the limitations of our own perceptions and projections of other people, cultures, countries and beliefs.
We can create commerce without borders.