BlockChain, Bitcoin & Crypto Currencies are trusted & have gained acceptance.
One thing that cannot be ignored in the year 2017 is definitely #BlockChain & #CryptoCurrency. But the two have also been synonymous with #Bitcoin. While last few years were all about VR/AR & AI, this year has been taken by #BlockChain as if a tsunami. You name it and BlockChain is impacting the industry one way or the other.
Problem is that the existing set of leaders running the fiat ecosystem are still largely in denial atleast of #Bitcoin, while alot of them have sided with #BlockChain as the technology. Technology companies are rushing to create different formats of it and file patents whereas financial institutions are running around to find the best possible BlockChain solution suited to there needs.
Why is it that the leaders with an experienced understanding of the financial ecosystem, wanting us to trust them in all matters financial are in denial of this 100 Billion worth store of value and increasing?
In order to understand the same, I tried to review the definition of money:
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, sometimes, a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered as money.
With the exception of generally accepted in the first line of the definition above, which can be replaced with gradually accepted all the other conditions are being met by Bitcoin, yet we see a constant denial. To any sane mind it is understandable because accepting this places you in a position of loosing control. But at the same time, you do need to understand that this control was handed over to you in trust over centuries by the people & by the centre of powers i.e., the Government again chosen by the masses.
Every time you deny the existence and call people fool for investing into the segment, each of those fools walks out to convince another fool of the opportunity, gaining trust, adding value & taking the control away from you. All this while reducing the trust in you & adding that trust to #Bitcoin. My submission, to some of the standard doubts that you intend to raise:
- It is a ponzi, nothing to back it up? Ok nobody propagated a ponzi scheme, it gradually won trust as a store of value backed by the Decentralised concept. If gold falls in the international market, will people throw it away? No they won’t & similarly if Bitcoin falls, the trust ecosystem with wait for the right time for it to bounce back & make efforts at ensuring that happens.
- It will crash. Are you sure the market dynamics as propagates by you wouldn’t crash?
- Used in the dark world. Oh so there wasn’t a dark world before bitcoin?
- It just came out of nowhere. So you are forgetting trade has existed much before any of the current systems of financial management & banking came into play. And trade then was in a world not connected by the internet the way it is today.
Bitcoin has been accepted as a store of value by a large population, the population is growing everyday, it has the capability to withstand the battering of the times as tested time & again. Therefore my inference with the limited knowledge gained fighting through life and having experienced what I have, each time you deny a common consensus it will only grow stronger & your capability to control it grow weaker.
When you don’t move with the progress of the ecosystem around, you loose and you end up watching others move on. Grow up, think how you can participate & move with the times.
Until next time….