Assumptions and truths about cryptocurrency
Of course Bitcoin and other cryptocurrencies have been used to aid crimes. The fact is that anything with any kind of perceived value will be used to barter or aid in crimes and that unfortunate truth extends to Bitcoin and other cryptocurrencies. Especially now, while cryptocurrency and blockchain technology is in its infancy and mainstream businesses have not yet adopted its use, the space remains vulnerable to scams and criminals. However, as the public becomes aware of cryptocurrency and grows comfortable with its use and applications, we will see the technology disrupt every industry and improve nearly every facet of business.
A lot of people in the crypto space are in for trading and quick profits. The Bitcoin boom brought many day traders and short term investors with dollar signs in their eyes. What many of these investors overlook is the underlying technology. Overstock.com board member and former Chairman Jonathan Johnson said that cryptocurrency transactions save the company time and money and that they can’t wait wait for the digital assets to be used regularly. Most interestingly, Johnson asserted that if cryptocurrencies were widely adopted companies could save millions in their customer service and fraud departments due to the efficient and secure nature of blockchain technology.
One of the main assumptions and misconceptions about Bitcoin and altcoins is that they are “not real money” and have no actual value. The value of cryptocurrency lies in its characteristics and its unending amount of possible applications. It is decentralized and will allow for people to and businesses to truly control their own assets without central banks or governments holding the power over the economy. Cryptocurrency allows for faster, cheaper and more efficient transactions as a payment system, but can also be applied to across all industries. Proof of land ownership will be a big early use for blockchain and smart contract technology. Proof of identity is another use case that can be applied to anything from healthcare and patient records to replacing tickets for entry into a concert. The inherent value of cryptocurrency is based in its infinite usefulness and its ability to make the way we interact and do business with each other easier and more efficient.
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