Distrust: What Will Propel Crytocurrency To Great Heights
Sometimes we overlook the obvious. History can be a terrific guide as to what is taking place.
If we look at the onset of cryptocurrency, we only need to look at the start of Bitcoin. When that appeared on the scene a decade ago, we were mired in a global financial crisis that affected most of the world. Many feel that Bitcoin was created as a result of the activities that were taking place leading up to that.
Ultimately, the big, centralized systems failed us. Banks were leveraging themselves to the hilt. Governments were asleep at the wheel, giving banks more freedom and tools to exploit the markets. When things went bad, at least in the United States, the taxpayer rewarded these institutions with more money.
Essentially, we lost a lot of trust in the system.
Bitcoin was the answer to that. Here was a way to monetize peer-to-peer transactions while removing the third party verification institution. Instead, the code was trusted. The blockchain was transparent allowing anyone to check the results. The ability to manipulate what was on the chain went away. Hence, trust was restored.
For all the talk about Web 3.0, which is valid, the reason why cryptocurrency will succeed is because trust is the core issue. It will solve a great deal of the trust problem across all industries.
Thus, as we look at the world, does it look like things are moving in a direction where entities are gaining more trust? Are you more confident in the political establishment (and politicians) than you were a decade or two ago? Does anyone believe the banks have earned more trust by reforming their ways? Social media giants like Facebook and Twitter are booting people all over the place, does that endear them to anyone? Finally, data breaches are such a regular occurrence we hardly notice.
The system is full of distrust and it is only growing. This is why cryptocurrency will only continue to grow.
Many known figures get on television to talk about cryptocurrency. More times than not, they bash it completely. Outside those with an agenda, the main reason this happens is they do not understand it.
In fact, it goes even further than that. Not only do most not understand, this is not their fight. Cryptocurrency is the Millennials and GenZ.
They were the ones who sat back and watched their parents lose their homes. When they got out of school, they found a job market that was completely shot. Even during the recovery, this group has lagged behind generations that went before them. Those who do have jobs are now faced with the threat of automation.
Of course, this all coincides with almost unanimous reports that show how income and wealth inequality is growing. Politicians enter office broke yet leave multi-millionaires. Companies do some horrific things only to receive a relatively small fine. Most people they know are falling further down the economic scale.
Ultimately, these people see the system as broken.
This is where we stand in 2019. It is vital to remember this outlook is present with a relatively strong economy, at least in the United States. People are working which helps to soften the blow. If one does own any assets, odds are it inflated over the last decade. We did see some growth in the global economy, for a while at least.
In spite of this, for many, the outlook is not very positive.
This is only going to grow exponentially when the next recession does finally hit. The financial manipulation is losing its impact. Each round of QE from the central banks provides diminishing returns. When this thing heads south, it is going to take almost everything with it.
Hence, whatever trust is left in the system will be destroyed. Politicians, economists, CEOS, and the bankers will all be revealed as the liars they are. It is a rigged game and most are not on the right side of things.
In the meantime, another system is being constructed. Cryptocurrency and blockchain are expanding at a rapid pace. The longer they prop up the present system, the stronger crypto becomes. Development is ongoing providing the foundation and tools that are required. When things do hit the proverbial fan, an alternate system will be ready.
Tens of millions are going to find hope in cryptocurrency. It is something that can be trusted as compared to the present system.
It simply is a trend that cannot be reversed.
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