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Jul 30

What Is The Future Of Bitcoin?

Reading Time: 2 mins

Today we see the natural growth of cryptocurrencies and quite an expected correction. This is due to a new phase of global instability in 2020, which has been going on since the beginning of the year. The Coronavirus, the recession, and now the mass protests in the U.S. are forcing people to look for unconventional ways to store, accumulate, and invest money.

Nobody was ready for the Coronavirus. The pandemic created the need to reshape economic systems and, accordingly, mediated problems in most segments of the world economy. And because of economic troubles, people began to perceive any social and political events more acutely. Social tension is increasing worldwide as never before.

Coronavirus has created not only new difficulties but also revealed the vices of the modern world, which we have not thought about before, or which we closed our eyes to. The lack of a fair system for the distribution of our planet’s natural resources makes it impossible to provide unconditional income to the inhabitants of the Earth and leads to unequal access to health care. The world system of work organization has not been ready for a rapid transfer of employees to a remote work system. The concentration of industries in certain parts of the world has made it difficult for consumers to access a range of products.

Thus, all above-stated problems already today it is possible to solve by means of new technologies: blockchain, artificial intelligence, 3D-printers, drones, an alternative and augmented reality, cloud technologies and others. An obstacle to the implementation of these technologies in life – the lobby of top capitalists. For fear of losing their influence, technological and financial giants inhibit the introduction of technologies in various ways. It is worth noting that despite the crisis, such groups have only multiplied their fortunes.

Cryptocurrency is the best tool to increase honestly earned money. Previously, transparency of financial instruments was guaranteed by bureaucratic legal measures. However, they had vulnerability due to the human factor. Today, technology has replaced bureaucracy, and in addition, it has eliminated the human factor, accelerated processes with PayPal to BTC exchange, and eliminated the need to lose money at intermediary levels.

But the SEC classifies cryptocurrencies as securities and forces them to undergo the same complex procedures.It seems as ridiculous as if a modern car would be harnessed.

Nowadays there is a process of monetization and commodification of practically all spheres of life: communication, movement, receiving information, etc. At the same time, a narrow circle of technological giants becomes the beneficiaries of most of the money generated at this expense. Even successful start-ups, having created the necessary and actual product, aspire to be sold to someone from giants or more often serve their prosperity. Not to mention all other companies that work on corporate platforms and tools.

Cryptocurrency allows you to get away from such an economic device. It provides an opportunity to raise funds to grow your startup without selling the rights to it to a major competitor. A cryptographic joint-stock company may consist of an unlimited number of investors. It can also include consumers themselves as shareholders, making them beneficiaries of its activities. Thus, the “exploitation of the consumer” will be excluded.

 

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