What is Cryptocurrency

Just because it has the word "currency" at the end of the word does not mean that it is a currency.
Let me tell you about Bitcoin as an example:
Bitcoin does not equal euro, dollar, yen or any other fiat currency.
Bitcoin does not equal gold, silver, oil or any other commodity.
Bitcoin does not equal stocks, bonds, derivatives, or any other trade papers.
Bitcoin does not equal land, aria, territory, or any other property.
Bitcoin is a new asset class called cryptocurrency.

Cryptocurrency does have some properties of currency, commodity, trade papers, and property but not all and some new properties. Cryptocurrency has, for example, the property of being programmable. This property means that you could in the value of the coin itself put restrictions like these coins can only be used for healthcare and have no value outside of healthcare. We are also able to use cryptocurrency for a computer to computer payments with no human involvement making it very fungible. OneCoin is not like this.

OneCoin is a digital token for a membership group controlled by a high and might central banker called Ruja Ignatova. It differs from cryptocurrency in almost all aspects. OneCoin is highly controlled privately in security, value, censorship, very restricted or no fungibility. OneCoin is actually the equivalent to flight miles or hotel rewards systems. Giving you restricted access to a limited marketplace of vetted companies. This is, in a sense, giving Ruja Ignatova the ability to become the mightiest person on the planet. She alone is trying to build a system where she decides if you have a valid product or not. It is not like we have not seen dictators like this before. Think about it. That if you believe Ruja is the all mighty and she disappears or with time dies from old age. What about next ruler of the system?

This is the essence of what cryptocurrency has solved: the monopoly of money control. Now central banks have this monopoly today and in fact, have hindered many ideas and companies from starting. This is the fundamental problem that cryptocurrencies will solve. First and for most make value transfer decentralized on a flat structure. This way no one can stop an idea or company from thriving.

YES, I know what you’re thinking at this point; what about drug deals and terror. Well, that’s the beauty of cryptocurrency. As governments and banks have controlled this before, we all have a responsibility in the future as cryptocurrencies implemented correctly is transparent. The internet of reputation i.e. how many friends you have and how many likes you have on Facebook, LinkedIn, Airbnb, Über, e-bay, and so on will be helpful tools for trusting an individual. Rating systems for the internet of reputation will soon be available so selling drugs or terror financing will be limited or at least a lot better than today’s system of policing.

We as a society are standing at a fork in the road. Now, do we choose the way it is today and let the governments control us? Or are we better suited, with the invention of cryptocurrency, to take the power back and control money our self?