💱 One Of Three Ways, What One Do You Pick ?
When it comes to cryptocurrency it is very clear it is here to stay but stay and be used in what form is the next question that should now be on our minds.
As I see it cryptocurrency can go one of three ways and I am curious which direction you think we will be going and perhaps what actions you might do to help insure it goes the way you want.
1 - Decentralized
This is the dream and the vision most of us have for cryptocurrency. A place where nothing is centralized and everything just works fluid without a bunch of crazy rich people trying to screw others over. Ah a dream but one that is going to be battled out for years for sure.
2 - Centralized
This is a dictators dream! Now everything is tracked, seen where its used and for what and no manipulation can happen. No longer is fiat money used and everything is done on the block chain. But everyone can quickly go in and look up what you bought and for how much etc.
Now while this honestly does also sound like a good thing in terms of seriously no more crime would happen in terms of money (but whenever there is a will there is a way) it does eliminate just about every freedom you have and privacy.
3 - Middle ground
A hybrid of the two, we would see fiat still used as we use it today however blockchain and cryptocurrency would be merged into it, allowing for faster transactions when needed, reduced fees no more middle man, contract signings etc. This is where I think we will be. I don't see either of the other two going to the extreme but instead be somewhere here where so is tracked and used but not everything.
Where you will see this first will be banks because they want to stay ahead of the game, most likely why they are trash talking cryptocurrency now since they are currently developing and researching their own systems they want to be able to come in at a low enough level and then explode profits. Banks would do this to keep competitive, faster and lower fee transactions means no more middle management loss of jobs etc.
This would land us some minor updates to our financial system but nothing earth shattering and wonderful as we see with option one.
So which one do you think we will reach ? and what will you be doing to help us get there?
I think middle ground will be achieved for sure, this is what Ripple is doing and the banks will probably adopt it.
I also believe that cryptocurrencies will be more usable and those who want will be able to purchase things with completely decentralized cryptocurrencies
I look at Ripple as more like 2 then 3
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We are currently in a centralized system. As you said, everything is controlled and observed by a higher authority, and very little information is given to the public.
But we will transition into a shift any time soon. The 'Middle Ground' you mentioned is that transition. Major companies and governments are slowly adopting the blockchain technology providing most of its features (faster transactions when needed, reduced fees no more middle man, contract signings etc).
A decentralized system will probably take much longer to be implemented and is definitely the dream as it removes power from any one person and divides it among every individual in the system.