The Big Debate: Will (BITCOIN) Replace Our Current FIAT Monetary System?

Here's a coin, there's a coin. Everywhere a coin coin....... 

Bitcoin, Altcoin, Litecoin, Swiftcoin, Peercoin, Mazacoin, Potcoin, Titcoin, Vertcoin, Blackcoin, Primecoin, Emercoin, Dogecoin & even Namecoin.  

   With some 1100+ altcoin on the market as of November 15, 2017. The term cryptocurrency is no longer just a buzz word anymore. These coins, which is funny, cause their not really coins. More so digital currencies have taken the financial world by storm. 

   In the Internet Of Things (IOT), technology has moved forward in such a manner that it is now within humanities grasp. To envision a society where global commerce can truly be expressed independent of centralized banks or third party entities.   

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  What was once barely a blimp on few industries radar just some 5 yrs ago, has now flip the movers & shakers of the world into a frenzy. Many are split on it's significance and future. All the while, stirring up extensive considerations. 

So the debate is up!

   Are these cryptocurrencies here to stay? Are they just disruptive commodities within the financial sector? Is the Bitcoin value in a bubble? Or has society create a multitude of future billionaires & millionaires?

   Some of the world most influential personalities have weighted in on this very topic as well. 

Take for instance, 

  During an interview with CNBC at eMerge Miami, Apple's co-founder Steve Wozniak  “I remember getting interested in bitcoin some time ago," Wozniak said. “It was $70 for a bitcoin, I went online and you had to have a special bank account at a special bank and I couldn't buy any bitcoin so I gave up. Eventually I got some of them at the $700 stage and it went down to $350. I didn't invest, I did it so I could play with bitcoin.”

    

   Or Jamie Dimon, CEO of JP Morgan who provoked an immense firestorm after his statement on Sept. 12th 2017.  Saying that cryptocurrency “is a fraud.” “It's just not a real thing, eventually it will be closed”, at a conference held by CNBC and Institutional Investor.

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Michael Novogratz - Billionaire investor, former hedge fund manager at Fortress Investment Group. Said Bitcoin is a bubble. But, should own it.  He also predicts by the end of 2018, Bitcoin will be valued at $20,000.

   On June 26, 2014 Actor/Investor Ashton Kutcher tweeted “Bitcoin......sort of like internet in the 80s.”Again around Jan. 28, 2016 during the elections Ashton tweeted to his followers “Why do I get the feeling that the best hedge against a Sanders or Trump nomination may be buying bitcoin?”

Microsoft’s co-founder Bill Gates revealed an interesting take on the cryptocurrency. In 2014, in an interview with Erik Schatzker of Bloomberg's Smart Street TV show. Gates is quoted as saying,

“Bitcoin is exciting because it shows how cheap it can be”  Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”

   Robert Shiller, the Nobel-prize winning Yale economist who predicted the 1999 dotcom & 2006 housing boom. Was asked by Quartz - an online news media what was the best example of a speculative bubble. Shiller replied, “The best example right now is Bitcoin. And I think that has to do with the motivating quality of the Bitcoin story. And I’ve seen it in my students at Yale. You start talking about bitcoin and they’re excited!”

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   Sentiments like these have developed worldwide. First, there is uncertainty due to the fact that this is something new. Change is always apprehensive. When a small group of individuals set out to disrupt the status quo, there will be feathers to ruffle.

What are the disruptive issues that cryptocurrency bring forth?

• Decentralized banking - No third parties involved
• Accountability - Regulations
• Business as usual - Those relying on physical currency for payment....child-care, odd & end (under the table) jobs etc.,

Pros - Massive returns, protection from payment fraud, transactions cannot be reversed, limiting identity theft, industry growth, short-term gains, liquidity, lower fees, instant payment 

Cons - Huge volatility, hacking, dips cause by hard fork, network speed/stalls, infancy - growing pains, anonymous use for illegal activities as in Silk Road, high risk loss, lack of security, lack of regulations, scaling issues. 

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   As mentioned, Bitcoin as well as the Blockchain technology are in it's early development phase. Once the world continues it's integration, as more and more businesses/commerce except this form of payment into society. The evolution of our current fiat system is in fact inevitable. Maybe not so much in the next 3-5 years. Yet, don't be surprised that within 5-10 years a vast percentage of our planet has accepted cryptocurrency.   

Albert Einstein is quoted as saying, “The world as we have created it is a process of our thinking. It cannot be changed without changing our thinking.”




What 's your  opinion? Yay or Nay on digital currency? 

Are you invested? 

Do you plan on investing in cryptocurrency in the future? 



   Whether you are a fan of Bitcoin or maybe not so enthusiastic about these altcoins. The consensus seems to lean toward a continued interest and cultivation in these currencies. A least through the near future. 

Watch out for a Bitcoin Accepted Here sign near you!

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Currency Evolution: Trades, Exchanges, Money into Blockchain & Beyond

   

   

Wealth creation had to have a start. If we look around, you'll see that physical currency, whether in trades or business cents (sense) has evolved.  

Let's begin..........

   Remember back in school when we would offer a bag of chip for someone else's juice box.......a simple trade right?  An exchange of goods for other goods without the use of currency aka money.  

   Long before money was invented, this transaction for exchanging services or goods called "bartering" were used. A process of trading services and/or goods between two parties without the use of money or physical currencies.

   These goods could be spices, furs, crafts, weapons, livestock, foods and of course, work. If you had a specialized skill that could be use, you might work for room and board. Salt, was a very popular spice and of such value back then, that Roman soldiers were paid with it.

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   Bartering took time though......there was negotiations, knowing who you were negotiating with, different customs and the value of the items to be bartered.  Then there was the fact that what if what you had to offer was not what the other wanted or vise versa. 

Bartering back then....."I have what you need" was the call of the day. 

Example: 

          One trader may have spices & fur, you may need weapon and wheat. So you can see where issues would arise.

Physical currencies or money would speed transactions up. 

   To make it work efficiently there has to be a value tied to this physical currency.... like rubies, gems, silver, gold & diamonds. 

Let's step back a bit.......

   As early as 1100BC items like axes & tools are believed to be used in China. Out of which the first coins were established. Around 600BC King of Lydia (a part of Turkey) established the official currency minted out of silver & gold. Somewhere 1200BCish, China had upgraded to paper currency. Being lighter and compact. 1600AD brought paper currency to the European banks. 

  As the U.S. colonies were themselves establishing their independence, the Massachusetts Colony created their own coins (1652). They also issued the Americans earliest notes (1690). The U.S. first cent was authorized in 1787, made of copper called a "Fugio" cent. President Abraham Lincoln signed the National (Currency) Banking Acts of 1863.

   With markets opening up by banks and ruling governments for which participants from across the globe exploded into international trades.

 

  Banking notes, currency markets and the need to determine comparative values on the many currencies. Brings the 17th century the first active foreign exchange market or forex to Amsterdam.

The evolution of currency did not stop there. 

   21st century trades introduces society to not only digital, mobile payments, but virtual currency as well. 

   Electronic (e) cards……credit, debit & check cards are abundant in our society today. Direct-deposit, online banking and almost every payment (car, house note etc.) you make can be processed online through some form of digital media. Do you really even see your money in hard form anymore?

   Along comes an aspiring technology called "Blockchain". This distributed ledger works ingeniously with the internet. A simple explanation breaks it down as......

   

Make an transaction, that request is expressed through a Peer-2-Peer network called Nodes (a network of computers). Algorithms validate the status & transaction. Once verified whether it records, music, contracts, videos, digital ads or of course cryptocurrency. A new "Block" is created with all transaction for the ledger. This new block is added to the chain and can not be altered. It is permanent. Transaction completed. Data is transparent within the network, making it public. Yet, one would have to override the entire network to corrupt (hack) the data.

   In 2008, a programmer and/or associates noted as "Satoshi Nakamoto" issued a paper outlining "Digital Currency" and in 2009 initiated software that generated cryptocurrency & the first "BITCOIN" network . Bitcoin is not a physical coinage. It is a decentralized authority, no government nor central banker has the power. Where as all other forms of currency are government/bank issued. Bitcoin, a cryptocurrency that is fast becoming a household name.

   For now, understand the difference between virtual, digital & crypto currency.

Virtual Currency ~  Is a type of unregulated, digital money, which is controlled by its developers. Accepted among it's specific virtual community. Say, PS4 gaming format, online game programs where currencies are only of value within that particular game or system. How about those virtual casino games. Those winning can not be use in the real world.

Digital Currency ~ Is a form of virtual currency that is electronically created and stored. For instance, Paypal, Android pay, Apple pay or Visa checkout. All transactions are strictly executed in a digital online format.


Crypto Currency ~ Is a subgroup of digital currency that uses cryptography for security. However, some types of digital currencies are cryptocurrencies. 

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BLOCKCHAIN? Understanding the Difference Between Blockchain & Distributed Ledger Technology

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   Some may believe that there is only one (1) "Blockchain." In fact, there are a few types of blockchain depending on the application.

   We first should understand that there are technical differences between "BLOCKCHAIN" & "DISTRIBUTED LEDGER TECHNOLOGIES." as well.

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   Blockchain core spotlights how data is stored & linked to each other in an sequential order represents one type of distributed ledger technology or DLT. In it's simplicity, with this technology you have a secure open source peer-2-peer network within one system, (think of it as if all these networks are within one bubble) transmitting digital records or transactions called a block. 

   The variation in this blockchain is that these sequence of blocks are "chained" without having to utilizing a middle-person whereby maximizing efficiency & cost.

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 While distributed ledgers spotlights the sharing of a database throughout all validators or nodes within that network or bubble. Depending on the entity being used, DLT need not depend on such a chain nor require proof of work. 

These ledger are a type of database that are transmitted across multiple nodes. A normal database would consist of a central assembly, since we are talking DLT's, thereby these network will be decentralized.

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   The details in these blocks are giving an unique cryptographic number (hash function, proof of work or provable security) and are time stamped. Even though these blocks are made public, only the owner with their own personal "private key" has admittance. Hence, they are called "Public blockchain" and are synonymous with our cryptocurrencies technologies used today.

   The Bitcoin behavior was the first to use this particular form of blockchain. Other virtual currencies (Ethereum, Litecoin, Dash, Ripple & Monero) use different procedures enabling faster transaction, better security, privacy & anonymity features yet with similar results. "Mining" adds value to each block by rewards the contributing computing capacity for each hashed sequence or chain.

      Next, you have what could easily and has been compared to as a shared database. 

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   Instead we referred to as "Private blockchain." This is more of an internal based sharing ledger where one central entity is a privy to read and/or write. Where public access may not be necessary. Private blockchains can provide privacy and scalability solutions due to all the nodes (computers) being strictly controlled. As we are still talking blockchain technology, keep in mind that there are consensus mechanisms, signature verification & computation requirements.

   An alternate private blockchain called Consortium -  federated blockchain allow multiple entities within an industry to share confidential data. Useful with the likes of banks, energy companies, healthcare industry, insurance agencies. If we use the bubble description as above, just picture multiple bubbles only some having a type of bridge that interact with a specific bubble or network.

   This technology is in it's infant just as the internet was just a little over 20 years ago. Emerging peer-2-peer usage will include data storage aka cloud storage, digital advertising, movies, music. Identity theft - digital ID.....birth certificates, passport. Eliminating the middle-person in digital or smart contracts evening avoiding voter fraud. 

   Hang on.....cause this technology is going to revolutionize multiple industries. There's a buzz surrounding this technology for a reason.

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