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ETT
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$0.0015
BITCOIN OPINION JUNE 04, 2018 18:26
Opinion: Do We Really Need Cryptcurrency?
Bitcoin Indonesia
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On my last piece I defended the idea that the market will experience a bubble due to the fact people over-hype projects and don’t truly understand the relationship between money and technology. I’m including myself in this group, as a majority of those who ever bought a cryptocurrency but Bitcoin or Ethereum, do not really understand how and if a technology will actually get adopted.
The purpose of cryptocurrency is one and only: to decentralize via economic incentives (rewards and punishments). A blockchain without economic incentives is just a really slow and expensive database. There are two main misconceptions, in my view, about why a company should use blockchain technology. The first is that some really smart folk believe blockchain only makes sense in a few, very specific, situations as is the case of money; the second is that blockchain and bitcoin are not the same, meaning this technology can be used without a cryptocurrency.
Both opinions ignore a simple fact, which is the reason why this technology was created in the first place.
–this article shouldn’t be taken as financial advisement as it represents my personal opinion and views. I have savings invested in cryptocurrency so take whatever I write with a grain of salt. Do not invest what you cannot afford to lose and always read as much as possible about a project before investing. Never forget: with great power, comes great responsibility. Being your own bank means you’re always responsible for your own money–