(picture credit: okayafrica.com)
The future is a bright one for the people of the world who have never had any form of banking access. The cryptocurrency revolution is not going away and with that the final frontiers of worldwide integration into the blockchain based marketplace is an inevitability that the world is poised to realise. Imagine a basket maker in a remote village in the Highlands of Ethiopia that currently has an android phone, by simple downloading of a bitcoin wallet and signing up to an online bitcoin marketplace this individual is able to trade instantly with customers sat in the lobby of the Hilton Hotel in New York. There is currently a larger proportion of mobile phone users than computer users in the third world and the capability of a mobile phone is enough to provide independent banking facilities to every user.
Just as Africa has skipped many other revolutions or products and gone straight into other technology such as android telephones and social networking it is natural that the financial freedoms brought about by use of crypto currency is likely to be attractive to many individuals in the remotest corners of the world. Imagine the capabilities an individual able to transact on global will now have, where previously such trade would have been unimaginable today the power is the hands of the $20 second hand android telephone users.
The largest and what has become known as Father of cryptocurrency Bitcoin has proven to the world that it is here to stay; for many this will likely be the only cryptocurrency that they have heard of and probably be surprised to learn that actually there are probably more crypto currencies than fiat currencies operating globally. Bitcoin itself has a larger market cap than a number of nations put together.
Already in countries where there has been economic downturns the uptake of bitcoin by respective users in these countries have been able to minimise loss by purchasing bitcoins. In India this year there has been a premium on bitcoins due to the scarcity and the sudden urge for individuals to acquire these assets. This is mainly due to the government restrictions placed on notes above 500 rupees becoming illegal and resulting in cash heavy individuals opting to purchase bitcoin as method to hedge and secure finances.
In Venezuela where there is free electricity, and bitcoin or all form of cryptocurrency is banned and illegal yet there are people that have smuggled bitcoin mining equipment into the country and are mining bitcoins which they are using to purchase goods from Amazon.com have them sent to a neighbouring country and then smuggle them into the country. You may think that by breaking the law and doing this it is wrong or you may think that the government is wrong for hindering the freedom of people, it doesn't matter, as long as there are individuals able to understand the mechanism and the way to make this work, they will do it. If phrases could have offspring the phrase "where there is a will there is way" has married the phrase "the cat is out of the bag" and given birth to "every cat without, will have soon have bags it doesn't matter where".
The Internet of money is the idea that just as internet exists and was spawned out of the minds of people all over the world it has spawned its own version of money; it has turned money into email. It has provided the ability for anyone to use it regardless of location or credit history or nationality or job or gender or race. It is truly a new world order or in less disenchanting terms an unavoidable revolution. The world is in its most uncertain times and the ability to remain ahead financially will require those in the far reaches to follow suit to stay up and avoid being exposed to the risks of their local fiat currency.
The swift and safe movement of cryptocurrency is awesome to say the least and the fact that no regulator or intermediary is truly needed sets precedence for a wave of users that no longer feel the need to rely on governments that have already let them down in the past. This development will naturally open these individuals up to not only to the cryptocurrency exchange on a global scale it allows for the formation of blockchain based ledgers to be used to record identities to a blockchain that are decentralised and belong to no nation allowing a person to be truly free from any affinity to a nation. The blockchain ledger allows for anything you can imagine to be recorded. Charities that send money to remote areas are able to track payments and ensure that it is used for the correct purposes preventing fraud and other common supply chain problems reportedly associated with such agencies.
This is a chance for all those who have been unable to dream of being able to eat daily, or even own anything tangible such as a pair of shoes, with simple access to a person with an android phone there is a glimpse of a chance; things are looking up for these people. All it requires is the knowledge to be spread and understood, but with the current slow worldwide shift from fear of bitcoin use to a strong interest in its underlying technology it is surely left to any smart government to figure out how be democratic about it so as to harness it usefulness and therefore remain relevant in the future of global currency and the internet of money or drive the use of crypto currency underground giving rise to the potential for a possible collapse of a nations monetary system.
This paper aims to show how worldwide use of such technology can be the greatest thing to happen to the world in terms of those who have very little and are able to understand its use and capabilities but can also become a catalyst for the insurrection of central banking systems, taking power away from governments that do not implement the correct approach to this rapidly evolving area of financial progress.
Let me know what you think :)