Rewind about 9 years. What was the world like? What were you, 15? 9? 5? 3??
2009 was the year that Satoshi Nakamoto introduced the first whitepaper for a cryptocurrency. This year, the new currency that was created, was going to open up the world’s most uninvited but, yet, in-evident challenge. The tug of war between fiat currencies and virtual ones. This tough plight began back then, after the ever-so-famous 2008 Housing market and financial crash.
Why create it though?
Traditional money remains in the hands of few. The control lies with government policy makers, nations’ biggest tax payers and the economic cartels. The money existed in democracies, but, it really did not serve the democracies. The world had hunger, poverty and rising hyper-inflation. Nobody cared to do anything. But, Satoshi Nakamoto did. He crafted that one item that would pave the way for future in a way never seen before, only imagined, he begun this wave that today so many so-called futurists are riding. Give him back his horsey ya’ll!
So, in a world full of uncertainty, chaos and over population it was best to make things more democratic. More free. More liberated and more decentralized. The decentralization of power really makes cryptocurrencies different than the regular, traditional currency. Money is power and no government no matter how nice, would not want to give away its power. The power is how it is still in place. This power politics has made the move away from traditional money to a de-centrally owned really hard.
Inflation in some economies has hit upto 300% and historically 400%. People have drained their traditional money notes in rivers. They have adopted dollars and sometimes chickens as currency. This is the kind of destruction that normal money can bring us to. The thing with cryptocurrency is that it does not inflate. The price fluctuates with the move in demand patterns but the currency does not get expensive because of a loss in value.
Even though economies are starting to move to it to save their low a** traditional money reserves or value, the currency that was created for the internet, is inevitable to be switched to. Today we are explaining things so the move is easy and simpler. This literature is to help you enjoy some early mover advantages that a lot of you have already started doing. But, ultimately, this will be the mode of payment. The credit card and the punch cards have been beaten in the game of hip and tech.