Blockchain: Open Source Money

“Blockchains are just distributed transactional processing engines. Technology allows data to be stored in different locations while tracking the relationship between these and different parties. Most people who try to explain blockchains like to compare it to a book. An operation, such as adding a device, is recorded in a chain and anyone can follow what is happening. That’s why law enforcement is so eager for Bitcoin – digital footprints are easily tracked. “ Fortune tech, Stacey Higginbotham, 29 May 2015

What if we lived in a world where global access to money is in everyone’s hands? As a peer-to-peer decentralized and cooperative process, money can grow the world digitally – there is no need for a top-down banking system. Trust relationships occur automatically with digitally signed, unauthorized transactions and destroy the inevitability of poverty. Will this be a huge step for mankind?

This is the utopian desire of technology developers. The next generation of computer networks is preparing to cover the world in a better way. Welcome to the intended blockchain (financial) transformation of the world.

Come blind at your own peril.

May 2016 article, The power behind the throne, aimed at a cashless society through blockchain technology, discusses my often undisclosed but steady progress and my thoughts on who will really benefit. It could end up as a huge leap forward for the banking industry, gaining oversight of our financial operations. Bloomberg article, Inside Wall Street’s Secret Meeting on Digital Cash, May 2, 2016, Nasdaq, Citigroup Inc., Visa Inc., Fidelity, Fiserv Inc., Pfizer Inc. and representatives of others.

Enter 2017 and a documentary produced to inspire and excite: Blockchain and Us. Some say 2017 is the year that this technology will become the mainstream; others say it is too risky.

The infomercial-type documentary introduces the “leaders” from around the world who valued Bitcoin’s open source money, the basics, and the cultural game changer below. The application of the aircraft, which is compared to blockchain technology and its potential impacts, has changed society; only the structure of the financial services industry is said to have become 100% digital in 20 years. In addition, blockchain technology:

  • Influence every industry as a “value” platform with military-level cryptology

  • Create a change in technology between generations, create an opportunity to “lift people out of poverty.”

  • Settle on the “smart” contracts they say

  • Make a profound change in how the Internet can be used to create new value forms and new operating methods of value

  • Create more work thanks to automation

There’s … Blockchain and We. Again, sinners like me do not see relative personal benefit. Hand over the little financial secrecy we left in cash to the Goliath banking industry? It seems to me that we may not have a choice, because “small” people just look like a unit of income during a walk.

That is, there are obvious and perhaps less obvious benefits to using cash and paying on the go:

  • Choice

  • Privacy of the operation

  • No bank interest expenses (overdraft, credit cards, loans, credit lines, etc.)

  • Optional 5% discount to the seller

  • Financial liability destroyed by the use of credit

  • Curbing an instant gratification mindset encourages easy credit

  • More personal time during debt adjustment means working more / faster

I think it is easy to forget that living in a material world, the full definition of wealth is more than accumulation. The intangible wealth of personal well-being and peace is worthless until it is overlooked. Instead of a utopian dream, imagine this: We no longer shop for what we don’t need, we don’t have to surprise people who aren’t really interested in us with money. If more people have the habit of using cash, we can strengthen our money management skills and send a message to gold owners to create real wealth.

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