Sunday, May 6, 2018

The Future is Trust Less (Guest Post)

There are a lot of things in this world that operate on a trust. 

Some central authority has to be trusted in order for those who place their trust to agree to it. These include a number of different avenues. From large internet companies to governments and central banks. 

The most important question is, can this trust be discarded? 

Can we operate in a system where trust is not needed in order for you to operate as a society? Can we operate in a system where something is either verifiable or it is not by immediately available public information? 

The answer is yes, we can. This is all through the power of blockchain technology.

The Buzzword of Our Time

It is indeed true that the latest buzzword of our time is blockchain technology. This is been bandied about at nearly every conference and is at the forefront of everyone’s mind. This is mainly because people are inherently skeptical of centralized authorities. 

Do you trust large web companies with your data (looking at you Facebook). Do you trust the large banks and the Federal Reserve with the financial system when they were the sole contributors to the financial crisis? 

By placing all of this information on a public ledger that is instantly verifiable and impossible to manipulate, people will feel safer with the system. They know that the honesty of the system is guaranteed as it relies purely on math and nothing else. 

While the applications for blockchain technology are so broad, we will take a short expose into the power that it has brought to consumers through the realm of cryptocurrencies.

The Power of Digital Money

The way that the financial system works now is quite cumbersome. Sending money to someone in another country can take days and has to rely on a system of partner banks that will route the payment through their books. Irrespective of the time that is involved, the fees can be close to extortion. 

Moreover, if you keep your money in a bank, the money is not yours. If the bank may decide to freeze your account for whatever weird reason then you have no way of getting in. 

You are at the whim of this centralized system. 

However, through the power of cryptocurrency, you can easily send funds to someone else on the blockchain with the click of a button. There is no need for a bank to co-ordinate the transaction. It is merely broadcast to the blockchain and propagated. 

That transaction is cryptocraphically secure and you can see exactly who it is going to. The time that the transaction can take is almost instantaneous. The fees are near meniscal. 

You can send millions of dollars worth of cryptocurrency options across the network in a matter of seconds without so much as a single murmur. Try wiring a mere 100k to a bank account and observe just how much scrutiny it will get.

The Central Actors Don’t Like it

One thing that is clear is that the power of decentralized money is not being welcomed by the likes of the Federal reserves or the large central banks. They do not like to have their sovereignty challenged by the people. 

That is why there is constantly talk about regulation. That is why banks are always shutting down the accounts of people who transact in cryptocurrencies. They do not like to have their monopoly threatened. 

So how do you join the fight against centralized authorities? 

You join the decentralized revolution. You start buying cryptocurrencies and using them in the place of banks. You fight the attempts of the banks to sanction individuals who use cryptocurrencies. 

Pretty soon the large financial institutions will know that decentralized technology is out of the bottle. The tide cannot be turned. The people are saying that the gig is up. Moreover, the other industries that rely on central control will also notice the threat and quake in their boots. 

If you wanted to buy cryptocurrencies, you could use a broker like IQ Option. They have an extensive range of cryptocurrencies for you to purchase. They also have easy options for purchase and withdrawals. 

There are also other options for purchasing physical coins and these include Coinbase and Bitstamp. Your choice of exchange or broker will largely depend on your residency and personal preferences. 

Good luck!

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