No matter how you feel about cryptocurrency, it has become a major force in the financial sector. However, it is also safe to say that an average person knows very little about what cryptocurrency truly means for our financial future. The following quotes five of the top leaders presently working with cryptocurrency, which outlines the future of cryptocurrency and why we should know about it.
A South African internet entrepreneur, Vinny Lingham is the co-founder and CEO of Civic, which is an identity protection and management startup. Also the co-founder of SiliconCape, an NGO, Lingham's overall goal is to transform Cape Town into a technology hub.
In his blog, "The New Financial Revolution," Lingham asserts the following,
“The younger kids are far more tech-savvy and have witnessed so much tech disruption that they are looking for 'The Next Big Thing.'”
In other words, Lingham states one reason why cryptocurrencies exist, but also why they continue to gain support. With the Baby Boomer generation slowly phasing out, the newer generations are much more tech-savvy and thus, more likely to try new methods of amassing wealth rather than sticking to antiquated methods.
A member of the Moreno Core Team, Riccardo Spagni has an academic background in informatics and logistics. Involved in various cryptocurrency-related projects since 2011, Moreno now has a 24-hour trading volume of approximately $11 million. On the flip side, although this new form of currency may confuse some people, Riccardo Spagni maintains that
“The solution here is just ongoing education, and I believe that's what we're going to see in 2018. More tools, better wallets, and more education for people so that they understand, I'm using Monero, and this is the cost to use Monero.”
In other words, there will be a learning curve when dealing with cryptocurrencies. The concept is so foreign to most of us that the majority of the world will need further education before they can even use cryptocurrency on a grander scale.
A Russian programmer and writer, Vitalik Buterin has been instrumental in the success of the company Ethereum and furthering the success of cryptocurrencies as a whole. Either way, some stand to benefit from a cryptocurrency; others, not so much. According to Vitalik Buterin,
“Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.”
That means if you have been a pioneer of a given industry, concepts such as cryptocurrency will work in your favor.
On the other hand, Jackson Palmer, the creator of Dogecoin, has another story entirely. Given that his cryptocurrency essentially began as a joke, he has another view of the industry. He asserts the following,
“I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn't released a software update in over 2 years has a $1B+ market cap.”
In other words, despite his success, Palmer points out how unstable the market can be. However, he also admits he has "a lot of faith" in his own development team.
A person or group of people remaining elusive, Satoshi Nakamoto is the name used by the unknown developers of one of the most popular cryptocurrencies, Bitcoin. While we are not yet privy to the personal details of the people or team of people that created this now infamous cryptocurrency, what we do know is the first version of the software was released in 2009. They assert the following:
“With e-currency based on cryptographic proof, without the need to trust a third-party middleman, money can be secure and transactions effortless.”
That means, despite the obvious lack of confidence in cryptocurrencies, Nakamoto maintains these monies are more secure and easier to use.
Cryptocurrency can be a sticky subject. It is always better to hear it from the horse's mouth rather than resting on misguided assumptions.
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