Why the World Needs Cryptocurrencies

If you have never heard of the term “cryptocurrencies” then please read my other article Cryptocurrencies A Possible Alternative to Traditional Banking before you read this one.

 

Why Cryptocurrencies Are Critical To Our Freedom
Cryptocurrencies bring a simple choice to people today and that is the choice to be in control of your money or for a bank to be in control. At this point in time I don’t think Bitcoin and other cryptocurrencies are at the point where everyone should go out and invest all of their money into, that would be foolish, but that does not mean that you should not invest a small amount in it. Diversity is one of the main keys when investing in cryptocurrencies today. When you are dealing with cryptocurrencies today there is a lot of fluctuation when exchanging cryptocurrencies to other currencies. This is partially because the cryptocurrencies have not fully developed; you have to keep in mind that this technology is still very new. The technology behind Bitcoin and cryptocurrencies like it is very interesting, but what is even more interesting is that we humans as a whole were able to create a currency that is peer-to-peer and that is worldwide. Some people still do not like cryptocurrencies because of the legal issues that they involve. For example, if you look at Silk Road (an online anonymous marketplace) you will notice that Bitcoin is the primary payment method that is used. Yes, Bitcoin and other cryptocurrencies are used around the world to purchase illegal drugs, weapons, and other nefarious things. This is not why we should support them though. The reason we should support cryptocurrencies is because despite all of the illegal activities they are involved in they are also used for a lot of good purposes as well. Throughout history we have supported things that have also been involved in illegal activities. Why should this change with cryptocurrencies? The purpose of cryptocurrencies is not to create chaos around the world but to return control of your money back to you. We see this very same problem with Tor (if you don’t know what Tor is then please read my article Tor an Anonymity Network) when you give people the ability to do something anonymously there is always going to be a small percentage of those people who choose to use it for nefarious things. Again something that I am trying to get across to people is that this is not a problem with the technology that is used; this is a problem with we humans as a whole. Unfortunately this is a problem that may never be solved. There is always going to be a percentage of the population that chooses to do the wrong thing. This has been a reality ever since Cain killed Abel. If anything this flaw is with human beings, not the technology that is used.

 

What Cryptocurrencies Bring To the Modern World
Cryptocurrencies bring much potential to our world today. Cryptocurrencies have not fully developed, but when they do it is important that people control the networks not any government or corporate organization at all. Big governments and organizations have a lot of power but when it comes to peer-to-peer networks like Bitcoin or BitTorrent they lose a lot of that power because the majority of the networks are controlled by everyday people. Bitcoin is also more secure than a traditional bank due to the fact that the most powerful computer network on the planet is keeping track of your transactions and because it involves the use of cryptography and digital signatures not regular signatures (which can be forged). Jacob Appelbaum (a cyber security expert) once said “You could have all of the guns and ammunition in the world but you still cannot break cryptography.” This is very true. The use of cryptography or mathematics, computer science, and electrical engineering combined creates a technology more powerful than the force of any amount of guns and ammunition. I think that when it comes to technologies like cryptocurrencies it is important to keep in mind that no one government, organization, or person should have total or even a majority of control over the network. One of the main points of these technologies is to allow everyone to have an amount of control over the network if they wish to. Cryptocurrencies still have a long way to go in terms of popularity and consistency but with your help we can get them to where they need to be.

 

Thank you all for taking the time to read this post and as always God bless!

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Preston Hood
Hello, my name is Preston Hood. I am the owner of PJHoodsCo, an Information Technology Service Provider (ITSP). I am also a freelance writer and information security researcher.
Preston Hood

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Comments

  1. Awesome article Preston! A very good analysis of Cryptocurrencies as well as human beings…..Keep up the good work!

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