The One Thing People Fail to Understand about Bitcoin and Cryptocurrencies

Why cryptocurrency is going to change the world and the importance of asking questions.

---

Dear fellow Steemians,

Most people who first hear about Bitcoin or Ethereum hear about how both coins have made incredible profits for their investors. Maybe someone told you that, “If you had bought $100 of Bitcoin 7 years ago, you would now have a whopping $72.9 million to your name”

I first heard about Bitcoin roughly a year and a half ago and I was first told the same types of facts although here were the reasons I didn't seek to find out more:

• It all sounded very complicated
• If something is too good to be true, it probably isn’t true
• It sounded like some fad get rich quick scheme
• I figured it to be an unsophisticated & idealistic attempt to replace money

Oh boy was I about to go on a ride...

It was only recently that I heard a Timothy Ferriss podcast about cryptocurrency where Nick Szabo and Naval Ravikant explain blockchain technology (underpinning technology of cryptocurrencies) in a way that even technologically challenged people who have never heard of crypto can understand. Immediately after that podcast I felt hooked to the chain and that chain had taken me far too deep down the rabbit hole to have any chance of getting out. I knew too much, I had to find out more.

Obviously I believe that investing in cryptos is an incredibly lucrative opportunity, especially over the long term, but what the podcast answered was WHY that was so. It’s so important to ask questions.

“Don’t judge a man by his answers, but rather by his questions” - Voltaire

Here are some of the questions you might want to ask yourself:

• Why is it that the prices of some cryptocurrencies have risen by over 3000% within this year alone?
• What are the biggest limitations of cryptocurrencies right now? When/how could they be overcome?
• How long could it be until cryptocurrencies become the dominant form of currency? Why?
• How can cryptocurrency remain competitive in the long term?
• What could the government potentially do to try to shut crypto down(short answer is very little)?
• Why did you quit your job as a successful high stakes professional poker player in order to teach people about crypto without any guarantee of pay?

OK so the last question was likely never one which occurred to you but that’s the one I’m going to answer to prove my point.

Without getting too technical, the technology that has fuelled all the growth in the cryptocurrency markets is not just designed to create an alternative form of currency, it is designed to split the ownership of any organisation or project among ALL the users. The reason I’m so passionate about this technology and why I’ve staked everything in it and strive to talk about it with everyone I know is that this technology is bringing the power back to the people.

>

This technology is fundamentally changing the world for the better. It is not merely facilitating information flow around the world like the internet did, it is redistributing the one thing which since the dawn of time has been distributed unfairly: power.

This technology is suggesting that maybe:

--> Mark Zuckerberg isn’t the only factor driving Facebook’s success. Maybe, just maybe, it is also the billions of users who freely give up their personal information and who spend hours daily on the platform who are to thank and who deserve a portion of the profits.

--> Google shouldn’t have the right to censor YouTube videos as they see fit and maybe, just maybe, it is the people creating and watching the videos who should each have a say in how the network is governed, how the content creators should get paid and how many ads there should be.

--> the Federal Reserve Bank shouldn’t have the right to change monetary policies and print money at will to benefit the rich at the expense of the poor. Maybe, just maybe it is the billions of people actually using the money on a daily basis who should have a say in how it is governed.

Decentralized blockchain technology has the ability to redistribute the power and profits of virtually every organization on Earth in a way which is an order of magnitude fairer than the way the way they are distributed now. Decentralized is the key word here and it implies that there is no one central overarching power, all users and stakeholders of a blockchain have a say in what happens to it.

When my friends ask me why I'm so fanatic about cryptocurrency and blockchain technology, I never start by saying that it is a profitable investment opportunity or that it will replace world currencies. That's just the tip of the iceberg. I tell them that my goal in this life is to make a substantial positive difference in this world and that enlightening people about decentralized blockchain technology is currently the best way for me to achieve that.

See you at the top,
Follow my community at blockchainttmft, where constructive community members get rewarded.

I spend all day reading and writing about cryptocurrency because it will change the world as we know it. Below are some of my recent articles

• My Goals for the Next Six Months - Go Big or Go Home

• Rewarding my Readers Through my Constructive Comment Campaign

• Why I am Powering UP Over 3000 USD worth of Steem

Image sources: 1 2 3 4