Evidence of why cryptocurrency is here to stay – Change Analysis and A historical perspective

Evidence of why cryptocurrency is here to stay – Change Analysis and A historical perspective

First and foremost, I have not invested any money in cryptocurrencies, at least not yet and the following article is my perspective based on my analysis about the potential validation, existence and wide scale acceptance of blockchain technology and cryptocurrencies

The only thing constant in this world is ‘Change’
Let me begin by sharing an anecdote that I heard somewhere – Long time ago .. a European Explorer went to his kings court and presented paper currency notes that was used in a faraway ‘oriental’ land(read eastern and south east Asia) , the nobles ridiculed and laughed at him.
One of them took a paper note from him and burned it, which was his way of definitively proving that paper currency notes had no value. The noble then threw a gold coin at the explorer’s feet.
At the sound of the coin hitting the floor, the noble described in a grandiloquent manner .. ‘you see money has weight and it speaks’

let me ask .. does anyone of you wish you could bring such a person from the past to this millennium and show him the world with paper currency notes, just to look at the look on his face ?
I think the world is witnessing the same ‘Change’ with cryptocurrencies right now.

But ‘Change’ is disruptive and forces people, particularly people in the establishment to adapt and come out of their comfort zone. Hence there will always be skepticism and resistance.

When the ‘Change’ threatens the position, power, influence and prestige of the ‘nobles’, the resistance from the elites will be even more.

That perhaps leads to the explanation why big global banks and governments tell us that the phenomenon of cryptocurrencies is just a bubble waiting to burst.

Of course there are some legitimate concerns that the anonymous nature of this system may be exploited by undesirable elements. Terrorist funding is one prime example raised by establishment people for their advocacy, against blockchain technology based cryptocurrency system and the argument does have some merit.

However, let us remember almost all of the major terrorist attacks in the world have occurred before the advent of blockchain technology, and the current system of financial transactions and controls were not enough to prevent them.
This proves that having a centralized financial system controlled by governments and global banks has not been enough to prevent undesirable events.
This is a much larger debate and goes beyond the realm of financial systems and needs a wider, more comprehensive approach towards the solution.

So, what evidence can we analyse - that blockchain technology and cryptocurrencies are here to stay..?
The short answer, in my opinion – Ripple (XRP)
Ripple is endorsed and used for global transactions by major companies and banks.

This leads us to the question, if the establishment banks think that this is just a fad then why endorses and use a product of this new technology and concept?

The answer, in my opinion -The perception of centralized control
Unlike the other coins, the supply of Ripple is controlled by the parent company and it cannot be mined.
So it fits more into the desire and scheme of the ‘nobles’ for control.

Interestingly, the performance of coins like POLYMATH may also give an indication of the long term validation and acceptance of blockchain technology and cryptocurrencies.

Will privacy based peer to peer financial system & cryptocurrencis become the sole system of the future, or will it co-exist with the current financial system in an engulfed ecosystem ... Time will tell..

I believe it is has the potential to become the paper currency notes of the future, maybe much to the chagrin of the ‘nobles’

ps Fellow steemians , I welcome you to share your thoughts, facts, ideas and other perspectives that I might have missed to make this discussion much wider.
we steemians have the power to make a change.