Necessity vs. Superiority
There are two competing theories about how cryptocurrency will go mainstream.
• Superior technology: Cryptocurrencies are the future of money. They are secure, programmable and don’t require middlemen. The possible applications are endless.
• Necessity: Fiat money, as the entire world uses it today, always collapses. Always. There’s nothing backing today’s currencies, and government spending around the world is out of control. When the current system collapses, crypto will take its place.
It’s important to note that there is some overlap between these theories.
Many of us believe they will feed off each other.
Most people acknowledge that there’s something wrong with the current system.
It’s easy to see the outlines of the problem – huge deficits, reckless spending
and money printing.
Historically, this situation tends to lead to massive money printing and eventually hyperinflation,
which brings about a “debt reset.”
It’s happened time and time again.
Almost every country in the world has been through it multiple times.
All of Europe, South America and Africa has seen this ugly cycle occur.
We can see these forces at work today in certain areas around the world.
As I frequently point out, any country that has high inflation, debt and monetary
woes tends to be a crypto hot spot: Venezuela, Argentina, many parts of
Africa and, just recently, Iran.
Almost anywhere there’s a lack of trust in central banks and government,
there’s a thriving crypto community.
It has now spread across the entire world.
And it’s all fueled by a thirst for new technology and distrust of the political establishment
and the establishment monetary system.
People don’t talk about the more controversial aspects of crypto enough.
The eventual collapse of the local currency is not considered polite dinner table conversation.
But it’s the reason there’s so much passion behind the movement.
People want a better system.
They want one that is fair.
One they can choose to participate in, rather than having it forced down their throats.
People want currencies that can’t be devalued/printed
at the whim of some academic at a central bank.
But we also want the best technology.
Money hasn’t evolved for several hundred years.
It’s time for some accelerated evolution.
So while people tend to buy into one of two primary arguments for cryptocurrency (superiority or necessity), I tend to take a more holistic perspective.
We need cryptocurrency for both reasons.
Sources: Quora,
https://www.businessinsider.com/why-bitcoin-has-value-2013-12 https://itnext.io/bitcoin-vs-the-us-dollar-fe8110e2f7cf
