Why Many Educated People Think Bitcoin Is a Fad

Why Many Educated People Think Bitcoin Is a Fad

It had been my senior year an excellent source of institution and one of the educators called us in a room packed with new computer systems. We were instructed to take a seat and “surf the web. inches¬†Ethereum News

“Surf the web? ” What performed that even mean? During the time I did not live anywhere near the beach and couldn’t really understand this concept of web surfing. It was clunky and pages were sluggish to load. There was clearly no way that this was going to be useful. I went back to the library later that day during study lounge and read the magazine. You already know, the ones you see in hotel industry lobbies and occasionally outside of restaurants.¬†

All kidding apart, when folks are being used to doing something a certain way for so very long it truly becomes part of who they are. I actually have functions management experience and whenever I tried to change the process or way of doing something to make it more efficient I used to be typically met with resistance.

Many people are far more married to certain ideologies than others. We see it almost everywhere. I realize it with the elderly at school not liking the modern music. Or, for example, the National League snowboarding purists despising the thought of the designated hitter. What about even simple things like when Facebook or Twitter changes the user interface? Avoid mess with my fb timeline! LOL.

Why then when it is00 any different for Bitcoin or any cryptocurrency? I speak with people every day who are educated and successful and yet still can’t get to grips with the notion of cryptocurrency. To me it is a lot like outlining how to surf the net to people in 1994.

For hundreds of years people have had it ingrained in their minds that money issued by the federal government meant it got value.

Fiat currency (money issued with a federal government – USD, Euro, Ruble, etc) has this meaning behind it that because the government printed this it ought to be of value. Although it is true which our dollars have value, most people think it is because it is backed with something. As a culture we now have decided that gleaming minerals we dig up from the ground are “valuable” and therefore so is our money.

Once economies are humming along and governments aren’t overbearing and folks have a family member “trust” in them then yes, fiat currency works quite well. What are the results when we tip that range and things don’t go so well? Economists have varying opinions on that, but almost all of the time governing bodies will step in and try to stimulate the economy. This kind of is done by exploit the economy via methods such as lowering interest levels or quantitative easing. Government authorities want to turn on the printing press when things go bad.

These kinds of cases can lead to mistrust, or far worse. Recessions can make into even bigger problems such as price controls or food disadvantages. Just ask the people of Venezuela who are protesting in the roads on a daily most basic. This is because their government backed Bolivar has seen triple digit pumpiing and it’s not even worth the paper really printed on. Let that sink in.

The doubt of centralized banks, authorities and corporations has led pre lit to people seeking financial refuge elsewhere. It can be incredibly difficult and costly to move money around the world as well. I used to manage banks and the process was tedious and required many eyeballs on it for verification purposes.

Blockchain technology is changing all that. It is completely decentralized meaning that no person President, Dictator, federal government or corporation can control it. The online digital accounting ledger known as the blockchain maintains trust and multiple folks practically instantly verifying transactions for every single other. Individuals are financially incentivised to do so. 2 weeks. genius peer to peer procedure that is dependent on people’s greed to verify each transaction. Since of this, blockchain deals are the safest and most secure transactions ever before invented.

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