The Future Of Digital Currencies

The Future Of Digital Currencies

"Ah but it surely's Digital now". "Digital" a word whose origins lie in the latin digitalis, from digitus ("finger, toe"); now it's use is synonymous with computers and televisions, cameras, music gamers, watches, etc, and so forth, etc. But what of digital cash and even digital democracy?

The printing press caused a revolution in its time, hailed as a democratic power for good by many. Books available to the masses was certainly a revolution; and now we also have e-books and technological gadgets to read them with. The fact that the original words have been encoded right into a numerical kind and decoded back to words electronically does not imply we belief less the words we're reading, however we may still prefer the aesthetics of a physical book than a piece of high-tech plastic which needs to have its battery charged to maintain working. Can digital currencies akin to bitcoin really provide a contribution to constructive social change in as spectacular a approach?

To answer this we must ask what of cash, how are we to understand it, use it and incorporate it into a sustainable model of a 'higher world for all?' Cash, unlike every other form of property, is exclusive in that it may be used for anything previous to an occasion even occurring. It implies nothing, but can be used for great good or great evil, and but it is just what it's despite its many manifestations and consequences. It's a unique however much misunderstood and misused commodity. Money has the simplicity of facilitating buying and selling, and a mathematical complexity as demonstrated by the monetary markets; and yet it has no notion of egalitarianism, moral or ethical choice making. It acts as an autonomous entity, yet it's both endogenous and exogenous to the worldwide community. It has no personality and is well substituteable, but it is handled as a finite resource in the world context, its development ruled by a set of complex rules which decide the way in which it might behave. Yet despite this the outcomes are never completely predictable and, furthermore; a commitment to social justice and an aversion to moral turpitude just isn't a requirement of its use.

In order for a crypto currency to successfully perform the financial capabilities required of it, the intrinsic-worth of cash has to be a commonly held perception by those who use it. In November 2013 the US Senate Committee on Homeland Security & Governmental Affairs acknowledged that virtual currencies are a legitimate means of payment, an example of such is Bitcoin. Because of the very low transaction charges charged by the 'Bitcoin network' it provides a really real technique to permit the switch of funds from migrant employees sending cash back to their households with out having to pay high switch charges currently charged by companies. A European Commission calculated that if the worldwide common remittance of 10% have been reduced to 5% (the '5x5' initiative endorsed by the G20 in 2011), this may result in an additional US$ 17 billion flowing into creating nations; the use of the blockchain would reduce these charges near to zero. These money transfer companies who extract wealth from the system may change into dis-intermediated by way of the usage of such an infrastructure.