Why Bitcoin is a critical component of today's economy? Explains Edward Snowden
Source:Edward Snowden spoke with Ben Wisner for the magazine McSweeney. In his interview, he spoke about the benefits of cryptocurrencies and blockchain showing his optimism about the potential benefit of Bitcoin to society. Wiesner described Snowden as “very clear, patient and least forgiving of the narrator about the technologies”, with whom he had ever met. Without changing his own style at the beginning of the interview, he called the Blockchain “new database” where users are “protected from manipulation history”.
The Reality is that the block chain has many uses, but from a mechanical point of view, we're talking about a very simple concept. One of the main uses is verifiable accounting.
Imagine that we live in a world where important social information is stored exclusive in some giant Corporation that uses this data solely for their own benefit. And suffering in this society. The blockchain is impossible. No leverage for manipulation. There only rule is global , and decisions are made only when it reaches 51% consonants.
theFundamental value of cryptocurrencies is limited… but Fiat is also not a panacea
Writes Ethereumworldnews, Snowden sincerely believes that cryptocurrencies will help to solve the problem of transparency in various aspects of our daily lives. However, he did not rule out that Bitcoin can become a crucial component of the modern economy. Despite the lack of fundamental monetary functions.
Think about why little appreciated? You can cynically assume that there are «men with guns», therefore its value is higher than the wrappers of Monopoly. You can drag here the element of scarcity, faith in the usefulness for society as a store of value or medium of exchange.
Stepping back from paper money, you can think about why ? It is not often used in industry and payment means also can not act. So what's the deal? But the fact that people simply accept his far-fetched value. And indeed it is.
Source: AdWeek
According to Snowden, cryptocurrencies have the same limited value. Usually, it's just tokens that allow you to save data in the respective blocks of the block chain, forcing everyone to participate in the development of the network and keep a copy of the chain. Furthermore, the element of deficit in some cryptocurrency even more important than gold. Hundreds of millions of dollars invested in equipment and electricity necessary for the production of coins, the final amount of which is limited.
However, the hard truth is that the main component of value of cryptocurrency is only the people's faith in their usefulness as a medium of exchange. Yet there are people who need to move money , cryptocurrency will have its importance. More data to search for .
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