The blockchain technology is now seen as a revolutionary advancement of the last century. The system used and the available creativities always bring an awaken memory to the people and the perception of rejecting or accepting the new revolutionary movement. Thousands and millions of people are all on their screens looking at the trends and wonder the idea behind that. Most research have found that, 70 percent of young people tend to join the blockchain technology but still hesitant. The proactive and risk takers have been on the lead and attracting many more.
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The questions are more than enough and everyone is busy looking at this blockchain trends and think of its future alternative. Others are busy researching about it reliability or its availability. No one portrays the right information and all of us are all gambling and looking for experts for more and clear illustrations. The blockchain explanations traces it all, it reflect an uncontrolled movement and only made and run by itself. This makes be ‘’decentralised’’. No more government to take the lead or a superpower to overtake but just the transactions to decide.
The people are seemed to be lost and wondering on which leg to stand on, either a centralised leg or a decentralised one. Confusion in people demonstrates it all, but at the end they all make a decision. Most of them agree following their belief and conception of this blockchain and others reject, disagree and even match it so as it may not reach to other people.
Look at the two sides and show me the way
I stand on the two sides looking for a better place to stay, the street gives me the choice and I’m the one to lead the way. The two streets are open for me and I have to choose the best one to follow so as to reach to my home. I look at the two sides again and again, use my binoculars to see the far distance of the two ways but can’t still find the best way to follow. Remember….I must choose one of the two way and then become either centralised or decentralised. In otherwords, I will either support the blockchain technology or reject it.
Let get back to business
I like moving and I would like to survey the two ways before making a powerful decision. Let’s start with the first road which does not support the blockchain network.
Here is what is says:
I don’t really support blockchain …do you know why? The reason is that it has no one to control it. How could you trust something virtual? I mean no government or anyone standing to control it? We all get loans from our banks, would you get a loan using the blockchain network? How would you pay taxes? Do you want us to lose our jobs as Bankers? And other more questions.
The blockchain technology may hinder a number of activities and lead to a closer of a number of businesses. Its will reduce banks and government powers in our finances and therefore the level of government revenues which support the country in the development process. It traces out the transactions and support in making clear and clean transactions with the help and support of an official personnel. Blockchain implies no more credit cards, visa cards and the use of internet connection to perform transactions. What about in Africa where more than 80% of the population have no internet access?
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Furthermore, would you trace money mafias? But if I send my money to the wrong person, would it come back? Blockchain may add up the way to criminality since no one has control over them. There will be a rise of thousands and millions hackers envied and courageous enough to take up the whole coins. Who should we complain to? Where could we trace it? Which persons account did it reach? Everything seems to be anonymous and no one can answer that problem since its decentralised
Thus, how could you set a price of a commodity based on a blockchain system? Look at the various fluctuations of bitcoin. Today it is 11,000 $ when it was actually 9,000$ two weeks ago. This can be a great risk of business owners when joining the crypto market. Could the customers understand these price fluctuations? Or just loose trust to their vendors or suppliers.
This first road looks a bit tricky and I then decide to survey deeply about the second one and make decisions based on the available to roads responses.
Hehehe…lets survey the second road.
I look it by far, it looks nice, clean but blaring. Everyone is anxious of opening up his eyes and trying to see what the available characteristics that the road presents. Since the road is not that clear, I decided to step in for some few metres to check on the available reliabilities.
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Here is my discovery, remember….the second road support the blockchain network
This road portrays some flowers and some high-pitched materials. On the road, there are a number of tiny and sharp people, all moving near a Packard written ‘’Invest what you can afford to lose’’. This word made me think of the inside of the blockchain network and actually thought of discovering the true meaning of it. Blockchain is said to be decentralised. No one has control over it. The only person available for advices is yourself, no more Banks officers. The blockchain network portrays some freedom and enables people to operate freely with no one checking or stopping out people’s transactions. These people are called the ’’decentralised ones’’
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On my view, it’s funny how the central bank manupulates the currency and makes the people powerless over their own efforts and sacrifices. The banks are called the middle parts, but earning more than the money owners. They conduct on how the money should be transacted in the market and make hard decision regardless of the two agents responses.
Most central banks work with government and utilise the so called ‘’monetary and fiscal policies’’. Let me just give the overview of how they moderate the monetary policy. Incase there is a massive amount of monetary transactions, they will pull in the money from the market using the contractionary monetary policy, the inverse of it leads to an expansionary monetary policy. At the end of it all they are the ones controlling it and tracing the budget on how our money should be used. I call it analogue.
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Moreover, there is always the governor at the top working close with the government and perhaps leading to various vices of inflation with the rampant corruption cases performed by the government. Let’s give this scenario, Inflation means an increase in the general price. In otherwords, there is a large amount of money in the market. This may be caused due to inefficient allocation of resources and the underperformance of the central bank which aims at maintaining monetary stability and regulation. All this issues come out because the particular actors are not able to perform their respective tasks and sometimes become unreliable.
Is the blockchain network a solution to the above explained cases?
Yes, I believe so. The fact that there is a system ruling the market and the transaction would be preferred than human based mind of doing it. The blockchain network has no inequality or issues regarded to inefficient allocation of resources or corruption. Everyone manages his portion and no one rules over the other. This brings the idea of freedom and increased privacy. Blockchains increased on the privacy of the agents and many people always wish to do so. No one, even a bank teller has the right to look at my money. The aspect of blockchain generates its own value and increases or decreases depending on the market response regardless of human beings decision.
Lets looks at this wonderful quote of the bitcoin Founder‘’Satoshi Nakamoto’’ as he founds out the real problem of the centralised system.
He said:
The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.
In the above quote, we can see that the issue of privacy and reliability is concerned and this pushed so many investors to look at the various trends and opportunities that the blockchain netwok presents. This blochchain is still growing and expected to reach millions and billions of people in the near future. This is the sense of liberation and motive to support privacy of humankinds transactions.
At the end of it all,The blockchain technology will benefit few and to the detrument of the many others.
This may be regarded as a scenario between developing and developed countries. The regulation allowing cryptocurrencies fucnctioning in the west (developed countries) will eventually lead to a fall in the various commercial and economical activities in developing countries. We should notice that more than 80% in Africa have no access to internet network and may be others are even illiterates. The global change will eventually penalise the economical system and lead to a premature economical growth or market fluctuations.
The essence of it all is that some countries may not be ready to embrace cryptocurrencies not because they do not wish but the country's cicumstances may hinder them toward reaching that level. People are still waiting for banks loans and support yet, some in other contries do not wish to see these banks embrace cryptos. A rise in cryptocurrencies will implies no more support towards the poorest communities through selectve credits, law bank rate, mortgage and other more.
Most of the banks have their headquarters in developed countries. Meaning that, a possible advancement of cryptos will eventually reduce their powers and negatively affect the poorest community in developing countries.
The issue of privacy its not yet of concern since most people would wish to have a basic mean of survival than keeping nothing.
