Although i am no business expert.. I’m sure most of us have at least in one way or another heard about how cryptocurrencies are taking the financial world by storm. In my very limited capacity, I’ve understood this as a form currency that can be exchanged by different people without the interference of a centralized governing power. In doing this, the privacy of those involved is concealed and the government cannot have any direct influences on this market. Considering this, one can understand why banks and government have been slow to fully adopt their societies because of the lack of control that they would be able to maintain on society if they let this go on unregulated. This is why we continue to see banks and even some governments put in place several impediments that slow the growth of this sector. Looking at this made me drew parallels with the difficulties that come with trying to really shake the system and also see if cryptocurrencies will have a future…
Revolutions
Professor Shervin Malekzadeh
I recently watched a documentary, “Banking on Bitcoin”, which was (somewhat) able to demystify the Bitcoin currency and other monetary currencies like it. I think what’s so exciting yet dangerous and somewhat ominous about these currencies is that they completely dissociate from any institution or medium of exchange and are completely anonymous. These currencies feel to me that they are a political statement to move away from a capitalist system. Ultimately, cryptocurrencies are a threat to the Government and capitalist. I think this will be a tightrope issue in the future for governments and private citizens to hash out because it’s such an unprecedented divergence from a market system.