Manjunatha K
Cryptocurrency security expert, Koinlocker
In this globalized era, where world market is open for everyone, the challenges faced are varied in their kinds as like the opportunities. People are trying to find a common currency without any middle agency to embrace the world market gracefully without any hassles . The answer to all these ever increasing, challenging demands is the cryptocurrency. May be in the future decades, cryptocurrencies are going to replace the currencies of every country and the entire world will have a single currency which really erases the geographical boundaries between the countries, making the trade much more easier than ever before.
Though little exaggerated, the above statements absolutely make sense as people are becoming more aware of the usefulness of the cryptocurrencies. Couple of days before I visited a nationalized bank requesting for a PIN to enable internet transaction on my account. To my surprise people on the desk were not aware of the fact and asked me to visit the bank after two days for the PIN. That really surprised me as the world is moving ahead in a bullet speed and our system is lagging behind to such a great extent. This is alarming and we really need to warm up and chase the progress to stand stable in the world market. In fact a paradigm shift is required to be in par with other countries with respect to the progress. When we question ourselves, what is the fact that makes us to lag behind in the progress? Surprising answer would be the mediation involved in the process which makes the people dependent and powerless. But, there are many ways by which people can elevate their knowledge and manage their money by themselves. One such way of coming out of this bureaucratic mediation is to embrace the new technology, like bitcoins, which completely removes the word mediation from the system….
Money has been invented to ease out the difficulties in value exchange using Barter system. Though it has evolved over centuries to mature. However, the reserve banks and governments are misusing the hard earned values of the people by printing money without boundaries and also directly or indirectly involved in many of the frauds that we see in everyday newspapers! Governments are accumulating money by collecting huge taxes from hard working people and is been shell out to few sets of people and close the whole ledger pointing one as froud and if he leaves the country all evelis were cleared up! It is most disappointing and scary that many times the people who are supposed to govern and protect the interest of the hard working citizen are actively involved in the such fraud or showing interest to protect.
Recently, major banking institutions and technology companies such as Intel, Barclays or Walmart have invested their time and money into the promise of cryptocurrencies like Bitcoin and Ethereum. This has led to countries with weakening currencies to adopt digital currency to take the place of traditional notes that have depreciated. Some of these early adopter countries include Brazil, Colombia, Turkey and Venezuela.
The hyperinflation which happened in Zimbabwe must be a lesson for all other countries to adopt and embrace new technology. If people can manage their finances on their own, there is no need of the mediation system.
It is time for the people to find an alternate system that values their hard earned money; People should be able to preserve, share and exchange it for the goods and services they need without involving a third party who eats a huge portion of the pie without any value.
