Is the Blockchain Trustless?
The biggest question in life is who/what can I trust? Whether its friendships, relationships, machines, instincts – especially with Finance. Many of us for our entire lives have trusted the Banks and current monetary system. Why is this? Why don’t people question it? Because our parents told us to? Because its just the way it is? Always has been? Dollars and notes are money? So I present the question: Can you trust Cryptocurrency, is the blockchain trustless?
There are many reasons for us to question the current system. I get charged to access my own money? Why does it take so long to send money to someone? Why do I need to explain to someone what I’m doing with my funds? How come do I need approval? Why are fees so high? What’s that charge? Banks do make sense, well they used to until they began to abuse their power, that being our trust. But how Can you trust crypto in Australia? if you don’t fully understand how Cryptocurrency works or the methods to keep your digital portfolio secure.
Revolution in Trust:
In the beginning, no one trusted the internet right! It was a scam? Now its used in everyday life across the globe. Next was “I’m not going to pay my bills online”…guess what? Before you know it everyone is now trusting the internet and paying their bills online for convenience and peace of mind knowing it works. After bills came online shopping. People started to become curious about it but were still stand-offish for a long time. Now 8/10 Americans shop online – using their mobile device. So as trust has formed, the digital world has flourished and will continue to do so. This is why I believe the next biggest trend which will be a signicant shift in financial history is Cryptocurrency. Bitcoin is the obvious point of discussion however I believe although its significant, it wont be the platform or currency of the future. I love what Bitcoin has done and the concept it has introduced to the world. However as time goes on, technology advances and more digital currencies are introduced, I believe it may not be the digital platform/currency of choice.
Cryptocurrency allows you to send money to anyone, anywhere in the world instantly and with minimal to zero fees. As time goes on, the network of users grows including merchants and retail that are willing to accept it as payment for goods and services. There are Bitcoin ATM machines being introduced across the world and this is still the beginning of this shift. The Media appears to be portraying it as a scam, banks are frightened as they can see and feel what’s happening. As more and more people learn that Cryptocurrency is giving monetary power back to the people, the more we can begin to place trust in it. Learn more about the cryptospace and make an educated decision.
Now after doing some Research I would love to know your thoughts on the matter. So let me ask you, do you trust the blockchain?