I have had some great advancements in my thinking on the topic of cryptocurrencies. I started out this project mainly with many of the pros in my head and not seriously considering many of the cons, I think that’s changed. I’ve started to seriously consider many of the cons as they are potentially global problems that could be more widespread if cryptocurrencies are adopted widely. For example, I didn’t consider the extent of the role that Bitcoin played in the Silk Road, a massive deep web black market that was shut down in November of 2014. But with this research, I still am of the mind that cryptocurrencies as a whole would be a fantastic addition to the global economy as another option for international traders.
Much of my reading has centered on the pros and cons of the adoption of a cryptocurrency and whether or not it was feasible as a global currency. One of the highlights of my short list of pros was the fact that, by their nature, cryptocurrencies are completely independent from all government meddling (hyper-inflation, economic fluctuations of individual countries, etc.). This is one property that makes it the quintessential international trade currency in my opinion, along with the fact that its independence allows it to keep its transfer fees much lower than any other currencies. One of the extreme cons preventing cryptocurrencies from widespread adoption is the lack of knowledge about the subject. Ask anyone you know, almost nobody knows how it works or even what it is. This is a huge roadblock directly in the way of worldwide adoption. If we want to see these currencies boom and become more prevalent in our society we need to encourage the spread of knowledge over digital currency.
In general, my attitude and thoughts around cryptocurrency hasn’t changed. It has progressed a lot, looking more in-depth at all the pieces there are to its effects and obstacles, but overall it is still the same. I still believe it would add an interesting and unique dynamic to the economy that we are sorely missing in today’s day and age.
My Thoughts on Cryptocurrencies by Andrew is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.