The Bank of England believes that cryptocurrencies like Bitcoin could be big news and even UK chancellor George Osborne tweeted about it. But it is important to note the details in the comments of the central bank. It talks about building its digital currencies into a trend that could see Bitcoin sitting in the back seat in the future that has helped build it.
At a recent Social Media Leadership Forum in London on the subject of Bitcoin and cryptocurrensets, we watched a short film depicting Bitcoin as a form of ethics in traditional banks. Not only is B Bitcoin a new, cool Generation Z option, but it is also a way to offer third-party benefits from financial transactions that are not essential. Bitcoin is the answer! Bitcoin is the future. Bitcoin is the best way to transfer value digitally without a third party. I don't need pal pal…
There was a grass vote in the audience. Who, of these leaders of the largest companies (especially) in the UK, had accurate knowledge of Bitcoin? Three hands went up - and it belonged to three young terrier-like entrepreneurs like Bitcoin who talked openly and openly about their assets and painted the Bitcoin story as a great, unstoppable opportunity for business.
Two very different ideas came up at the meeting. The first is for Bitcoin as a form of ethical transformation, which frees us from corporate greed, distraction and stereotypes. Another prosaic idea, of Bitcoin as a new way to make money in a narrow and smart way. (There is also a practical point of view: a gambling penny below the radar, a Black Web conversion table)
Moral ethics
A non-scientific survey in that conference room will appear to support findings elsewhere. Another online survey found that only 8% of US merchants planned to accept Bitcoin in the next 12 months. No one was currently accepting Bitcoin. Another survey found that 65% of voters knew nothing about Bitcoin. Of those who were less accustomed to it, 80% had never used it before.
blockchain.info
There has been a significant decline in the value of bitcoins, and questions have been raised as to whether 2015 is the year of Bitcoin or Bitcoin. No matter what the prophets of doom says, there are still some brave young entrepreneurs, encouraged by the recent announcement that Dell will be the first major retailer to adopt Bitcoin, as well as research suggesting that low-income people can accept it.
The first draft of the big thing?
The Bank of England is understandable about the feasibility and benefits of creating its own digital currency, but the simple fact of the conversation adds to the feeling that Bitcoin could be the "first framework" for something with a broader application. Digital value doesn’t have to mean just money and the popular view of Bitcoin can just emphasize “money” very little.
At the London conference many discussions focused on the "blockchain". This public judge of all Bitcoin transactions creates a continuation of Bitcoin users, a context in which money can be made.
According to technology writer Nozomi Hayase:
When I say Bitcoin, I am talking about the basic technology of blockchain (which is much more than just money), as well as its low-level network, and blockchain-based cryptocurrencies in general. Bitcoin may not be the last money that will bring us an underground future, but it will open the door for us.
Without Bitcoin
So, let's say that Bitcoin is a good example of the distribution of power and human power, but it is just the first example, and we will continue to use and invent basic technologies. It’s not about cryptocurrencies anymore but about free third-party transfers. That could involve a completely different cultural mix than just seeing value as money. For example, we could see voting and joint decisions without the control of outside companies. The future could involve all forms of creative exchange between human beings (even digital) direct, independent when desired, and entirely in the hands of the sender and receiver.