The root of why cryptocurrencies are so powerful is a simple, yet complex idea: Human Coordination. This is what the failure or success of the entire industry depends on. Although cryptocurrencies are digital in nature, the whole goal of the endeavor is to affect the physical world when it affects our everyday lives.
When Bitcoin was created by Satoshi Nakamoto in 2009 the first transaction contained a block that was implanted with text that wrote "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks".
At this time, the world was in the middle of the largest financial crisis since The Great Depression, people were losing their life savings, homes, families, and more. I was 11 years old, my parents constantly fought over money, they ended up getting a divorce and our house went into foreclosure. I was certainly not the only person who experienced this. Millions of families across the world dealt with this issue and more. Some people lost their lives, took their own lives, and we all experienced things that changed our lives and our world forever. This was all physical. the greedy few took advantage of the uneducated many who suffered. Yet, the people who were responsible suffered nowhere near the repercussions or effects the common family faced.
The creation of Bitcoin and all cryptocurrencies needs to be leveraged in a positive way that brings human coordination together, that lets people have control over their money in order to fund projects that we need and want. We can no longer rely on the banks, politicians, trusts, and funds to control how our monies are invested because the result has been an expanding gap between the rich and the poor and a dissolving middle class. We have to take control over our money by converting our physical dollars into digital cryptos which will create physical change in the world that empowers equity and where opportunity doesn’t discriminate based on our economic class.
Human Coordination depends on many things.
The Developers: The developers of new and existing apps must create meaningful and easy-to-use applications that have simple interfaces and instructions. As I write this, there are still too many complicated ideas that confuse the average person which steers their interest elsewhere. Some projects might require too much initial capital that doesn’t allow the unwealthy user to participate and more.
The Users: The Users must invest their time and funds into meaningful projects that have real-world impact and great teams. Too often we see ‘meme’ coins with skyrocketing market caps and horrible fundamentals, this only deteriorates the view of the industry at large because those people are going to get burned. In addition, users must welcome and refer crypto to their friends and family. Once you refer them into the industry, refer them to fundamentally sound projects. The more people that adopt fundamentally strong projects the better the industry will perform at large.
The Advocates: Advocates of the industry must try harder to recognize the importance of where they are today. Our financial markets are crumbling and the power their voice has in such an early industry will be heard for years and generations to come. We all have the same goal, in the end, to be bankless and have more control over our created value.
Human Coordination is one of the most fundamental reasons why cryptocurrency has had its success to this point. We’ve reached a point in history where we all need to take it to the next step: work harder, invest more, advocate louder, and be welcoming. In the end, we’ll all be a part of the most powerful time in history.
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