There is a lot to be done in cryptocurrencies
Cryptocurrency is a real-world use case of Blockchain technology.
The mining of the first block, the so-called Genesis Block, Block 0 or Block 1, of Bitcoin in 2009 is a landmark in the domain of cryptocurrencies.
The inventor of Bitcoin pseudonymized as Satoshi Nakamoto, created history by broadcasting the Genesis Block.
Cryptocurrency is now recognized as a successful and real-world use case of Blockchain technology.
Image from Pixabay (modified with a BCH logo)
There are innumerable cryptocurrencies in the world. The total number might have touched nine thousand or more.
Cryptocurrencies are being used by a huge number of global citizens for various purposes, including peer-to-peer payments, digital investment, smart contracts, non-fungible tokens for digital art, and many more.
Cryptocurrency draws a rainbow in the cloudy sky of fiat control.
Image by Albrecht Fietz from Pixabay
There have been so many wrongdoings in the domain of the financial world.
It started time immemorial when fiat currencies were invented.
The kings and the leaders made rules to tax citizens without providing any services.
Governments started to collect income tax at source.
Satoshi Nakamoto's announcement of Bitcoin came as a gift for the citizens.
But, Bitcoin didn't get public attention until its price rose to a few thousand dollars.
Since then more cryptocurrencies have been created by groups of fintech startups.
By now, most global citizens who use the Internet know what cryptocurrency is and its goodies to offer.
Cryptocurrency has drawn a colorful rainbow in the cloudy sky of fiat control by governments and big corporations.
Temporary thoughts about cryptocurrencies, please bear with me!
But cryptocurrency is so volatile in its values.
Cryptocurrency seems to enlighten a fragile hope because of its price fluctuations.
Fiat currencies also fluctuate a lot, but not so much.
If the world ran on cryptocurrencies only, it might have crashed faster than fiat currencies did. This is my guess looking at the increase in cryptocurrency hacking and breaches in different parts of the world.
Scamming is easier in the cryptocurrency arena. There is no centralized administrator(s) to tackle complaints regarding fraudulent transactions and errors.
Moreover, the inheritance of cryptocurrency assets, i.e., writing a legal will, is a burning question for every crypto-holders.
There is a lot to be done in cryptocurrencies.
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About me
I am a researcher and contribute to the overlapping areas of STEAM (Science, Technology, Engineering, Arts, and Mathematics). I am an active user and promoter of GNU/Linux, Free and Open Source Software. I develop cybersecurity and information security solutions, specifically graphical authentication security.
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#cryptocurrency #fiat #fintech #taxation #control
Oct 14, 2023
