Originally published October 28,2021
*Steps down from soapbox*
*Gently removes tinfoil hat*
*Places next to tungsten cube*
Digital currencies and blockchain technologies are inevitable. That’s really what it all comes down to, right?
The day-to-day volatility of bitcoin doesn’t matter.
Biased speculation from the media doesn’t matter.
People buying NFTs and losing money when the bubble pops won’t matter.
Bitcoin hitting $100,000 or $1,000,000 won’t matter.
While we're on the topic, bitcoin - the coin - will probably never be the world currency. At least not anytime soon. I actually don’t know if there ever will be a “world currency”. A lot of compromises would have to be made between people who can’t even agree on the fact that climate change is a real thing.
During times of digital evolution, all that everyone truly wants is an easier, better, or more efficient way to accomplish tasks that are already being done - and a digital currency and blockchain-based ecosystem allows that exact thing to happen. That same technology is also serving as the foundation and railway for wealth equity across the world.
Any other "news" or happenings are just side effects of change and advancement.
Nonetheless, the writing is on the wall.
What do I mean by that? Current trends and actions are already pointing towards it.
Gas stations are installing tap-to-pay technology on pumps. One little tweak and they could accept payments from a digital currency wallet.
We’ve experienced coin shortages across the country. Digital currency solves that problem with little to no effort.
Tech companies are building and adopting digital currency into their systems.
Billionaires are trying to, and successfully, leaving the planet.
Metaverses are being built.
Economies are being disrupted.
I don’t even want to get started on the social proof and backing that digital assets and digital currencies have in general. Do a little research on the firms and the people invested in digital currencies and the underlying technologies - you may be surprised.
The entire world was forced to adapt to a digital-first lifestyle in a matter of weeks as the COVID-19 pandemic ran rampant.
We've never seen anything like it in modern times.
We're in a digital renaissance.
New jobs, new currencies, and new ways of life are all being created right now, as you’re reading this.
And there's only 2 ways this whole thing ends:
We completely and entirely reject the technology and go backward in the technological evolution
The technology is adopted and we continue moving forward
I’ll go ahead and say it - technology doesn’t go backward.
I mean, how could it when we won’t let it?
Apple can’t go a year without releasing an upgraded piece of tech because millions of people foam at the mouth to get an extra 2 megapixels on their camera.
While we preach that we love privacy and don’t need technology, our actions don’t reflect it. If digital currencies and a blockchain-based ecosystem allow us to live our lives and complete regular things in an easier fashion, adoption is inevitable.
And that’s exactly what the technology is designed for and meant to do.
Yes, it has other purposes but one main benefit of the movement towards decentralization is the removal of the middleman.
We love removing the middleman.
The middleman causes excess friction and takes unnecessary fees to do a job that could be done without them.
Direct-to-Consumer brands figured it out and removed retailers from the equation, allowing them to earn higher profits and maintain higher margins.
We can do the same in a decentralized finance environment.
Rather than going to a bank for a loan, what if you could log in to a ‘portal’, request funds, receive them in moments, and have a fixed-rate loan set up on auto-payback - all within a couple of hours? That would never be possible in the traditional ecosystem, but with decentralization it is.
Or another scenario:
You know all the money you have held at your bank right now? The bank is investing that money and issuing loans and making returns off of it. They could pay you more than .01% interest if they wanted to, but they won’t. They’re keeping the profits for themselves and shareholders.
In a decentralized environment, you’re your own bank. So when you have money on hand, you can easily invest that money or provide liquidity for loans just like the banks. This allows you to earn higher returns by again, removing the middleman.
The examples could go on and on but I’ll stop there. For now.
Given how humans interact with technology, I personally can’t see how the current system continues on the same path it is. I’m in too deep that it feels like only a matter of time before a shift takes place that we never revert back from.
I don’t know what it'll be or when it'll happen but I always fall back to my belief of ‘technology doesn’t go backwards’.
Dismissing this evolution is dismissing human innovation.
We’ve gone from space travel being a monumental moment in human history to it being a casual Tuesday stroll for the world’s rich in less than a century..
Now, after saying all of this, I definitely don’t know if or when bitcoin will hit $1,000,000 - and again, I don't think it matters.
I also don't know when people will interact and transact with digital currency more than fiat (2035)
I’m not in the business of making predictions.
I’m in the business of educating around the facts and making logical assumptions based on past trends and current environments.
And given everything going on right now, it’s hard to ignore what’s happening right in front of us.
While all of this may sound crazy, don't forget and don't underestimate the fact that Gen Z and every generation after them will grow up in a digital-first world.
And notice how I didn't use the term "cryptocurrency" once in this piece. I believe digital currencies will take different forms outside of the current cryptocurrencies and using the term 'crypto' paints a picture in most people's minds of meme coins and takes away from the overall message.
New post coming soon on Mirror: How The World Will Adopt Digital Currency