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Found 1 result

  1. Harrison Lee

    The Future of Cryptocurrency

    The death of MTGox is the greatest thing to happen to cryptocurrencies in a long, long time. You might ask why considering the numerous calls for regulation and unbridled chaos its dissolution has left. The unfortunate reality is that roughly $400 million USD in Bitcoin was lost and isn't coming back. No one except the people responsible at Gox can fix that. As crypto users, however, it's our responsibility to ensure this never happens again by keeping online exchanges accountable, decentralized and transparent. MTGox screwed customers over by withholding withdrawals, leading many to wonder where their money was (and still is, for that matter) and ensuring their was confusion as to what was really happening. Shutting down and reorganizing isn't the answer to fixing the problem. A core point of BTC, to avoid placing currency in unstable banks, was thrown out the window the moment MTGox became popular. I get that folks wanted to protect their hard-earned scrap, but an online wallet handled by programmers that were way in over their heads wasn't the way to do it. MTGox was a trading card site that somehow became the most popular cryptocurrency exchange on the net. MTGox used outdated security protocols and a shifty proprietary wallet system; there were red flags everywhere. And while Bitcoin industry leaders have recently assured users this will not be repeated, it's ultimately up to us to keep cryptocurrency use alive. As mentioned before, the first step is doing away with online wallet banking and centralized institutions. We've all seen how that's worked out for physical currencies and Bitcoin users. Banks are not secure; offline wallets are far safer alternatives. While I understand the fear of unreliable hard-drives, the simple solution is to back-up your wallets to various safe locations. An online wallet is an even bigger gamble than the crypto gaming sites. If you're worried about thieves hacking and stealing your coins, encrypt the wallet. It's as simple as that. The second step is to decentralize the currency system. In other words, every coin on the market needs to divest itself from Bitcoin. Each altcoin has a purpose and use. The value of said coins should not be dependent on Bitcoin. Achieving relative independence can be done through more exchanges that convert cryptos to and from existing world currencies. It will be a challenging process but can ultimately make adoption easier and strengthen the overall health of the market. Bitcoin is important, no doubt, but other coins need not be tied into BTC since they're not being backed by the grand-daddy currency. The third step is to make widespread adoption a feasible, desirable option. This means opening more markets and businesses to cryptocurrency use. Imagine paying for your coffee with Dogecoin or buying a brew at the local bar with Litecoin. Some entrepeneurs have already taken the initiative and integrated crypto payment systems. We have to take it a step further, however, and solidify cryptos as a viable means of payment. We don't need to back these coins with precious metals or cash, but it's important to stabilize the crypto economy in order to introduce the coins to a larger audience. Paperless payment is the future. Step four is simple: introduce your friends and family to cryptocurrencies. There's been this prevailing notion that cryptos are for the tech elite and geeks. While some technical knowledge is required to mine, the general process can be easily taught in a matter of minutes. All it requires is you to help guide the way and get them thinking in the way of the future. Cryptos shouldn't be made cryptic when we, more than ever, need to bring in new users. If they start with Dogecoin, that's perfectly fine. If they wish to start with Bitcoin, that's fine too. Help your friends find the coin they enjoy and like to use. It's all about founding crypto communities before we get to the Moon (a shibe-ism, if you aren't familiar). Locking out potential adopters makes little sense when cryptos offer so much promise. Where will the future take cryptocurrency? That's a good question, but the growing market rebound from the MTGox scandal has already shown that we're a resilient lot. No budding currency is going to progress without extreme growing pains. When all is said and done, we've come a long way in providing a glimpse at an alternative payment system not dependent on weakening banks. And even though there are bad eggs, we've made a lot of progress without regulation. What currency can claim to have experienced the same growth cryptos have? We're on the edge of a new digital frontier. It's up to us to keep pushing the boundaries and make this frontier a home.
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