Does Cryptocurrency Work – ETCC Cooperative’s Anthony Lusardi Thinks So
If you have been around in the cryptocurrency industry for a while, you would have stumbled on or heard of folks whose perception, knowledge and ideas of cryptos differ either slightly or extremely.
This happens especially when there are individuals who have a different approach towards cryptocurrency like the bitcoin maximalists, and those who have a general view, such as Ethereum.
The fact is, if you really understand the arguments and not how it originated, then you would probably see it as being a serious source of contention among those involved.
There are so many arguments flying around because our thoughts and ideologies regarding cryptocurrency are beginning to develop. Nevertheless, what we say at times go against what we actually meant to do.
Being detailed in a dynamic way is very important, particularly because there is the need to measure on a social basis. What this means is that, cryptocurrency is the third and most practical attempt at creating an all-encompassing digital currency.
Well, applying a social comparison here is a difficult thing to do. It’s more difficult than tech scaling in so many ways and the way to find a solution to this is to accept some attached rules. When the rules are not rightly obeyed does not only mean a disagreement, but a serious risk to the very existence of cryptocurrency.
There’s the need to collectively decide on a set of rules that is already programmed because, at its initial stage, cryptocurrency gets planned so that at the time the set rules are agreed upon, the result would be as follows:
- It will prevent the production of counterfeit money
- The method of supplying currencies will be transparent. No secret dealings.
- Everyone will be at liberty to carry out transactions anytime and anywhere without any restrictions.
The point is, you don’t necessarily need to know and understand about the system works –that would be too complex and convoluted for the average individual, what’s expected is to abide by the stated rules and you get these access and benefits. Whenever you go against the rules, you lose the benefits.
Part of the rules state that if you go against the liberty to carry out transactions, you may be prevented from accessing your money through a majority vote. It is on record that wealthy people always have a way of suppressing the poor.
The threat that seems to reflect on these social levels can possibly wear down the very foundation of cryptocurrency. If these threats become more serious, what has been experimented would have been in futility and it would need to restart with a new group of people that have a deep understanding of the digital currency.
Well, we hope this never happens, and that we can continue to break new frontiers with this amazing technology, paving the way for a new financial era.