Cryptocurrencies can still become the future of money. There is a 25-page paper that makes the case for crypto.
* Cryptocurrencies can become units of account only if there is a friendly and conducive regulatory environment.
* This could then allow businesses to accept cryptocurrencies as payment systems in a broader context.
* The wider use of cryptocurrencies is the next natural step in reducing friction in the global economy, supported by the adoption of tokens in local contexts, be they specific to geographies or industry-sectors.
Barriers to cryptocurrencies becoming the future of money
There are technical, legal, economic and social challenges currently restricting the degree to which cryptocurrencies are fulfilling the three traditional functions of money:
1. Medium of exchange
2. Unit of account
3. Store of value
6 issues listed below and discussed in detail throughout the report, hold the key to the adoption process and improving trust:
1. Scalability
2. Privacy
3. Volatility
4. Regulation
5. Incentives
6. Usability/Design thinking
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.
Cryptocurrencies can become units of account only if there is a friendly and conducive regulatory environment.” It is not true. What they are referring is “accounting” in the legal terms; this require an accepting regulatory environment for sure. But people don’t do accounting just to please the government, they do it for economic planning. Economic planning is the most important thing; individuals and companies will use whatever tool at their disposal to economically plan in the most effective and efficient way possible. E.G. Venezuelans don’t plan in Bolivares, they plan in €, $, BTC, BCH, eggs and flour. Even if the government tell them to plan in bolivares or else… they will just plan in bolivares on the surface and will plan in what they prefer under the surface.
Cryptocurrencies can become units of account only if there is a friendly and conducive regulatory environment.””It is not true.What they are referring is “”””accounting”””” in the legal terms; this require an accepting regulatory environment for sure.But people don’t do accounting just to please the government”” they do it for economic planning.Economic planning is the most important thing; individuals and companies will use whatever tool at their disposal to economically plan in the most effective and efficient way possible.E.G.Venezuelans don’t plan in Bolivares they plan in € $ BTC BCH”” eggs and flour.Even if the government tell them to plan in bolivares or else… they will just plan in bolivares on the surface and will plan in what they prefer under the surface.”””””””
“Cryptocurrencies can become units of account only if there is a friendly and conducive regulatory environment.”
It is not true.
What they are referring is “accounting” in the legal terms; this require an accepting regulatory environment for sure.
But people don’t do accounting just to please the government, they do it for economic planning.
Economic planning is the most important thing; individuals and companies will use whatever tool at their disposal to economically plan in the most effective and efficient way possible.
E.G.
Venezuelans don’t plan in Bolivares, they plan in €, $, BTC, BCH, eggs and flour.
Even if the government tell them to plan in bolivares or else… they will just plan in bolivares on the surface and will plan in what they prefer under the surface.