Editor: Every 20 years or so, there is a new craze in the marketplace: tulips, penny stocks, or technology to name a few. Cryptocurrency certainly has its quirks. Pictures of monkeys selling for more than the price of a house and Elon Musk talking about Doge coins is enough to confuse the average investor. These things make the crypto scene seem like a get-rich-quick scheme that the younger generation has foolishly bought into. But the technology itself is actually very important.
For too long, people have relied on the central banking authorities to keep track of an individual’s money and protect the user from bad actors. But what if the bank is the bad actor? If the 2008 financial crisis taught us anything it’s that the banks do not have our best interests in mind.
Blockchain technology fundamentally puts the power of money back into the hands of the people. By utilizing a digital public ledger, secure and private transactions between parties do not require the involvement of a third party. No entity can seize the users funds as the user has complete monetary autonomy.
The technology may be new and confusing to many people, but new frontiers have always been a scary place. Blockchain technology promises to digitize the American Dream, and I, for one, am excited to see where it takes us.