Technology is constantly improving in the world around us, and cryptocurrencies are no different.
The latest cryptocurrency to be announced and met with controversy and a media lash back is Libra, Facebook's new cryptocurrency. But cryptocurrencies could be the way forward...what if we could make money truly global and secure?
Libra caused enormous backlash for a number of reasons, but the main arguments were that it was backed and developed by Facebook, and that it would replace money completley (which cannot happen with the way our economies and countries are built).
Calvin Coolidge said, "Doubters do not achieve, sceptics do not contribute, and cynics do not create". At the outset let me truthfully confess that I am neither of the three on this subject. On the contrary, I truly believe that we are changing the world in the way that business is conducted, and transactions are processed, “one blockchain at a time", and as we use this technology true to its potential, this world will turn into a better place for everyone.
Recently, the financial services industry has witnessed an overdose of journalism surrounding JP Morgan's first (big) entry into the crypto-coin space, most of it is focused around questions related to Jamie Dimon's previous critical views about "Bitcoin" when he had said - "You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart. It's worse than tulip bulbs".
Blockchain, Cryptocurrency and Bitcoin have become more than just buzzwords, they're now part of modern business. The topics often become confused and conflated, being used interchangeably, which demonstrates our general lack of understanding within this space.
As form of basic explanation:
Cryptocurrency is digital money created from code, which is free from governmental oversight and is monitored by peer-to-peer internet protocol.