Hey,I hope I am not too late to reply to this post.
I would like to add a few pointers which I think must be discussed.
- Some of the biggest innovations in Computer science took a long time before they became mature. For example, the origin of Artificial intelligence is said to be around the 1950s, and now after a long time it is in the state where it can be used on large scale and bigger purposes, still it has many inefficiencies.
With Blockchains we ideally saw it for the first time around 1991 and the first real world blockchain came into existence in 2009 BitCoin.
It is indeed true that Bitcoin as a concept is still relatively pretty new and still in the infrastructure and research phase, which is why I believe we have not really witnessed what is truly capable of.
While blockchain is an interesting technology which may have niche use cases, like countless other technologies, the fervour with which it is being marketed as a solution to wide ranging societal problems, displays the characteristics of a technology fad or hype cycle.
I feel the above statement is pretty bold and not entirely true. Rather it should be framed as blockchain has niche use cases at this point of time. With many governments, financial and academic institutions getting into it we will see some of the biggest use-cases evolving out of it.
Like any other technology, blockchain is not a silver bullet solution.
Completely agree with this POV. Blockchain is not the solution for all the problems, even so Blockchain also introduces new problems that are associated with it, but eventually with tech leaders getting into the skin, these will be solved.
If we use this as a proxy, people from disadvantaged communities are more likely to lose from scams like crypto (because they are probably more in need of funds and hence fall for the promised profits).
This Article here beautifully explains how cryptocurrency can help developing countries to participate more in world trade and eventually opens a way to get into a better position.
This is one of the reasons why crypto currency adoption is much higher in Africa and Southern asia.
People from disadvantaged communities might lose money because of less information which is why awareness is important.
- Crypto currencies are not a scam, it generates value from someone doing work to validate the transactions. It’s as simple as that. Crypto currencies are not here to change anything, it just provides better alternative solutions about how we transfer value, which might be useful in many financial operations. Though there are some claims which are absurd, others are based on the properties of the underlying tech AKA blockchain.