Cryptocurrencies and Blockchain have been misunderstood pieces of technology over the past decade. Currencies like Bitcoin and the crypto industry are still very new and are many years away from being globally accepted as a credible digital asset having real intrinsic value. Yet, regardless of this fact, any unbiased person who understands the technology behind cryptocurrencies and blockchain will never disregard its potential to change the world in the coming years. There is large enough potential to establish cryptocurrencies as a credible asset for investors at the moment, from retail industries to large institutions.
Because blockchain technology hasn’t yet had enough time to mature, not many have taken the time to truly understand it. Thus, many financial experts still label cryptocurrency traders as “crazy” and “idiotic” since these digital assets don’t have any physical controllable value. However, Cameron Winklevoss, American rower, entrepreneur, founder of Winklevoss Capital Management co-founder of the Gemini exchange says it’s “crazy” to not invest in Bitcoin and other crypto assets. He claims that it is far crazier to sit back and watch while “the future of money” is being built. It has to be noted that him owning a large share of cryptocurrency assets reduces the credibility of his claim though.
“Future of Money” or A Billion Dollar Scam?
The New York Post had recently published an article titled “Bitcoin will soon be worth zero,” offering very little facts to support the claim and speculating the fall of the cryptocurrency with little to no logical reasoning other than the fact that they don’t understand it. Non-Believers of the digital currency are easy to stumble upon, from major political parties to the world’s most powerful banking firms to several billionaires and investors. Most of these powers have all backed Bitcoin and other cryptocurrencies to fail.
Even though most of the hate comes from the biased and from those who don’t understand the technology, Some of the points they make are valid; the technology is new and scalability is still a question. Many haven’t digested the unfamiliarity of technology and rightfully so as security and privacy of one’s wealth and finances are a factor of major concern. Another thing that halts its popularity is the involvement of Bitcoin in money laundering and drug markets on the Dark Web. Bitcoin initially got popular because of its involvement in the Dark Web. The transparency that it provides was not always used in a positive way, Until recently thanks to other cryptocurrencies and trading becoming mainstream over the last few years. Another thing adding to the lack of credibility is the 2017 bubble pop and the retail investors who were destroyed by it. The volatile nature of these coins make them very dangerous and having no physical value makes them a very risky investment. This is the reason why financial investing experts like Warren Buffet have stayed away from the Crypto Industry.
But for someone who can look past the unfamiliarity, Cryptocurrencies are built on top of the blockchain or “Distributed Ledger” Technology, as enthusiasts like to call it. The core foundation of cryptocurrencies being a transparent ledger and decentralized currency system that allows individuals to become one’s own bank without the involvement of third parties. This Allows users to send and receive digital assets without third party involvement. The technology is claimed to be the future of money and will revolutionalize a vast number of industries. Now with major Silicon Valley giants like Google, Facebook, Amazon, and Microsoft added to the list of supporters of Blockchain things look good for the industry in the coming years.
Who is the crazy one?
The future of money has such an impact on a global scale that one would be foolish to ignore Cryptocurrencies and Blockchain. What’s not helping is people especially the powerful and educated ones who blatantly bash the technology without first trying to understand it and appreciate it for the opportunity it could potentially create.
According to reports, Cameron and his brother Tyler, the Winklevoss twins are said to own around 1% of all of the circulating Bitcoin supply, which is roughly 175,000 BTC, or roughly $1.4 billion at today’s currency prices.
The Winklevoss twins are among the technology’s biggest supporters and have taken a lot of effort to drive the crypto industry forward and to give it more credibility beyond the negative scam allegations over the past few years. At the same time, they own a large share of these digital assets so they’ll obviously support it. Only history will prove who is the one to be truly labeled “crazy”.
Follow us on Twitter, Facebook, Steemit, and join our Telegram channel for the latest blockchain and cryptocurrency news.
