Crypto: Where’s the mint?

We are living in an era where either we adapt and learn the technology or we just cease to be relevant. I would like to draw a parallel here, in the art of projection mapping artists portray a tiny particle into a colossal object using projection techniques. Such is the potential of technology,it can convert a spark into wildfire, it eliminates impossibility of the most unimaginable thing. Block-chain mechanism, the fundamental backbone of cryptocurrency, a revolutionary innovation in the payment space. Earlier there was a contest to accumulate wealth, then securing it became a challenge, and cryptocurrency conceptualized a way to accumulate wealth in a secured manner. Since it has the potential to be exchanged for goods or services, it definitely has a roll down effect on the economy as well. A transformational shift from cash to digital economy is just a trailer to the potential of change crypto based payment mechanisms can bring. Cryptocurrency has changed the investment and consumption profile across geographies. This happened as a result of its democratizing power which facilitates faster transactions without the middleman hassles. It has got the financial intermediaries and banks worried. It has the capacity to catalyze international trade.

Though cryptocurrency is a remarkable substitute to other currencies, but it comes with its share of obstacles that thwart its way to becoming a globally recognised currency. The anonymity feature brings skepticism to its legitimate use. Furthermore, the decentralized ledger makes it difficult to earmark a an account for malpractice. Since mining cryptocurrency is an expensive and niche process, it may cause an inherent economic gap between the have and have nots across economies. Technologically supreme powers can monopolize its use and that will mark the beginning of the end of a stable global financial system.

It’s time we take notice of the spillover of crypto on our economy and adequately take steps to ensure its justifiable growth.