Money is one of our oldest and most important technologies for civilization. There certainly have been many innovations over time with respect to currency, including those digital.
Money has tended to be controlled by powerful institutions, like kings, governments, and central bankers. Today, cryptocurrencies, such as Bitcoin, are showing that they may well transcend this history and democratize money.
What is Bitcoin:
The Block Chain innovation that is a part of Bitcoin is a deceptively important. Money in many ways is the backbone of civilization and the power behind it is immense. Now, block chain is poised to disrupt that power.
An example of a project building on the block chain idea that might disrupt the very nature of money and who controls it.
|Ethereum Homestead Documentation — Ethereum Homestead 0.1 documentation|
Banks and nations are racing to win the race for money by getting rid of cash and its substitutes. But, the block chain is out there and working and can be used to distribute the ledgers, transactions and currency base to make money transactions between anyone on the globe costless, and untraceable. The powerful do not want to part with their power and if they can control the new method of money, their control over everything and everyone will increase.
What will win the race? No one knows but the potential for the biggest disruption ever, one way or the other, seems to be silently lurking. Not bad for some stone money in Yap Island.
Now, while traditional currencies have served us for millennia in numerous forms, digitally encrypted currencies are a brand new and disruptive force leveraging many other Technology Sectors. The most famous widely used, as of 2015, is Bitcoin. While still a bit in the shadows and volatile, this technology is indicative of things to come and is on the radar of governments, giant companies, and even the Federal Reserve.Currency did a great deal to propel humanity as a growth and innovation-based society. While money has served some with dubious intent, it allows us to make, sell and buy goods and services in ways that would not be possible without it. Money took us beyond the barter system and made exchange easy and helped raise the standard of living, although certainly not equally across mankind.