The Future Of
Money
The digital currency researcher Neha Narula describes
and paints In her TED talks ”The future of money ” a picture of a very
different looking future.
She talks about using 'Cryptocurrency' in the future
instead of traditional currency, so what is 'Cryptocurrency'?
A cryptocurrency: is a digital or virtual currency,
such as Bitcoin and Ethereum, which is not run by any government, bank or
intermediaries. Neha mentions in her TED talks.
Neha prefers to use this kind of money because she
believes it is safer, transactions run faster and cost less than traditional
methods. While this may be true, in fact, I do not trust in this type of
currency. The program has been developed by individuals. Therefore, there may
be errors or loopholes in the program. Moreover, others can modify the program
and use it for self-interest.
I also think it is not easy to understand the
mechanism of producing the Bitcoin. Though, anyone can download and run the
software to produce the Bitcoin. However, the process is not as simple as
expected. “If I tried to mine Bitcoin on my laptop, I probably
wouldn't see any for about two million years. The miners, professional
miners, use this special hardware that’s designed to solve the puzzle really
fast.” Neha mentions. Thus, I think this is a negative point that
there is a specific group of people who have special skills and computers will
produce the Bitcoin.
I am also
concerned that the use of digital currency may eventually remove the
need for banks. This means that many people who work in banks will lose their
jobs due to digital or virtual currency.
Eventually, I
prefer using the traditional currency. What do you prefer?
Good reflection and very well explained. I'm with you about the fact that it doesn't feel safe to use cryptocurrency. I also agree about the fact that it seems to be hard to understand and to get them based on her statement. I prefer the traditional currency as well, no question about it.
ReplyDeleteI think you have written a text that is easy to follow. You have summarized Neha's discussion in a short but consistent way. I would have liked a bit more reflections about the topic "The future of money". How do you believe the future will be like? Are we using tradiotional bills and coins, or will we switch to digital currency?
ReplyDeleteI personally believe that that Bitcoins and other types of digital currencies only are a temporary wind. They cannot persist because they do not have any intrinsic value or do not exist in reality. It is nothing that we can physically see or touch. This type of currency is not only unreliable, but also requires the use of electricity. Because electricity is not available 24 hours a day in less-developed countries, people living in these areas will still be in need of physical bills and coins.
Dear Mohammed,
ReplyDeleteThank you very much for your reflection. Your summary it's clear and precise, I share parts of your analysis and statements.
As you said it's really hard to trust an algorithm, but every revolution has they issues as nuclear energy or even planes back in the time. In my opinion it's just a matter of time and teaching, to democratise the use of cryptocurrencies.
Hi Mohammed,
ReplyDeleteOverall you present strong arguments and do so in well written language.
After a clear introduction of the topic you go on to express your doubts about cryptocurrency.
You are persuasive when you remind us of the time it takes to mine bitcoins, about 2 million years! Then you point out the danger in professional bitcoin miners. When you say in the end that you prefer using the traditional currency does that refer only to physical money or does it include digital money such as credit cards? I appreciate that it’s possible to order online thanks to the latter.
Rose