Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services.
With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party. - Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto
The hyper-focus on volatility, interest rates hikes, and uncertainties of global regulations has caused many to lose sight of the big picture.
Cryptocurrencies and the growth of digital assets is not a fad like bell-bottom jeans, Von Dutch trucker hats, and Razor scooters. It's a fundamental change to the exchange, storage, and value of money. Bitcoin is at the forefront of this, as it is thriving in both narratives of peer-to-peer payments and digital gold.
What's interesting about tech disruptions is that it's rarely one event that overthrows the "but we've always done it this way" mentality. It's multiple causes compounding until the pressure can no longer be contained.
One cause adding pressure is The Great Resignation.
It’s estimated that around 38 million Americans quit their jobs in 2021 alone. Some workers are leaving low-paying food service jobs, walking away from toxic work environments, pivoting to careers that better suit their needs, or choosing the flexibility that comes with self-employment. - Forbes
Flexibility is a powerful word. It means options and choice.
It includes how we work, where we work, the impact of our work, and how we are paid.
With millions of Americans changing their lifestyle and legacy criteria, digital assets and cryptocurrencies will empower the future of commerce and careers faster than you think.
This Week's Crypto Pulse
Week 7 of 52
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