Digital money will change more than just our economy– it will change the way we use the internet. That means we should probably understand what is going on with all of this “crypto” stuff.
Matt Hougan explains, “Those of us who are over 40 can remember a time when the internet stunk: When you had to look up websites in a (printed) book; when email didn’t exist; when you couldn’t do much with the internet except send files.” Over the years, however, advances in technology led to better and better protocols, and now the internet has become so integral to our lives that it’s being classed as a “common good” that ought to be accessible and available to everyone, much like the fire department or the city police. In a similar way that we send emails, stream videos and encrypt files through the internet, we are now able to securely send money without the involvement of banks or links such as PayPal.
Digital money lets us transfer money without lag times or bank fees. With our lives becoming ever more mediated by the internet, this new protocol, backed by Bitcoin and other cryptocurrencies, is the inevitable trading channel of the future. Even those of us who aren’t “digital natives” will do well to understand it better!