I have always been fascinated with the idea of digital money, I am, at the end of the day, a geek. But nor did we have the resources nor the knowledge back then to implement something that could have the slightest success ratio.
Today, more than 11 years since the inception of the Blockchain and the Bitcoin as its first application, we can say that we are ready to trade value in a very different way, faster, without the restrictions imposed by banks today (minimum of transfer, fees, unexpected freezing of accounts, and so on). With the sufficient technical knowledge, we are able to keep our assets secure, independently of exchanges or websites that offer us services and all kind of APIs.
I like to say that cryptocurrencies, like cryptomail (email) or cryptomedia (youtube, twitch…) are, right now, too sophisticated, it is like giving a little baby a 500 Euro bank note. People are not yet ready to use digital money. It may take a while till they get the foundations of how to use BTC, BCH, XLM, BSV, how to keep their private keys safe from others, and so on… but they will, eventually, learn, like many learnt to use the internet.
Today we are all wasting energy in this worthless debate about the forks and the new cryptocurrencies that derive from them. But to be honest, I like many of the new coins. As long as there is a team of developers that believe in their project and create better tools to use them, trade them, I am all in, If there is a huge network supporting the system it is good for me. I guess that It is like asking someone if they prefer Yahoo or Google or Altavista or whatever, they all have the same purpose and those who serve it better, succeed, somehow.
In a nutshell, I would say that BTC is mostly speculative right now and mostly to store some value if you are trying to save some money for later and you are ok not following the ups and downs. BCH is perfect for all kinds of transactions and it is really fast, it is truly peer to peer. The way it works right now is related to how they are perceived, and the fact that they increase in value for their counterpart in fiat currencies, makes them hard to be disposed of. When something loses value we tend to get rid of it faster like when inflation hits records day after day, it is a natural defense mechanism in our economy, so the most probable scenario is to see cryptocurrencies stabilizing at some point and staying there for a long time to behave like currencies. That I hope.
This useless debate about the forks (the different coins that go their own way at some point but come from the same genesis) reminds me of religious people that interpret the message of god in different ways, like we have Jewish, Protestants, Catholics, Evangelists, Buddhists, and many more… their messages are all of kindness, love and whatsoever, but each one came up with a different set of rules till today.
I embrace the concept of the Blockchain, it is not perfect, of course, but gives us another way of trading or store value. Do not forget, though, that we all live in a Society that has its rules and crypto is not going to change that, in my honest opinion.
I believe in privacy but I like the concept of traceability as well. We are still human, made of flesh, and unless we develop the ability to upload ourselves, our conscience, to the Cloud, we are going to need to attain to human rules and not just math or code as law. It may happen one day but for now we still feel tire, sometimes we are sloppy and our memory fails as time goes by. In all technology we are the weakest link, the obvious point of failure.
I would like to conclude that, at the end of any debate, the most important asset in life is trust and we, humans, usually tend to put trust in God, in Math in Code, everything but humans themselves because we learned the hard way that we can barely trust ourselves least others and, if we do, it generally is for short periods of time. Building a web of trust is paramount in our lives and we do it through family connections, business and so on, and as long as that works everything runs smoothly, the moment trust fails we just can not do anything else.
So Bitcoin and all the hype is solely base on trust, as long as we trust the system behind, it will keep being valuable and it will be a perfect tool for trading and preserving value, but keep in mind that it is a tool for the richest, those who have spare wealth that they can play with, the Blockchain gives them a way to play wit it and to keep being rich in the future, as well.