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Link to YouTube: https://www.youtube.com/watch?v=zHZW_8jc8hU&t=19s
An interesting article from a leading newspaper compared the evolution of cryptocurrency to the Tulipmania of the 17th century. The article predicted that the demand for cryptocurrency will collapse one fine day similar to what happened to tulips back then. The contract prices for the tulips skyrocketed against all possible laws of economics causing irreparable pains to the investors who invested their lifelong savings; they thought that a bulb of tulip will fetch them luxuries of the future! Looking back, you might think how insane it was to bet millions on just a “flower”! But, being part of the system, psychologically it is very difficult to think differently than the rest of the crowd; in fact, the story repeated itself in every bubble of financial history again and again.
It has never been easy to define what a perfect currency is. The barter system, which probably worked excellently for the early civilizations could not scale up to meet the demands of the connected world. We tried bronze, silver, gold, and finally, paper currency made its inroads into commerce. Now, crypto enthusiasts contemplate cryptocurrency as yet another parallel currency; it works on the principle of decentralization. I don’t know if I should call this a currency (rather leave it to the pundits of economics!), but I have my cybersecurity views on this.
People claim that cryptocurrency is hackproof. It is on the basis that the strong data integrity offered by the underlying blockchain. Understand that “Integrity” is arguably a key principle of security. However, can we blindly invest in cryptocurrency thinking that it is going to make us super-rich? The answer is No!
The idea of investment is not bad. But, investments without knowing what we are getting into is a recipe for bankruptcy. While I don’t know if cryptocurrency will see the fate of tulips, all that is needed is to secure ourselves from the fraudsters. The illegal usage of cryptocurrencies doesn’t make it bad either. The concept behind cryptocurrencies is amazing. If cryptocurrencies are used for the betterment of human society, I think it is justice to the people who brought this innovation to the fore. The good news is that governments around the world have started enacting laws and regulations around cryptocurrencies. Hope to see a great future for one of the greatest innovations of mankind!