We are on the cusp of a financial revolution. In 2009, Satoshi Nakamoto set the precedence for a new form of money; the creation of Bitcoin as an electronic peer to peer digital cash system. The economic, social and political thought that went into creating this revolutionary technology is something to behold. What Bitcoin allows is the free flow of value from one person to another without the need for a centralised intermediary. It is a trustless, borderless and open source means of exchanging value with anyone, anywhere in the world.
Bitcoin is not a company or a product. It is a completely decentralised system, just like the internet itself. It has no central point of control. As Andreas Antonopoulos explains, Bitcoin is not money for the internet, but rather, the internet of money. We can use this new programmable money to create associations, organisation and exchange value. It is not controlled by any nation state or sovereign country. This new form of money goes beyond nation states and borders. It is truly global.
The consolidation of wealth and the fractional-reserve banking system that pre-dates most governments and nation states is no longer serving the people. Satoshi Nakamoto knew this and encoded within the genesis (first) block of the Bitcoin Blockchain, a message stating:
“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”
What Bitcoin allows us to do is take back our individual sovereignty. Individuals now have the power to become their own bank. To exchange value in the form of cryptocurrencies with anyone in world with near real time transactions and minimal fees. One individual transferred $99 Million worth of Litecoin in April of 2018 for a fee of just $0.40. We are only now seeing the early stages of what is possible with this technology. Who could have imagined innovations like Uber, Netflix, Facebook, Amazon and many more in the early 1990’s when the internet was in its infancy.
This new form of money allows us to programme unstoppable applications without needing permission. Just as at the birth of the internet we are now entering an era of exponential innovation within the cryptocurrency space. Bitcoin has paved the path for this innovation and we have seen thousands of cryptocurrency projects take flight over the past 3 years in particular. Not all of these innovations will survive and many will fail to serve real world use cases.
CryptoSuss has been established to help bridge the knowledge gap for those who are new to the Cryptocurrency space. We want to educate and inform people on how they can take back their sovereignty and prosper in this new decentralised economy. We craft informative and educational articles that try to distill the most important elements of existing and emerging projects in this space. Everything we do is aimed at helping people to adopt this new and revolutionary technology.