I wrote a blog post on CoinDesk a couple of days ago, Defining Cryptocurrency Is the Best Way to Kill it.
It’s a plea and a case for allowing cryptocurrency to become as pervasive as today’s money in all of its applications variety, plus much more. It’s also about the realization that the industry has tied itself in knots with various classifications and definitions trying to please regulators. Let’s stop playing that game, so we can let cryptocurrency become accepted as an alternative digital currency that is here to stay for the long term.
Cryptocurrency inherits all of money’s properties (as a unit and a store of value that is transferable, fungible, verifiable, divisible and scarce), in addition to adding unique functions that money doesn’t have:
- its immutability is digital (the physical is gone)
- it can be fungible or non-fungible (non-fungible is an innovation)
- its policy governance doesn’t need to be centralized
- it has very powerful programmable capabilities with imbedded logic (if-this-then-that)
- its transferability is peer-to-peer (without central intermediaries)
If cryptocurrency is so much better than money, why are we erecting so many barriers for its adoption?
Please go and read this article, Defining Cryptocurrency Is the Best Way to Kill it.