For those of you not entirely sure what cryptocurrencies are, they're designed to be a decentralized system of currency run entirely by a new technology called blockchains. The idea is to make a currency valued solely by the users of it which leads the value of said currency to depend heavily on how the users choose to accept it. Seem difficult? It can be.
However I think it's important to remember this is how currency came to be in the first place. Even before paper currency there were resources that were warred over. One such currency is common and in great quantity in the average household. What could that currency be? Salt.
The value of salt was determined by it's uses in food preservation, as well as it's perceived scarcity at times. It wasn't until salt became common that we turned to other valuables as currency such as gold, precious metals, and even other resources like oil(current global trade standard). So what does the future of currency look like as society advances? That really all depends on how cryptocurrencies are handled in the coming years.Read More