Why Cryptocurrency Is Economically Useful

My most recent project is to create software the predicts the mathematical standard for every cryptocurrency based on a variety of variables including hash and epoch time.

Recently cryptocurrency has been having both positive and negative correlations among other things. China have banned ICOs or "Initial Coin Offerings" and the JP Morgan CEO called cryptocurrency a "fraud". Part of the decision to ban coin offerings in China was led by the central banks and now they are trying to lobby and ban exchanges.

However, they should really try embracing it.

Banks have a monopoly on money, but in this digitized society eventually, a new medium of exchange needs to be embraced. Cryptocurrency is valuable because you have either set a computational standard and it supports a democracy or free market. I said the same thing before and will say it again if we are continuing to use fiat that we should have some sort of standard as well. Something like putting us back on the Gold standard.

Money as a commodity shouldn't be easily manipulated and having something computational as a measurement of value is what we may need in this technological world. That being said, cryptocurrency shouldn't be enforced. It shouldn't be used to track people. It shouldn't be used in a way that negatively harms humanity. It instead, has the potential to reap lots of economic benefits and once more adopted is less prune to hyperinflation.

Bottom line is that we are a capitalistic society here in the United States. Money shouldn't be monopolized and if banks do embrace it, there is a way they may make more money than they are right now. We as a society need to sort of "evolve" on how we buy, sell or trade goods and services.

Besides that, the technologies behind cryptocurrency can lead to a whole lot of technological benefits. In the future blockchain, P2P systems can power autonomous cars, automated deliveries, and even bring a more advanced grid or telecommunications systems. Everyone may start becoming more modern because of it and the interwebs, as well as innovation, will become more global.

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