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Digital Currency Why Blockchain Isn't Trust-Free


Digital currencies have trust issues.

Proponents of blockchain claim that

With the advent of bitcoin, the

Central functions and financial institutions

will soon suffer the fate of elimination.

that blockchain technology will dominate the entire world.

Corruption and bribery will cease to exist.

Society will become "trustless".

The irony is that the vast majority of people

Still don't trust digital currencies.

Proponents say that

These people don't understand

The technological innovation behind the blockchain.

Here's a trick.

"With Bitcoin.

You no longer have to trust any

Central entity or counterparty.

Therefore.

Bitcoin is not required to be trusted. "

Then just because we don't need to

trusting banks or counterparties.

Is trust completely out of the question?

In fact.

It's perfectly reasonable to distrust Bitcoin.

Because Bitcoin is not trust-free.

In fact.

than the dollar.

Bitcoin needs trust even more.

Innovation requires trust

That's the truth.

Cryptocurrencies require sufficient trust.

No problem with that.

the beginning of the life of any system.

Trust is certainly needed.

It's an experiment.

We are still today

In the early stages of the process.

Crypto coins are the future of finance.

However.

If the digital currency wins.

Wouldn't it also be because

They "need not be trusted".

They are not "needlessly trustworthy".

Rather, it will be because they are better.

They must be more than legal tender

Better solutions to practical problems.

If crypto coins win.

That would be because of their convenient

small and large payments.

their global availability.

their faster settlement times.

their lower fees.

their invariable availability.

their programmability.

and their adoption of smart contracts

Eliminate the intermediary and put the expensive

The ability to automate financial relationships.

Despite the frenzy of mainstream attention, the

Cryptocurrencies are still in their early stages.

Maybe one day they will.

much stronger than legal tender.

But we still have a long way to go.


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