The World Is Waking Up to What Blockchain Is Doing to Money

Nobody has to explain an Argentine, or a Venezuelan, or a Turk or someone who lives in a country with a shaky currency what state backed fiat money is worth. Not much – that’s as true for the USD or the EUR as it is for the Zimbabwean Dollar. Monetary systems in developed economies are only bigger, better managed and have mighty economies that give them substance. But they can fail, and they have often enough so far. One USD is a promise by the US government. One EUR by the Euro zone countries. An ounce of gold is a token as well. Try eating gold when you are hungry. So, Bitcoin is a token too. And as soon as the problems with the transaction limit are ironed out, its more powerful than anything we have seen so far. It takes the governments hand off the money dial – that’s something they are not happy with for good reason.

Three years ago, just after his 16th birthday, Eddy Zillan invested his savings — some money from his bar mitzvah, some from his parents, some he had saved up — in the cryptocurrency market.

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