There hasn’t been a day that doesn’t go by while I am on different social media sites without being approached by someone from another startup company offering a way to build wealth through digital currencies, or what are called “crypto-currencies” like Bitcoin, Dogecoin, Dash and many others. There are probably around 300 different cryptocurrencies the last I checked.
I’ve been trying to work through the issues involved with digital money (crypto-currencies) based on blockchain technology and why this huge increase in mining for cryptocurrencies offering the individual the opportunity to develop an income based off this technology. The income is derived from introducing others to these crytocurrency companies where you are given a referral commission, as well as profiting from the mining of these digital currencies based on blockchain technology. As to be expected there are also many fraudulent sites popping up offering ways to develop an income off cryptocurrency mining. All scams are based on the real thing so be careful.
What is driving this technology dependent on blockchain which I am starting to learn more about? Blockchain technology creates an open source ledger system. The only way to create a global currency is to dramatically bring down the transaction costs for emerging markets and frontier markets. There is no way these markets can afford to pay transaction costs everyone else is paying with their smart phones in emerging markets and frontier markets. These markets would include the most densely populated countries on earth in Asia including China (explains why the government China subsidizes electrical costs for mining digital currencies), Philippines, Indonesia and Vietnam.
Getting a low cost digital infrastructure in place is extremely important and this is why satellite platforms are absolutely critical to this infrastructure. Blockchain technology is going to radically reduce cumbersome payment systems on a global scale with its open source ledger system. This would be a huge forward movement in globalization of markets. Here is something else to think about that may have a far deeper impact on our understanding and involvement with digital currencies. As our species moves into space as it eventual will, digital currencies would be how space-based transactions would be conducted. I think what we are going to discover, are countries with an intense investment in space-related infrastructure and technology, are going to be those same countries where digital currencies are being promoted. Most interesting is the often not known but extremely advanced level of technology in Switzerland which is where the world’s most powerful and influential central bank resides.
The downside is that “Mr. Globalization” never lets out of the bag something he can’t control, so despite technologists suggesting that digital currencies are “open source, it’s totally safe, totally secure, and this is private”, I suspect there will always be a backdoor to digital currencies. There is no better way to demonstrate that backdoor capability “Mr. Globalization” has, then to consider how Bitfinex based in Hong Kong had 120 Bitcoins worth $US70 million stolen. Whether this was a state-sponsored hack or a private hack no one will ever know, although Bitfinex is offering a $3.6 million reward to anyone who can locate the stolen 120 Bitcoins.
If you want to get involved in digital currencies, there is no better choice than Swiscoin where you can build a great income off a very stable blockchain and company.
Understand the Blockchain in Two Minutes