There has been much speech, text, and rhetoric surrounding alternative currencies, a.k.a., cryptocurrencies, over the past couple of years, the most noted one being Bitcoins. A simple, though somewhat misleading description of cryptocurrency is digital money that no one really knows the value of because it has no regular relationship to traditional paper/coin currencies, dollars, cents, pound sterling, yens, etc. However, we could rely on the web description that goes like “cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation.”
Whatever description one chooses to accept really doesn’t matter. The bottom line is, what is this digital money worth and what will it be worth in the future. Oh, since there may be several to choose from, what truly matters along with future worth, is which cryptocurrency should one choose to use?
One Harry Sidiropoulos has been hawking Cloakcoin as a viable candidate for your attention. He first asks, “how will the world change in the next five or 10 years”? His answer, the world will look something like this. There is a widening trust deficit towards institutions that is expected to grow in the years to come. Research reveals that around the world there is a reduction in the level of trust the public has in public institutions. Trust in governments and the financial sector is particularly declining.
Banks are broken. It’s not difficult to surmise then that cryptocurrencies and the disruptive technology they bring to these exact areas will grow hand in hand with the growing distrust the public has in their banks and governments. The price of many cryptos already reflects people’s choice to save their savings from the failing banking system in alternatives. The good news is that there are still many good projects, like CLOAKcoin, that are undervalued too, presenting a fresh opportunity to get in at a good price.
Now remember, this is Harry Sidiropoulos’ ideas and recommendations. If you choose to accept his ideas and concepts, you do so at your own financial (and psychological) risks.
While trust in institutions will decline, current trends show that the power of the individual as a virtual citizen will rise. Growing access to the internet, social media, mobile phones and computers is already changing how citizens expect to be treated by their governments.
Originally, the Bitcoin and subsequent cryptocurrency movement itself are meant to represent this growing citizen activism. The blockchain is literally a manifestation of the growing connectivity that the virtual world of Internet has created and the need for a more informed engagement in the governance of the planet.
CLOAKcoin, a project from 2014, shares parts of the Bitcoin code base. The key difference is that CLOAK still values privacy, while Bitcoin traded it for omnipresence.
Blockchain - Privacy no longer feasible
As hyperconnectivity frees people to participate in governance, it will also force everyone out into the open. Already now, privacy as we knew it in the past no longer exists. The growth of the Internet of Things (IoT) will expose people to even greater breaches of privacy. The Sensornet, an embedded ‘everywhere Internet’, will likely become a highly efficient and invasive data mining machine analyzing us at every turn, to package up every aspect of our existence into a marketing or surveillance opportunity.
Research shows that most people are not aware of the extent their data is being mined. Many experts agree that legislation, now and in the next 10 years, will not effectively protect citizens privacy - since it will not serve the interests of businesses and governments to see to it.
Cloakcoin - A privacy coin project
But with growing citizen awareness, privacy is likely to make a comeback - at least in some sections of the public. If this speaks to you, I urge you to check out privacy-focused cryptocurrencies, like CLOAKcoin. While most of the top cryptocurrencies today favor security and omnipresence, but privacy more in their sales pitch, CLOAK still strives towards this.
The private sector and Corporate Social Responsibility
In the next 5 to 10 years, companies that want to stay competitive will increasingly be forced to take growing consumer awareness into consideration. At the same time, social and environmental entrepreneurship will grow tremendously thanks to millennials and their ideals. Entrepreneurs that pursue Corporate Social Responsibility (CSR) create profit in a way that also creates value for society. They are part of an emerging group of leaders acting in the common interest of the public. Cryptocurrency projects, like Bitcoin, Ethereum and of course CLOAK can all be considered as parts of this emerging socially conscious group.
Increasingly Open Source
Since the 2000’s, companies have wised up to the power of contribution and cooperation. A recent survey found that almost 70-80 percent of businesses are either contributing or participating in open-source projects already today. It’s predicted that, just like much of the web is built on Linux, much of the fabric of the future will be built on open source projects too.
Most cryptocurrency projects are open-source and decentralized in their governance. Popular cryptocurrencies have dedicated communities of independent developers and activists that contribute their time and energy to securing the integrity of their respective blockchains.
Now remember, the above are Harry Sidiropoulos’ ideas and recommendations. If you choose to accept his ideas and concepts, you do so at your own financial (and psychological) risks. Shun the rest, cash is best? In god we trust, all others pay cash? Or do you want further cryptocurrency insight? If so, refer to the contact details and info links below.