Proof-of-work mining (the type of mining used for Bitcoin and other cryptocurrencies) has some negative environmental impacts… as do the systems behind most other mediums of exchange.
What if money was was like a speculative penny stock that was considered investment property? Now what if that existed as software secured by cryptographic codes and distributed across the world?
It would on one hand be a revolutionary an democratized one world currency, but on the other hand a hard to account for pump and dump scheme that funneled money from the poor to the rich in the name of “being revolutionary.”
But don’t laugh, this really isn’t too different from fiat currency in the form of bank credit, and honestly both have their pros and cons.
That covered, one can’t ignore the fact that smart contracts and blockchain technology open may possibilities for distributed computing and that tokenized economies are almost certainly going to be a thing in the future.
DISCLAIMER: Our team also runs a somewhat popular cryptocurrency site where we cover the nuts and bolts (and as you might have guessed, pros and cons) of cryptocurrency. :)
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Satoshi Nakamoto (a pseudonym) published his infamous white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System in 2008 detailing the system that would become Bitcoin. We explain his white paper.