How Cryptocurrencies Like Bitcoin Can Democratize Money and Society

How Cryptocurrencies Like Bitcoin Can Democratize Money and Society

As cryptocurrencies like Bitcoin break new records seemingly every day, could this lead to a financial and cultural revolution? Or are we not quite there yet?

Cryptocurrencies have recently gained popularity as an alternative to conventional monetary systems. Blockchain is a system in which a record of transactions made in Bitcoin and other cryptocurrencies are maintained across multiple computers that are linked in a peer-to-peer network. Cryptocurrency has no centralized bank controlling the flow of money, but rather a decentralized system controlled by algorithms.

Crypto has been hailed as a way to democratize finances for all, not just wealthy elites. But with the rise in popularity, what are the potential pitfalls of these online currencies?

“Blockchain is a way of digitally marking the development and moving around of this money—you’re making sure that it can’t be counterfeited. They do it in such a way that it’s anonymous and decentralized, but secure,” Zeus Yiamouyiannis, author of Transforming Economy, said.

“The current monetary system can be manipulated; the supply can be manipulated to benefit very few people over the many. As we’ve been seeing over the past few decades, the same pattern keeps emerging and it’s growing, and that is greater and greater gambling by the big boys, to the point where they inherently fail through their greed. And guess who bails them out 100 percent of the time? The little guy who had absolutely nothing to do with it,” Yiamouyiannis said.

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It’s Time to Ask Whether We’re Buying Ethically Mined Crystals

Crystals have become a hot commodity, as an increasing number of people are realizing their multi-faceted healing benefits. This has come to include celebrities, those trying to capitalize off their demand, and the average Joe. But when a natural resource becomes so valued, it’s probably time to start asking whether we’re buying ethically mined crystals or conflict stones.

Buyers and sellers of gems and minerals converge annually in Tucson, Ariz. for arguably the largest convention of its kind. There, minerals are brought in from across the globe, sold to private collectors, or shop owners around the country. Attendees find large specimens, themed displays, and some of the most beautiful examples of just about every gem and mineral known to man.

But where do they all come from and how do they get there? That was a question The New Republic recently asked, wondering whether the acquisition of healing crystals should be viewed through the same lens as conflict diamonds.

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