How Cryptocurrencies Like Bitcoin Can Democratize Money and Society

Digital generated image of bitcoin sign made out of cubic pattern on cyan surface.

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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Ocean Noise Pollution From Drilling and Sonar Is Beaching Whales

150 short-finned pilot whales recently stranded on a beach in western Australia, resulting in the death of all but five of them. The exact reason for the whale’s beaching is unknown, but it comes after New Zealand’s largest stranding around the same time last year, when over 600 pilot whales washed ashore.

The recent beaching occurred in Hamelin Bay on Mar. 23, but by the time the whales were spotted it was too late to save them, as they had beached themselves overnight.

It’s common for whales to beach if they are sick, old, or injured. Cetaceans often become stranded this time of year as they travel north from feeding grounds in the Arctic, though a number this large is unusual.

 

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