A growing number of people have trust issues with a growing number of institutions, including financial intermediaries. That is why cryptocurrencies are here to stay, and their roles will undoubtedly evolve and expand. From Electric Capital at medium.com:
A form of disruptive innovation occurs when a cultural shift is combined with utilitarian technology that allows the culture shift to scale. Blockchain and cryptocurrencies have both of these properties. They are a cultural shift manifesting through useful technology:
- We are in the midst of a global collapse of trust in institutions.
- Technologies (blockchain, digitally scarce coins, distributed consensus, etc.) allow us to operate without these trusted intermediaries are now emerging, and allow us to reimagine a world without these intermediaries.
In the midst of crypto-mania, we believe it important to focus on the utility behind the hype: Blockchain is software that allows us to reimagine trusted intermediaries. Cryptocurrencies are one of the first killer applications. Cryptocurrencies are reimagining the world’s most successful means to transmit trust: money.
