My generationis living amazing times - times of fast, profound and sometimes radicalchanges. Most of these are based on technological advances, to which softwareis the key.It is the way we build new structures, new abstractions and new waysto communicate. Software forms the bricks for the new world.
Computers and software can perform highly complex tasks. They can put asatellite in orbit around the earth, fly airplanes, coordinate robots that assemblecars, and perform any kind of labor except the most basic, essential and usefulthing: allocate resources. That is what digital currencies will change, becausenow, with bitcoin, computers can not only send value across international bordersbut also buy, sell, rent, lend money, make token payments and hire and pay workers.We do not yet know all the possibilities.. (needs to be re-written)
Just as an example, imagine a world where you request to borrow on a website androbots evaluate your payment capacity then compete to lend to you. Probably they couldwork together to reduce the lending risk to a fraction for each. These robotscould be developed by world-wide financial service institutions. You will notneed to go to your nearest bank - the entire world is your town now.
If we understand that digital currencies have come to stay, it is important for our countries tosupport digital currency because of these reasons:
* Firstly, supporting digital currencies means new investment in financial/techcompanies and knowledge development.
* Secondly, digital currencies are world-wide currencies and that means thatlocal companies can provide world-wide financial services. Slowing down digitalcurrency investment and technology development will move them out to othercountries, allowing others to provide these services.
* Thirdly, the first countries to provide fast automatic-world-wide financialservices, with low rates, can achieve high levels of efficiency; rasing theentry barriers to competitors and late adopters.
Summarizing, digital currency software is money in binary representation and weknow that computers are very good with binaries. All of us must work with ourgovernments and stress the benefitsdigital currency can bring to our society and how bad it would be to force thisinnovation to move to other countries.
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