Someone in my extended family who shall remain nameless has earned a reputation, and more than a few eyerolls, for continuing to whip out his checkbook when the waiter brings the bill. As you know, this method of payment fell out of favor at public establishments a couple decades ago. But - change is hard! I’m sure the now-commonplace method of paying for everything with a piece of plastic seemed absurd to him at first, and apparently is still something he’d rather not experiment with. (Let’s not tell him about digital payment “apps” just yet!)
Is blockchain technology the doorway to the next frontier of personal finance? Will your grown children be groaning and slapping their foreheads when you try to buy lunch with “real money”? It sounds funny to say it that way, but we think that blockchain technology is going to change the future of personal finance. Certainly there is no viable path to move all your personal finances to the blockchain today. However, the onramps and use cases are starting to show themselves in “real life”. It’s not limited to nerdy developer websites and the inner pages of the financial news section anymore!
PayPal recently announced that users can buy, hold, sell, and pay using cryptocurrencies. They are currently supporting transactions using Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Many people may have seen the “buying power” of cryptocurrencies as largely theoretical until now. But most of us have used PayPal! So the power to buy something real with a Bitcoin is now on the tried-and-true, familiar app on your phone, or on the Amazon checkout page!
I recently felt the closeness of the coming changes as I walked out of the grocery store. There in the entryway next to a gumball dispenser was the familiar Coinstar Kiosk, where I occasionally dump a large jar of loose change for a few bills. According to the shiny new placard on the kiosk, I now have the option to cash in my pennies for Bitcoin. At the grocery store!
Of course there has also been some high-profile news, like when Tesla started accepting Bitcoins as payment for its cars. Soon after, they stopped accepting it, citing the carbon-footprint of Bitcoin as the reason. (Note that newer blockchain platforms, including Cardano, are very energy efficient!) Most of us weren’t personally affected by these fast moving headlines from a high-end car manufacturer, but it still serves to show that one way or another, these transactions are moving closer to real-life, relatable transactions that we all participate in.
I’m a bit of a slow learner. I’ll admit I still pay a few of my regular bills with checks, and I didn’t buy a smart phone until pretty late in the game. Nevertheless, I recognize the value of what is coming with widespread, real-life uses of blockchain technology. Our money is already “digital” for the most part, but what if it could also be totally secure, traceable and in our control? What if the opportunities to invest and grow our money were not all filtered through governments, banks, and corporate powers (or shady smoke & mirrors “opportunities”), but in an open marketplace where everyone has equal opportunity and accountability? What if contracts, deeds, and personal records could harness these same platforms to provide fair and equitable access to execute important transactions, no matter where you are, or where you are from?
Let’s learn together, and be prepared to jump into the blockchain pool when it’s ready for us! Lido Nation is here for the beginners, the skeptics, and everyone else. This is a good place to start learning about blockchain technology, and a good place to stay and be part of the action. You can watch our news feed for headlines and quick insights into what it all means. You can check out our tutorials, buy some cryptocurrency, and let it grow in our staking pool. You can contribute by recording audio content, leaving comments, or joining our team of contributors writing articles. You can invite your friends to check out the site, and have a chat over beer about this crazy “crypto” thing (my favorite way to participate!). Welcome to the Lido Nation pool; we’re glad you are here!
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