Cryptocurrency is based on the concept that cryptography is used to manage a currency’s creation and subsequent transactions, as opposed to the status quo which sees centralized authorities take the helm. It’s fair to say that such virtual currencies have soared in recent times, with Bitcoin very much the poster child of the fledgling peer-to-peer digital payment system. But what exactly does this new-fangled currency system mean for everyone? Is it a fad, or can it revolutionize an industry that’s become synonymous with wealth, power and greed?
Meet Stefan Molyneux, the podcaster, broadcaster, philosopher and host of Freedomain Radio. Molyneux is one of the speakers at the TNW Europe Conference in Amsterdam next week, where he’ll discuss the shifting sands of Western political power over the centuries, the rise of centralized banking, government-controlled currency, and the recent surge in cryptocurrencies.
Currency was initially a fixed entity – for example gold or silver – meaning it was inherently limited in quantity. Banks, on the other hand, have gradually decoupled currency from such fixed commodities to create a system where money can be printed at will – which not only creates great wealth and power, but also creates great debt.
So how does cryptocurrency help curb this unsustainable growth in governmental power? We caught up with Molyneux ahead of his keynote next week to get some insights into the “self-limiting” nature of Bitcoin and the implications this may have for society.