If we said today that the Blockchain (and therefore in principle Bitcoin) would soon be celebrating its thirtieth birthday, it would bring us above all to mockery and malice.Nevertheless, the idea is already almost 30 years ago to divide a database into small blocks, to distribute them to many autonomous and encrypted computing units, and to link together the fact that manipulation is possible only if some could do it.Decrypt the existing links in a very short time by brute force before adding another link to a new block in the chain.Anyone who approaches the subject on a scientific basis will stumble upon other names on the way to Satoshi Nakamoto’s famous Bitcoin White Paper, such as Stuart Haber, Ross J.Anderson, Nick Szabo or Stefan Konst.And he will meet the year 1991, for which the Blockchain principle was formulated for the first time.Raillery and wickedness are then worn on the face, but only briefly – because we do not smile at our readers.The claim of Bitcoin
In the beginning, crypto-currencies – especially Bitcoins – should revolutionize finance.
From a technical point of view, the system keeps all its promises of free payments, transparency, fight against counterfeiting and independence vis-à-vis central banks.Until now, however, the revolution has failed.The four (or five) stages of realization
In classical psychology, the process is divided into five stages in which a person can deal with a tragic experience.These levels also cross the banks in the face of the advent of crypto-currencies that threaten their existence.The first level is denial.”Blockchain is only a fashion, Bitcoin will disappear as fast as the new German wave of the 80s”.As we know today, nothing has disappeared.Bitcoin and NDW.
This stems from the denial of anger and struggle that has emerged in the demand to completely block block-based business models.In China, this has been tried – to no avail.
Then, according to the 5-step model, it is an attempt to accept the reality, but to tilt it in a direction with which one can live – called “bargain” in psychology.From the banks’ point of view: “The principle of blockchain offers many advantages for commercial transactions: use them and give up crypto-currencies.” At the moment, the banks are at level five.Level four was ignored – there was no depression or complaints about the advent of cryptocurrency that would ruin the banking system.Instead, the principle has been accepted as a whole, trying to appropriate the technology and use it for its own purposes.
All major banks now have high-paying task forces that study and develop their own uses of blockchain and cryptocurrency.Why not a revolution yet?
The main reason for the absence of revolution is inertia.The world does not change so fast.The best example is the “Guide to the hitchhiker of the galaxy”.
Based on the distributed lexicon of the same name, the h2g2.com website was launched in April 1999 and is expected to capture the knowledge of many contributors, with all participants controlling each other, as well as learning from each other.scientific peer review.The site itself has not met the desired success, but Wikipedia, based on the same principle, is now used worldwide for research.
Despite this development, the encyclopedias of Brockhaus, Herder and Knaur still fill the libraries of almost all German households.
Similarly, a cryptocurrency such as Bitcoin, based on the principle of distributed ledger, will eventually spread around the world, without replacing traditional banking.
In addition, the Bitcoin, as we have already described, in the spread to the universal payment system itself thrown a stick between the legs.It is therefore not surprising that it has no share in the overall volume of transactions, which would be large enough to express it as a percentage or even thousands of dollars.Therefore, there is no serious danger for the big banks.The myth of Deutsche Bank employees, who have had to leave their seats due to emerging technology, is therefore simply a memory on the Internet.
Looking to the future
The development of blockchain and cryptocurrency will continue inexorably, but more slowly than expected or feared by some technocrats.However, sooner or later, this will jeopardize the existence of established banks.To assess what will happen after that, it makes sense to become aware of one simple fact: banks are only intrinsically engaged to preserve their own species.And they have in common with politicians.
Politicians, on the other hand, are not subject to the rules of the market economy.At the same time, politics is so intimately linked to the banking system that the rules of the market economy can be arbitrarily altered – according to the taste of politics.
For the reader from all over the world, this means that the moment when all the crypto-currencies will have reached a critical mass that could call into question the existing system (= revolution!) Will be recognized by attempts on the political side.is to prohibit or at least monitor business models based on the blockchain.So keep your eyes open and your ears pointed! As always, you can read the latest developments here on Finanzmarktwelt.de Related.
