Cryptocurrencies Like STEEM Fix One Of People's Biggest Problems

Cryptocurrency is something that the establishment is trying to control. The truth is they do not want it since it is a threat to their power. Over the last couple years, we saw a FUD campaign of epic proportions. Those in charge realize the potential of this technology and are going to do everything they can to stop it.

The present system favors a few. It really all comes down to that. Whatever ones ideological belief, the bottom line is, globally, there are billions who do not have even the basics in life. In the developed countries, we see people with jobs who are struggling. Wages over the past two decades are flat and the situation is only going to get worse as jobs are eliminated.

None of this bodes well for the average person.

Crypto-economics is offering a completely new paradigm. It is one, I believe, will alleviate the monetary problem people are facing. It puts people in a game they in which they are presently excluded. It is no wonder the elite are so sour on cryptocurrency.

Globally, much of the world is excluded from the financial system. Estimates are that only 1.5B people have access to reliable banking. The rest are either under banked or completely unbanked.

Just consider what life if like without the ability to send, receive, and store money except in physical form. Being cut off from the tools that the world is using in its financial system puts one centuries behind.

It is no wonder some of these people are living like they are in the stone age.

When surveyed why those without accounts did so, the number one reason was a lack of money.

Source

Cryptocurrency is going a long way to starting to solve this problem.

When I look at an ecosystem like Steem, I see a lot of money being distributed each day. Not only is STEEM issued out but also tokens relating to 50 or more tribes. Each of these follows a similar pattern where tokens are distributed based upon the activity people do in those communities.

We also see tokens being handed out on the EOS, TRON, and ETH blockchains. Many applications on those platforms created a means to deliver tokens to people's wallets.

One of the biggest advantages to cryptocurrency is the fact that it is instantaneous banking. Anyone with a wallet has the ability to receive, send, and store money digitally. This opens up a completely new avenue of options that did not exist before.

Each token received, at least on Steem, has the ability to be converted to something else. All tokens are paired with STEEM meaning they have some value. While many do not offer a great deal, they still can garner some STEEM. A handful of token A might only get .001 STEEM yet that still have value.

Naturally, there are a number of tokens that provide a much better conversion. The point here is that money is in people's wallets that has the potential to grow.

Which brings up the next phase of cryptocurrency's evolution. The fact that decentralized finance (DeFi) is such a hot topic tells me where this is all going. Many understand that millions of people have wallets with tokens in them that is just sitting there. The idea is to put that money "to work".

On Steem, we saw this from the beginning. The ability to stake (power up) entitled one to certain benefits which those who kept the tokens liquid did not have. Over time, as newer projects came online, we saw more ways to compensate people for the use of their tokens.

Essentially, a lot of this is old hand for Steem.

The rest of the crypto world is starting to catch up. We now are seeing start up arising all over the place which are paying people a return for the use of their cryptocurrency. Much of this is on an interest basis just like banks Coinbase announced yesterday that it is going to pay interest on the USDC Stablecoin.

Let us look at the list again:

• Not enough money
• No need
• Accounts too expensive
• Family member has one
• Too far away
• Lack of documentation
• Lack of trust
• Religious reasons

Reading over this list, it is easy to see how cryptocurrency eliminates all of this with the exception of the last one: religious reasons.

The present system limits people's opportunities. We are seeing the exact opposite happening in the world of cryptocurrency. With each innovation, new choices are presented to people.

Steem-Engine tokens are a perfect example of this. Think about the entire process for a moment.

An individual with a Steem account creates a post and uses a tag to a particular tribe. That post gets some kind of upvote which pays out in the tribe's token a week later. At this point, simply for posting something online, the individual has some form of money in the SE account.

Here the possibilities open up. What does one do with this token? Most likely, the first option is to stake it. If it is a tribe someone is actively involved in, this might be the best choice. This creates the avenue for getting a return through curation and, possibly, inflation.

The other obvious option is to swap the token for STEEMP. This will give someone a monetary unit that has a lot more options than just the SE token. To start, the STEEMP could be removed from SE, converted to STEEM, and powered up. It also could be used to acquire a stake in over 400 other tokens that are listed on Steem-Engine.

Another option sees the field expand even more. Once the token is in liquid STEEM, that can be sent to an external exchange and converted to any of the major cryptocurrencies. DeFi is really starting to penetrate these ecosystem with the opportunity to stake ones Bitcoin, as an example, to gain a return.

These are all possibilities that are presented to one as a result of simply posting someone online and getting some money in return for it.

Now, compare that to the present system. Where do you find that offered to the global population?

I will use a personal example to illustrate the shift that is taking place.

A little over a month ago, I set up my Brave browser to get rewards. In that time, I was rewarded with BAT tokens each time I clicked on a link that appeared periodically, taking me to an advertisement. In that time I received 15 BAT which are presently valued at $3.01.

Certainly, $3 a month is not going to change too many people's lives. However, it does show how money is distributed for simply pressing a few buttons. Once again, the number issue cited, a lack of money, is being addressed here. This is $3 that I now have which offers me a number of opportunities.

What we are seeing is the most basic component of Web 3.0. We all know there is a tremendous amount of money created from the Internet. The problem is that the money ends up in the hands of a select few. Those who hold a great deal of stock in the likes of Amazon, Facebook, and Google do rather well. The rest of us, well, as they say, we are the product.

Not any more.

Over the next 5 years, we are going to see millions of projects looking to put money in people's wallets. Some are going to be wildly successful while others will fail. Regardless of that fact, individuals are going to have many opportunities to fill their wallets in ways they never imagined. Ultimately, people are going to be paid for everything.

This is a radical departure from what we see now.

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