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The world of cryptocurrencies has broadened in the past year. With more and more companies adopting blockchain and virtual currencies, the industry has become more inclusive. The blockchain is the digital ledger that records all cryptocurrency transactions. It’s decentralized so no one bank or company controls it. The result is a cheaper, more secure system for recording transactions and a marketplace where anyone can participate regardless of their nationality, gender or economic background. However, not everyone who uses blockchain technology benefits from it equally. There are many people who don’t have access to banking services or credit cards and because of this aren’t able to participate in virtual currency transactions; including those with disabilities, rural residents and those living in developing countries. This article details some barriers that could prevent non-users from using blockchains to their advantage, how you can make your project inclusive while also keeping security as high as possible and how you can ensure users are able to understand your solution easily without needing additional support.
Blockchain technology is indeed more secure than traditional bank systems. Bank accounts are only available to a certain number of people and so security can become an issue if someone is able to gain access to them. Transactions are also publicly visible and so it’s possible for someone to see information about the account like how much is currently in it. This type of security means it’s not suitable for many everyday use cases. However, cryptocurrencies such as Bitcoin and Ethereum are more private than traditional bank systems. The digital nature of the currency means that transactions are recorded on a blockchain and so are less likely to be seen by outsiders. But while the blockchain is a secure method of recording transactions, it’s not one that can defend against all security issues. There are ways to obtain extra cryptocurrency if you’re able to access the internet. There are also some ways to obtain an advantage over other people who are participating in the system. For example, one way to gain an advantage is to launch an attack on the blockchain. This could include manipulating transactions or even hacking the blockchain itself. The risk of doing this is that it disrupts normal cryptocurrency transactions and those who are using it lose their money.
Lack of awareness
Blockchain is an exciting new technology that allows for trust and security in virtually anything, but there are some challenges that keep people away. One of the most common challenges is people’s lack of awareness. Most people don’t know what blockchain is or how it works, so they aren’t aware of the potential of the technology. This can lead to some people who are interested in using blockchain technology to miss out. This challenge can be overcome by educating people on blockchain and how it can help solve their problems. Another challenge is a bias in the market. This is caused by businesses seeking to gain an advantage by steering customers to their products rather than focusing on the needs of all users. When people are faced with access issues and unfamiliar technology, they may feel that blockchain doesn’t meet their needs and steer away from trying it out. Businesses can address this bias by focusing on accessibility and ease of use as part of their product development process. This helps to ensure that all users have an opportunity to use blockchain even if there are some challenges preventing them from doing so.
Barriers to entry for non-users
Because of the risks involved with cryptocurrencies, many people aren’t willing to try them out. This can be a barrier for non-users, who may feel like the technology isn’t accessible to them. There are barriers to entry for non-users that can be overcome by ensuring good accessibility and user experience. This includes making sure that your product is easy to use and understand by as wide a range of people as possible. It could mean that you need to consider your target demographic when developing your product, especially if it’s a service like digital currency.
How to make your project inclusive
There are a number of ways to make your project more inclusive. You can ensure that the technology you’re using is as accessible as possible and that the user interface is simple to understand. These are a few ways to ensure people with disabilities are able to participate in your project. You can ensure that your product is accessible for screen readers or Braille readers or that you have a well-documented support process. You can also make sure that there’s a way to quickly get in touch with a person who can help you with your product. This could include a support email or a social media channel. You can also make sure that non-users are able to easily understand your product. This could mean including an accessibility page on your website or making sure that your whitepaper is well-written and accessible.
The blockchain is an exciting new technology that has the potential to improve many people’s lives, but there are challenges that keep people away. You can overcome these challenges to make your project more inclusive by ensuring accessibility and good user experience. This includes making sure your product is accessible for people with disabilities and making sure your whitepaper is well-written and accessible.
Reminder: I am not your financial advisor.
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The Future of Machine War II
In late 2021, I wrote an article about A.I. vs. Blockchain. I realized it was closer than I expected.
Web2 is leading a future of technological centralism.
The way we see the world in ancient is what we saw became what we believed. Later, the enlightenment process helped humans realize what they had seen was disguised by the nature principle. Once we tested our assumption and received accurate results, we thought we had mastered the nature principles. Yet, we did not make the world better than we thought we could.
We are living in a world in which companies know more than you than yourself. Companies can likely tell you what you should believe without letting you know.
The secret weapon that companies like Google invented is A.I. or Artificial Intelligence.
If A.I. can think like a person, it can easily replace you! Since companies got all your data, you freely offer them by using their free services, and they can replace you one day without you realizing it.
Without all conspiracy theories behind what Google may or will secretly develop, A.I. reaching consciousness is … impossible.
If it does, Google has successfully made a human – dumb!
The most advanced A.I. – Tesla Autopilot Program cannot distinguish objects between humans and other moving objects during driving.
Using technology makes people dumber than they think because it takes away your consciousness – the ability to think uniquely!
Blockchain is the future of decentralization.
We need a peer-to-peer system to regain consciousness and break the chain from Web2.
It gives individuals the power to rethink information.
Think about today’s media; all information is filtered to offer readers without any surprise. News is data that Web2 selected specifically for you to read.
We need a decentralized system so that you can receive unfiltered information and gives you a surprise that sparks ideas of imagination.
Web2 is afraid of the blockchain because they are too big to fail.
They mimic the blockchain by creating a centralized node system – social media network.
It is a net growing outward through a single point. Only the problem is that connection is facilitated by technology. And the biggest failure is such technology has a single point of failure problem.
And they cannot escape the law of economics – the law of diminishing. So we will see Web2 grow slower due to the law of diminishing that they require more data with few increments of advancement through A.I. without any breakthrough because A.I. is a deterministic system that works with a lack of randomness.
In Web2, they assumed everyone was stupid, and they offered solutions to everyone.
In Web3, everyone is good and should anticipate solving a problem together.
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Financial sanction to mixers
Have you heard about financial sanctions from the US on virtual currency? At least, I have not yet. But the US Department of Treasury has issued sanctions on two crypto services: Blender.io and Tornado Cash.
To clarify, the US sanctions on tools but not target specific entities or groups of people.
So why bother to sanction something that the government probably won’t be able to sanction in the first place?
What is a mixer?
A cryptocurrency mixer, sometimes referred to as a tumbler, is a tool for money laundering. The sole purpose of the invention is to make transactions untraceable.
How to mix?
Even crypto is pseudo-anonymous, but it is traceable through your wallet address. A mixer is a black box service to filter your traceable wallet address into the untraceable wallet address.
How to wash your money clean in the traditional way?
The assumption is you will not get caught at each stage, and then you place your dirty money in a bank through companies and use the funds to purchase legal goods like houses or luxury goods.
There are mature regulations and rules to stop you from putting your dirty money into banks.
Digtial money landury
A Crypto mixer or tumbler is a service to pool dirty digital currency in their favor and redistribute it into designated wallet addresses or addresses randomly generated.
It is a challenge to stop transactions because there is no entry point for law enforcement to stop at each stage.
Tornado Cash is the king of the mixer. Unfortunately, there is just no way to trace transactions anymore. It is a smart contract with zk-SNARKs (zero-knowledge proofs) that does not require revealing a wallet address during transactions and ghostly distributed funds without leaving any traces.
This tool is the ultimate weapon that the government has to shut down, or there is no way to prevent transactions.
Let’s change the future – legally.
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Why there is not crypto banking exist
We have always heard about cryptocurrencies, crypto exchange, banking, and trading platforms, but we do not really grasp the idea of crypto banking. Crypto banking is a contradicted idea. If crypto is to replace banks and give users full control of digital money, why do you put your crypto into the bank? The new research paper argued that there are risks for banks to adopt crypto, but they did it anyway.
Banks want crypto
Cryptocurrency has a rough road at the beginning and continues to experience a bumpy road ahead. The institutional investors were watching its performance. In early 2017, institutional investors had opportunities to adopt crypto, but they found out the return of the investments was less than traditional financial assets. Regulations were not a concern for some individual institutional owners, but banks were conservative at the time. As a result, some investors adopted it in early 2018 than banks did. Then suddenly, the crypto market took off in 2020, leaving many banks to regret their decision in 2017. Many banks set up their digital investment group to rush into the market and increase prices. Of course, many of their investment positions are instead of shadow positions. It is unclear how much they have been invested in and what vehicles they took to invest in cryptos.
Crypto exchange is a bank-like platform for crypto. Banks offered a place to purchase fiat currency. Crypto exchange did the same duty as traditional banks did. Since there was a gap between the crypto and banks, the crypto exchange took responsibility and offered crypto services. The crypto exchange took off after 2020, and they left banks in the dust. Then, crypto winter came in early 2022, and banks again hesitated to enter the crypto and started denouncing crypto usage, particularly in the Defi area. But interestingly, they tried to find ways to get into crypto without being directly exposed to cryptocurrencies—hint: through hedge funds.
How much banks exposure to crypto
We do not know how much banks have been exposed to crypto. We learned that the big Wall Street players were exposed to the services of the digital asset through State Street of their $41.7 trillion assets. Some have been exposed due to Luna’s collapse and 3AC bankruptcy. But again, no specific dollar amount was provided.
Since the crypto winter, institutional investors have been cautious about crypto exposure. However, crypto exchanges are the winner again. They are exposed to crypto and take risks more than banks do. As a result, they likely will weather the uncertainty. Furthermore, there is no need for crypto banking to handle your crypto assets since many such services will not survive long in the crypto environment.
Crypto is resilience
Despite its fluctuating price and unsecured assets, crypto is resilient to phase out any bad business ideas and bad actors in the economy who wants to or try to dominate the market but who transfers risks to users to believe they are the one who should take responsibility for their carelessness. Unfortunately, those business models will not survive long.
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