It provides an alternate perspective for those of us just beginning to think this through. I hope you find it helpful. After all, Wall Street does very little to improve on its reputation as a place where all moral standards are eclipsed by pure greed. So when we venture one step further, into the uncharted territories of cryptocurrencies and blockchain technology, the landscape appears even more extreme.
Many believers see a culture of wild betting and extreme risk that seems at odds with scriptural calls to contentment, wisdom, and financial prudence. And if volatile prices and risk of loss are going to deter us, well we might as well just keep our money in a hole instead of investing at all Matthew Faith is a necessary part of everything the Christian undertakes.
Instead, the wise steward evaluates risk and reward with clear eyes. And how should Christians be engaging with this technological revolution? Already we are seeing blockchains enable a huge variety of different communities to spring up, cooperate, and build something new without the gatekeepers or infrastructure that would have been essential in the past. Blockchain technology addresses some of the most urgent concerns with modern monetary policy and in that way promises to help protect the poor and most vulnerable by securing property rights, thwarting theft, minimizing inflation, and giving access to a monetary system that traditional banks or financial institutions would not.
It is true, however, that many of these projects will turn out to be ill-fated moneymaking schemes , silly memes, or worse. But that is true in the business world and the world of the internet as well. The existence of bad actors does not mean that wise investments and godly creativity cannot occur in the same space, using the same technologies. Though sin may find expression through tools, its source is the human heart. Human history proves again and again that the technologies that may be used to do evil can also be used for godly ends.
New technologies, then, simply provide the industrious Christian with opportunities to see if new tools can be used for that sacred task. Luther himself realized the opportunity and maximized his access to these new technologies. Although many predicted the problems that could arise from opening the flood gates of information to the general population, Luther knew that the same freedom afforded by these technologies could also be the means of amplifying the message of the Gospel.
While chaos and trouble did indeed ensue, so did a movement that God used to purify and advance His Church. Not only do cryptocurrencies provide sound, permissionless monetary systems able to be used by believers in repressive countries , they also provide an accessible and proven engine for financial creation that stands to benefit the Church and the individual believer.
We are in the early days of crypto, and with the newness comes a greater level of volatility and speculation, yet also a greater level of opportunity. We are, of course, wise to exercise wisdom and caution. But if we are morally comfortable with the concept of putting funds at risk to grow their value over time, then we must be careful not to dismiss opportunities simply because they involve new risks.
The measure would grow to over a terabyte in the future. As a result, experts argue that size would not work for a global currency. Bitcoin faces scalability issues that would hinder its application as an international currency. Rapid Price Growth Some analysts have described Bitcoin as a bubble without a stable intrinsic value, claiming its unsustainably high prices.
Besides, Bitcoin's prices do not correlate with the price movements of other assets, including gold and the US dollar. Experts predict Bitcoin will be very expensive mainly because of its decreasing supply and increasing market demand. Traders will still be able to trade Bitcoin on exchanges like bitcoin superstar but, its price will be much higher.
Thus, it would not be possible to serve as a global currency. El-Salvador recently made Bitcoin a legal tender, and more countries are also likely to follow suit. Bitcoin has destabilized the USD on many occasions and will continue that trend into the future. However, the US dollar is still the global reserve currency, trusted by investors and individuals worldwide. Global populations trust the US dollar over cryptocurrencies because of its track record and relative stability.
It would still take several years and a lot of effort, perhaps, miracles, to change those perceptions even if Bitcoin becomes a mainstream currency. Many Biblical prophecies hint to a world with a single currency that controls the entire global economy. And, some Christians think Bitcoin would be the ideal currency to fulfill that need.
However, Bitcoin is a decentralized currency without any central authority or entity. Besides, it is a high-value asset whose prices would significantly increase over time.
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