Post
Topic
Board Economics
Re: Will blockchain technology have a destructive effect on the financial system?
by
goldade
on 12/10/2020, 14:14:38 UTC
There is a lot of talk about blockchain technology. The creator is defined as a genius, but will this genius not fundamentally destroy the world as we know it. To leave thousands of people jobless and make the division between rich and poor even greater.

I understand your concern but you should know that this is very unlikely to happen.
The Blockchain technology was made with its key factor decentralization. One should know that it was made to take away the control of money from the government and give it to the people. I believe it is the financial system of the world as we know it now that has caused the division between the rich and the poor.
With financial power back to the people, it means everyone has equal power to make money. As for unemployment, bitcoin which was built on the Blockchain technology has created numerous windows of employment for people. People now make a living as miners, traders or even by participating in signature and bounty campaigns. Many are paid for their services such writing and designing with bitcoin.
So I believe bitcoin or the Blockchain technology doesn't have a destructive effect on the financial system. Rather, it has the opposite.