Imagine not needing a bank, a credit card, or even a dollar bill to buy or sell something. Now imagine virtual currency technology that is totally secure… like Russia and China hacker secure!
I first heard this phenomenon discussed on TED Talks for Business, and I thought, could this mind-blowing peer-to-peer transaction make banks obsolete? Moreover, how would that affect marketing as we know it?
Bitcoin is a cryptocurrency in use today. You can get bitcoins by accepting them as payment for goods and services, buy them from someone you know or directly from an exchange. You can actually mine for them yourself too, but the amount of effort and computer power it takes is pretty unrealistic, according to a family member of mine who actually tried mining.
Blockchains do the accounting; Wikipedia explains, “These transactions are verified by network nodes and recorded in a public distribution ledger called the blockchain, which uses Bitcoin as its unit of account.”
Neha Narula postulated,
“So what kind of world does programmable money create? Imagine instead of signing up for streaming services and getting a cable bill, what if my television analyzed my watching habits and recommended well-priced content that fit within my budget that I would enjoy? Imagine an Internet without ads, because instead of paying with our attention when we view content, we just pay.”
The middleman better watch out because users communicate and exchange goods and services directly, without an intermediary. Keep an eye on cryptocurrency; it could affect just about everything… perhaps!
Neha Narula: The Future of Money, TED Talk September 12, 2016 https://www.ted.com/talks/neha_narula_the_future_of_money
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