There’s a revolution taking place in the world of finance called cryptocurrency which promises to change the way we think about and use money. When finished, the world of finance will have experienced some enormous, tectonic shifts making commerce a very different experience and making some people very wealthy in the process. If I had said the world of music was about to change just before the iPod was introduced, it would have been the same sort of statement. While no one could have known just how profound the changes would be, that music would no longer be sold on CDs, that the CD media format would begin to disappear, that recording artists would no longer be earning vast sums of money from the big record labels, that Tower Records would go away altogether, that you would just as soon carry your entire music collection with you at all times as listen to a single album or single song, for that matter, that any song ever recorded would be at your fingertips, that much of the music would be free, that you could recall your favorite piece of music simply by humming a few bars, we witnessed that revolution nevertheless. The same tectonic shift is about to happen in the world finance and just as the big record labels themselves were the biggest laggards in that chain of events that was happening all around them, unable to continue profiting in the way they had for so many decades, they did what they could to slow or stop the change but in the end were overwhelmed by the sea change. The banks are the biggest obstacles to change now and they aren’t going to go quietly into the night. They will fight tooth and nail to stop change but they are on the wrong side of history. So far as I can see, the changes are happening without any major bank seriously involved in what is happening, and, by the time one does the greatest waves of change will have drowned them all.
I am not an economist. I know enough about stocks and finance to make me dangerous, but I do know technology and I do know something about the dissemination of innovation. I’m a student of invention. I have several U.S. patents to my name and several more International patents so I felt it would be interesting to take a layman’s approach to the changes that are taking place and try to make sense of it all. Strictly from the point of view of an innocent bystander who wishes to move with history instead of against it I’m inviting you along for the ride. Let’s see what we can figure out about what’s going on. Perhaps we may even profit by our journey of discovery. I am going to begin by giving some history and background. I enjoy the occasional analogy to help explain different concepts. I will pick up whatever information I can through interviews, YouTube, Wikipedia, websites, and hopefully, feedback from you, the reader. I’m sure there will be those of you who know more than I do about various aspects of what we will discuss. Where appropriate comments and guest contributors will be a welcomed addition to the discussion. So let us begin.