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Do You Know That the Dots of Blockchain Can Connect Back to a Sequential Events Ranging Back to Start of 19th Century

Updated on June 17, 2018
Akshay Maheshker profile image

Akshay aims to bring blockchain into products which the whole world can use to make it a win win for everyone to a fairer happier world :)

Introduction to Transactions from the earlier age

  • In the early age dating back to the BC days, the transactions followed the protocol of a barter system, a system which is fairly known for its exchange of goods to a other good/service. This system was fairly logical as you exchanged in value to something else which had a value too, for example 2 apples being exchanged for a piece of cloth or a much compatible substitute in value precisely.
  • Then followed the coins and currencies made out of gold and silver which were usually being circulated or controlled by the king of that Kingdom, still those coins were made out of metals which had a market value automatically.
  • Eventually the amazing minds of the Chinese moved the transactions from coins to paper money, the paper money would still be having a value attached to it as anyone can exchange it to gold or silver coins from the banks or use the paper currencies as a normal transaction.
  • So in this scenario the banks would issue the currencies (paper notes) in the market when they are in charge of it and the amount is backed by actual value of gold or silver.

But here's a twist as we humans are made to evolve right from the Adam and Eve's age right !!

Barter System
Barter System | Source

Events Dating Back to the 19th Century

Year 1913

  • US Government passes a legislation and a Federal reserve act is formed creating the current Federal Reserve.
  • It was a noble deed to establish stability in the country and introduce a Central bank which would oversee the monetary policies.
  • The most influential law in accordance with the USA's financial system signed into law by President Woodrow Wilson, gave 12 Federal banks the authority to print currency notes and ensure maximum economic stability.
  • FED had the authority to adjust the discount and funds rate, Also Buy/Sell the US Treasuries.
  • As of 2018 most of the world's nations have central banks and they all use a tool called as quantitative easing to expand private credit ,lower interest rates and boost production which affects the GDP of the country (We shall discuss this further in an interesting way :-) )
  • The currencies were also backed by gold or silver until an other twists awaits the world.


Currency is born
Currency is born
Then USA Dollar issued by Federal reserve
Then USA Dollar issued by Federal reserve

1929

  • Everything was going on well until the series leading to the Great depression starts in 1929.
  • The Great depression was an economic depression or recession as we all call now of a humongous scale starting in the US
  • This depression soon spread to all the 7 continents including the likes of Australia, Canada, China, Whole of European strip, New Zealand, Puerto Rico,Africa and the Soviet Union.
  • It all started on the September 29th, 1929 when stock prices started to plummet and exactly a month later on October 29th 1929 the World stock market crash became a major news.
  • Its also called as the Black Tuesday by many, Between 1929 and 1932 the World's GDP has collapsed by more than 15 percent.
  • To make you understand the scale let me give you an interesting fact, the recession in 2008-2009 which costed the world trillions was just a fall of 1 percent of the global economy, 15 percent in the 1930's , Scary right
  • The Depression has left its mark on all the rich and poor countries of the globe,Personal incomes of individuals declined resulting in sharp decline in tax collection for the governments.
  • The International trades plummeted to as low as 50 percent, Unemployment in the US and other countries rose to more than 30 percent.,Construction was halted ,prices of crops fell by almost 60 percent

Source

President Franklin Roosevelt Takes Charge

  • In 1933 President Franklin .D. Roosevelt is elected the president of the United States as he had promised to end the Great Depression which has kept the National Unemployment Rate still at around 25 percent.
  • During his campaign Mr. Roosevelt had promised on lowering the spending of governments expenses,tax and balance on budget.
  • But a sharp series of twists are yet to arrive.
  • After assuming office Mr. Roosevelt's government spend tremendously in an effort to revive employment and create opportunities.
  • Tax rates were raised and collected from the common citizens all in order to stimulate the Economy which is on the brink of collapse.

Clash Of The Federal Reserve Act 1913 and the Great Depression of 1929

  • President Roosevelt quickly realized he could not print more money or paper currency to pay for the spending program of his governments economic rehabilitation.
  • The Federal Reserve Act 1913 limited the governments ability to print currency.
  • All the Federal reserve notes had to be backed by 40 percent of Gold which would be backed up by the Federal Reserve Government.
  • In plain words, for every dollar to be printed , the government shall have 40 cents of gold in the bank .

A Phase In History When Owning Gold was Deemed Illegal

  • On April 5, 1933 exactly one month after taking charge as the President, he uses the powers granted to the President of the US by the Trading of Enmity Act of 1917 to make gold Illegal, Yes you have heard it right .
  • The Executive orders 6102 were issues which made the ownership of gold,both in the forms of bars and coins punishable by up-to ten years of Prison.
  • Government launches a drive to buy all the gold with paper currency from its citizens
  • All Americans were required to uphold gold on or buy May 1, 1933 Anyone caught with gold had to pay the twice the amount of Gold as a fine.
  • Millions of Americans queued up to return back the gold in return to paper currency.

1971- the Start of a New System

  • Till that time Foreign countries exchanged dollars they received through international trade activities for the Gold held by the USA government at around 32 dollars per ounce.
  • In 1971 Gold starts to pour out of the US government's stockpile due to deficit and debts in the Federal budget and the trade balance left.
  • Not forgetting the aftermath's of 1929, At 9 PM on August 15, 1971 President Nixon gives a surprise television speech to the nation announcing a new revolution.
  • The US was taking dollar of the gold standard, this move would allow dollar to float freely against other global currencies and removed the obstacles to have gold to refill the deficits.
  • This move is going to change the way transactions are going to happen across the globe in the near coming future.

Most Governments Across the Globe Have Almost All the Power Now

  • Lot of history right guys, so from now on its time to put your imaginative creative thinking caps on for the further read !
  • So governments across the globe still has to make money for the economy to be stabilized and usually the stable the economy, the stable the currencies is a concept being followed by the countries.
  • Now governments to create currency, Creates bonds or treasury bills.
  • Large Banking corporations buy those bonds and bills from the governments of those currencies based on trust.
  • Then eventually the large banks sell those bonds and bills to the Central reserve of that country for profit.
  • But are you sure that the central reserves have any cash in the balance sheet?you can DYOR :)
  • Now here when Banks sell the bonds to central reserves, the central reserve would say Thank you so much Mr.Bank and give the bank some profit (dividend) along with the principal the bank spent in order to buy it from the governments.
  • The central reserves of the countries are a private entity and banks would be its largest shareholders.
  • The central authority also sets the bar for the interest rates which a consumer pays on a car loan , personal loan and business loans.
  • What does this shout and say dear creative reader? Clearly the supply of currency is being manipulated

Consequences in the Long Term

  • So we start right from the point, Central banks get the money from the central authority and they release the currency into the market very slowly.
  • This actually causes the prices to rise by about 2 percent every year
  • Confused?How? Imagine more money flowing into the economy or the system, and you as an customer want to buy a video game. When more money flows into the system,your buying capacity increases ,but also the price of the product.
  • To manage the demand you as a video game seller wont be selling for 20 dollars or rupees or euros right if the spending capacity of the consumer is 24 right due to the inflow of new money into the market
  • Now imagine the magic trick of paying income tax for a inflated economy of 2 percent every year according to your current net worth.
  • We all have heard stories of our grand parents saying that 1 dollar or 1 rupee would be getting them 15 kg of wheat back in the 1950's right, Did you connect to the point??
  • This clearly is a proof that our value of cash is withering away due to inflow of new money into the vicious market by government and banks policies, activities of the daily chores.
  • So folks that's a total decline of 1000 percent in value and sharp 1000 percent value increase kin inflation.
  • Direct result of a centralized control over you right, Wait, You? you might be thinking me.. Yes , even you play a part in it without actually realizing it.:)

Wondering,what Role Do I Play?

  • Lets explain how you play a vital role in the magic money making process.
  • Do you use banks or any banking service? Yes? Oh then you can read ahead !!
  • We have actually given the entire power to them. The paychecks, salaries,savings all are put in our bank accounts.
  • So basically we trust a third party ( Bank) to hold our funds digitally right?
  • We have a notion that banks are custodians of the money? Right? What do you think?... Its RRR Wrongdoing .
  • Now its actually the property of the banks on their balance sheets and they can do anything with it.
  • Ok, So what do they actually do? They create new money. Curious? How?

How Does This Happen

  • Imagine my bank account holds 1000 dollars or rupees.
  • The bank would then only hold 30 in my account and lend the remaining 970 in terms of loan to buy something to a consumer of that economy.
  • But still in the banks computer you still have the 1000 digitally,but in reality?? Noo
  • Now for simple explanation imagine bank has given loan of that 970 to a imaginary person called Mr. A,just digits on a computer screen, Keep it clear.
  • Not backed by anything those 970 rs of mine are in Mr.A's account as a loan given to him by the bank whose account i hold.
  • The money which Mr. A pays back to the bank is exactly the new money created by the bank in form of debt payments and interests paid by Mr.A.
  • Now imagine what would Mr. A would have done with the digital money in his loan account, he would have exchanged that to cash or cheque or at an ATM.
  • Mr.A would have spent it somewhere in a shop, then the shop owner either creates a pile of cash for himself or depositing it again into a bank after paying the taxes.
  • So the same principal is again applied which multiplies your 970 by 300 percent or a 3000 percent, Anything at will of a centralized authority.
  • So this is how a vicious circle actually follows a pattern and economies are run across the globe.

Tricks and Stats

  • So clearly the banks follows the strategy of loaning more money then they actually have in cash at their reserve.
  • This process is described as " FRACTIONAL RESERVE BANKING"
  • In the UK the total money that exists is just 3 percent in cash and 97 percent in bank digital money numbers.
  • Banks across the globe earn unaccounted billions in creating and lending virtual money.
  • So whats more Banks dont even have to create more money now, If anyone is credit worthy of a loan, they can actually put magic new money into his/her account and start charging interest immediately.
  • This can actually be connected to businessmen taking huge loans from banks and fleeing the country, then banks are left with the debt and customers who aren't sure if the bank still has their money in the accounts or no.
  • Imagine a situation when all the users of the economy want value for their digital numbers which is being displayed in their bank account, it would spell problem to the central authorities.
  • So they do have their own blend of creative elements , hope you are enjoying the ride of dots and connections

TACTICS

  • So centralized authorities introduce Credit Cards, Debit cards, Internet Banking and other technological advancements which would just allow users transfer money in digital formats.
  • The bitter truth is none of the paper currency which we though exists in our bank account,exists at all
  • To be frank it never did.
  • And then the process of adding more money into the system by printing how much ever the economy needs is continued in a circle.
  • So its going to be the same or a revolution is about to happen? Are we humans as a race are placed at the final threshold of a rudimentary system or an innovation is around the corner??

Here Comes the Revolution Which Can Change the World

  • The Bitcoin ; What excuse me? Yes you have heard it right. The Bitcoin
  • First of all its time to unlearn whatever noobs around you must have told you about Bitcoin.
  • What if you could be your own bank?
  • Imagine about a currency which could be free from any affiliation to a central authority, a 3rd party or a banking fee along with other remittance charges.
  • Who is Aryabhatta? Who is Archimedes?Who is Sushruta, Who is Euclid?But the truth is they may be anyone, or a group of people or an unknown organization but the hard fact is their principles work in the Math,Geometry and surgical science space.
  • Science and Mathematics have a very old relationship.They together can be a disruptive force which would hold the ability to solve any problem of the world.
  • All the world needs is creative thinkers who see things in a different pattern, a better design and functional flow.
  • The group of innovators like Nikola Tesla, Steve Jobs, The Wright brothers and every other innovator were a niche and a very normal face in a huge crowd.
  • But what makes them different? they are a group of people who look at things differently, come up with better ideas for the futuristic" approach.
  • "Like the round pegs in the square holes, the ones who see things differently are the ones who take the human race forward " By Legendary Steve Jobs.

So What Bitcoin Really Is to a Grandmom?

  • Bitcoin is a system or a protocol based on the mathematical truth.
  • The source code of Bitcoin is open source, anyone can view it and understand that the source code is so advanced that Satoshi Nakamoto can be one person?a man? a woman?a group or even aliens from the future who want to give a helping hand to the dying earth.. Thoughts? Curious..
  • But who knows?
  • The technology and math code solution to a vicious problem which was created with good intentions but had to bear the aftermath as every country would want to grow their country, and it is psychologically right !!
  • But on such a large scale when the system is without any direction and right after the 2008 recession, has a solution finally surfaced out of no where ,which could hold the key to solve the 100 year old problem ? Was it supposed to have happened in the digital age?
  • Is it interesting?? The science and math combo is about to unleash its power.to the world. Stay tuned :-)

bitcoin network or blockchain's functionality
bitcoin network or blockchain's functionality

Bitcoin Functionality and Why Really Its a Special Deal?

  • Bitcoin is a computer digital currency.
  • It can be created, transferred and stored on the Bitcoin network.
  • But unlike the way a new currency is being created by the banks, this currency Bitcoin is totally created by pure mathematics with the fusion of computing code.
  • Bitcoin is a opensource software protocol with most of the source code supporting the internet exactly like the email.
  • Open source means anyone,everyone irrespective of physical boundaries man has created for himself on earth can use this protocol.
  • Irrespective of seas and land, boundaries, no one person or company or country or central authority has a control on the Bitcoin protocol.
  • The best thing is its only affiliated tooo, You might be thinking, oh its affiliated, Oh same old story again.. Well Noo, Its only affiliated to a technology called the Blockchain and a math code which can never be tampered.
  • So what happens, everything is transparent and available on a public ledger to verify.
  • So you as a computer connect to the bitcoin network, you can verify transactions and earn bitcoin as a reward for keeping the system alive.
  • This network is being maintained by millions of computers across the world 24*7*365,so basically you yourself can be the database and hold records and verify the records or transactions
  • So there is no central authority now, welcome to the depth of the solution . How does it feel?

What Really Makes Bitcoin a Breakthrough??

  • Well you might be thinking I am too early to say this right, well let me explain and you can imagine it for yourself.
  • It really has solved an age old problem, the core of the start of business and the evolution of third parties., Trust and public ledger.
  • Like what?? Ok let me be a bit precise Like we have seen the banks fake money by actually how much ever they can want right in any country as of 2018, so Actually anything available can be faked. Like Data? Identity?Information?Transactions? Bringg itt onnn !!!
  • How do we know is what we are actually receiving can be trusted?Ever tried to realize who can actually be behind the currency, The previous holders of your currency notes and what balance sheet does actually your transaction does to the entire system?? Huh.. Well Impossible you feel right?
  • Yes it is possible.
  • You gotta be kidding right? Your so called digital wealth might actually hold no real value backed up.
  • So is really a financial system that cuts out the middleman can be faster,cheaper and much more secure?
  • Well you might be thinking Bitcoin is digital , so is music,movies,files actually everything digital can be pirated or copied to make millions of copies right??
  • Well the answer is the core of the Genius Satoshi's vision. Well ok, so how?
  • A Bitcoin is not a file on a computer which you can store and it can be forged., Its actually an entry on the publicly distributed ledger on the Bitcoin network which is obviously connected to the internet.
  • The other beauty of this innovation is the public ledger of the database which is called as the Blockchain.

Comparison and Advantages to the Present or the Former?

  • So Basically what associates you with a bank, it's just an account number right. That account number can be imagined as a database of the bank.
  • So when I transfer money digitally to Mr. X, bank database actually just adds or substracts, Yeaa, a code or algorithm which anyone can write.
  • So every transactions are just database ledger calculation done by the bank.
  • And also imagine the earlier sections of our money being lent by the banks and then the new money flows in into the market.
  • This is why most of the banks digital ledgers of credit and debit might have considerable difference.

Ok, So how different is this Bitcoin thing?

  • In the Bitcoin network, Bank accounts are replaces by digital wallets.
  • A digital wallet is what only you can control, The phenomenon of making it secure is done through a technology called as cryptography.
  • So what happens is any bitcoin transaction happening anywhere in the world actually balances the total number of bitcoins in existence. Yes, no bitcoins ever leaves the network.
  • So imagine you are inside the Bitcoin network, what you are actually doing is on a public ledger when you send someone a Bitcoin, what you are actually doing is sending him a control or access to a database.
  • The code would be an unique key which would be the very underlying effect of cryptography, a mechanism which has the record of very tough to get hacked.
  • Imagine the power when it gets on a platform like opensource on a public ledger. Yes that's the vision of Satoshi Nakamoto, a sheer genius.

So how Bitcoin can actually save us? Do the optimists and peace lovers sense something?

  • The Bitcoin network replaces the banks and bankers , what started as an experiment today has the network power greater than 500 of the top worlds computers combined.
  • So the digital currency cannot be replaced or counterfeited, it never leaves your secure wallet unless you do a transaction again to quickly tally in the balance sheet of the network which is publicly available.
  • Which implies no more money generation, no more new money coming in market and no more inflation of prices and decline in value.
  • Bitcoin actually does the reverse, though it is volatile, its value actually has tend to be on an increasing curve ever since its inception and growing userbase or early adopters.
  • Is it really a power shift from the centralized authority into your hands? DYOR :)
  • Ok cool, so actually is it really that harmful the declining financial system?
  • Yes too much generation of money by banks and governments can actually unleash a monster. Sky rocket prices, Inflation, Low value of your money eventually.
  • Have you ever Googled about the One Trillion dollars currency notes by the government of Zimbabwe & Venezuela at the most recent.
  • Those trillion currencies of those country currencies cant buy the consumers a loaf of bread. Yes ,you heard it right.

Working Amazing Differentiators of the Bitcoin Technology

  • Well, the computer code in Bitcoin is actually built in with a break pedal, cutting the ease of performing new verification by the mining network which actually keeps the whole network alive 365 days a year any moment of the second.
  • The miner connects to the Bitcoin network and verifies a transaction by searching for transaction to verify by solving a computational code which can only be solved by the processing power of a computer also called as network node.
  • So there is a transparent scarcity of Bitcoins which can be seen on the source code, Just 21 million in existence.
  • As of now 17 million are in circulation, the process of mining more Bitcoins would become more difficult as the circulating supply would increase.
  • But also a built in mechanism to tackle the scarcity of supply is by splitting the single bitcoin into micro pieces of almost up to point eight decimals.
  • The last Bitcoin ever to be mined is expected to be around 2140, Such a genius of a code right. Is it the solution which mankind was looking for from past 100 years?
  • The whole world is a part of the network unlike a single country, single central authority, Ad no one can actually dictate terms to the mathematical code, Isn't it wow?

How useful in the Digital age of the advanced 21st Century?

  • To transfer value or currency over the internet there is a plastic technology of cards being issued by the banks.
  • They are called the Credit cards, debit cards, Do you really feel that it was designed for the true digital age?Each transaction requires personal details like the senders and receivers name , address and everything.
  • The technology itself is vulnerable to hacks , charge backs, database and data leaks. Is it too high of an implication to be associated with an centralized system? Is it really for the digital age?? Different minds, different perspectives.
  • Now imagine a transaction with Bitcoin, Once paid, forever paid and publically available for anyone to view on the public ledger, Finally the beauty, the final balance sheet is all set across the database.
  • Imagine E-Commerce companies can now be saved from the millions of charge backs from credit card users and turn that into profit just by accepting the digital or virtual currency.
  • There are around 3 Billion people in the world without a bank account, how bout virtual currency can actually be the bank account by just having a mobile phone with Internet , this mechanism can actually connect a user to the whole global ecosystem of the marketplace.
  • You can send money to anyone in the world without actually having to pay for remittances of around 15-30 %.
  • Do you know how much time does a wire transfer take? 2-4 days .
  • Today when you can send images, videos, information anything over the Internet in seconds with a click, Why not money?
  • Yes , many would actually call it a step forward in the digital age, I agree there would be many self proclaimed intellectuals who would say that it can be used for any illegal activity as there is an aspect of privacy attached to it,But to be precise anything not permissible can also be bought with various mechanisms like the currency cash and digital cash.
  • So the problem is not the Bitcoin currency, but the Problem itself :)

CONCLUSION

  • So right now the world is slowly opening its eyes to the possibilities of use cases with Blockchain. The fantastic feature of a decentralized peer to peer network can actually be a store of value,data,information and anything unlimited imagination.
  • Many enthusiasts compare this era to the Dotcom era when Innovations where spearheaded by young people with beliefs in their ideas and an urge in them to showcase that they can push the race forward by creating something very powerful which whole human race can use.
  • Apart from the banking and other angle, look at the angle of innovation?During the dotcom era startups like Google, Amazon, E-bay , Alibaba and other tech companies which adapted to the Internet with a certain vision had a dream success as an organization and also their product can now be used globally.
  • Now with Blockchain, the concept of decentralization of the core value or data with the deadly combo of Internet can surely assure of the most Innovative phase is about to start again.
  • Will new tech giants be created out of startups again?
  • Does the advent of tech and its direction trying to say something to us as a human race?? That may be its time we have to look for a new system, The former or the present system of division and centralized authorities have fared very badly even to a layman.
  • Is co-existence of the entire human race governed by a non tamperable math code which can never go wrong leaving aside centralization to decentralization a way to get rid of worlds problems and the problem to mankind.
  • Many economists and financial specialists , researchers also have research published that a currency system is only stable for 50 years and then it evolves into something forward moving species.
  • 1971 was the time last time it was changed, Are the recent developments pointing towards the same??
  • Will Digital currency be fully accepted, and change the things we do in future? Will we again see an era of innovators and entrepreneurs from different parts of the globe trying to innovate something for the whole earth again?
  • Quite exciting to be in this exciting age of evolving technology and revolution, I have tried to keep the read as interesting as possible. Reviews, feed backs and comments highly appreciated. Can share more informative blogs if it is of interest to you? To be frank its my first blog ever written .. Thank you for the read :)

Do you think Blockchain is a revolutionary technology in the way we are going to interact with Technology in the coming future?

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