Cryptocurrencies:The Solution or the Problem of Today's Economy? 85-99

Abstract

Climate change, economic crises, and growing disparities between social classes have led to the emergence of new technologies attempting to balance the imbalances in society. From such a need, cryptocurrencies were born as a result of the 2008 economic crisis. Crypto coins are stored in a blockchain, similar to an advanced database where information is expected to be much more secure than in other places. I will explain these concepts in detail below. The main challenge of the crypto space lies in the extremely high level of scams, making it risky when deciding which currency to invest in. The existing dangers in this space are primarily due to the decentralized system in which it operates. The world's banks represent a centralized system, meaning that the state has decision-making influence over economic agents, subsidizes, guarantees, and taxes. In the ideal crypto space, the system should be decentralized, meaning that all participants have access to all information contained within it. I will analyze the transhumanist perspective on this idea, presenting both the advantages and disadvantages of this space. At an ideal level, this space was created to aid people, but in practice, it has become a tool for those who want to increase their income. My aim is to present a clear and transparent perspective on this phenomenon in order to answer the question: is the crypto space the economy of the future or not?