Currency is one thing we can count on to change. People used to barter farm animals. Now they trade digital numbers. These are two completely different methods of trading value. Blockchain technology powers Bitcoin, a type of digital currency. But do you have to give up personal information to use it? Can you be traced? Do you have control over your account? Will digital currency take over? Fabio Canesin is the founder of Nash, a financial services platform that uses blockchain as an infrastructure. He chats with Bold TV to answer these questions and ponder the future of currency.
How much control do you have over your currency?
Many people are wary of the internet, mostly because of scams and identity theft. Is this digital space anonymous and safe? First, you can create a Nash account without identification. But if you want to transfer money to the Nash platform, you need an ID to verify it’s your currency. Second, control is all about who holds the key. In the cryptocurrency space, there is a saying: “not your keys, not your coins.” When you create an account with other digital financial services, they hold the key. It’s like a bank. If they want to close your account and block your funds, they can. If you don’t have control, the key, you don’t completely own your coins. But services like Nash are noncustodial. They don’t hold people’s assets. Instead of keeping the keys, they allow people to control their own keys. This means that they can’t censor your funds or lock your account.
The future of blockchain
Many people believe that the blockchain system will continue to be popular in digital currencies. They believe that it’s a stable monetary policy, or in other words, good money. Not everyone has sold out to blockchain and cryptocurrency. There are still many questions and concerns. But currency evolves. And printing money has caused many financial crises. Will people embrace this financial innovation?