Is This the Future of Money? || PredicTED by OZY


Paul K.


: What's the world's best-performingcurrency? It's actually Bitcoin.

Now, for those of you who may not be familiar,Bitcoin is a crypto-currency, virtual currency, synthetic currency.

So there's a network of computers are challengedto solve a very complex mathematical problem, and the person that manages to solve it firstgets the Bitcoins.

The Bitcoins are released.

They're put into a public ledger called theblock chain, and then they float, so they become a currency and completely decentralized.

That's the sort of scary thing about this.

It's why it's so popular.

So it's not run by the authorities or thestate.

It's actually managed by the network.

And the reason that it's proved very successfulis, it's private, it's anonymous, it's fast, and it's cheap.

Don Tapscott: So today, we rely entirely onbig intermediaries, middlemen like banks, governments, big social media companies, creditcard companies, and so on to establish trust in our economy.

And these intermediaries perform all the businessand transaction logic of every kind of commerce, from authentication and identification topeople, through to clearing, settling, and record-keeping.

So what if there were not only an internetof information? What if there were an internet of value? Some kind of vast, global, distributed ledgerrunning in millions of computers and available to everybody, and where every kind of assetfrom money to music could be stored, moved, transacted, exchanged, and managed, all withoutpowerful intermediaries.

Neha Narula: All new technology comes throughtrade-offs.

The internet brought us a lot of ways to wastetime, but it also greatly increased productivity.

Mobile phones are annoying because they makeme feel like I have to stay connected to work all the time, but they also help me stay connectedto friends and family.

The new sharing economy is going to eliminatejobs, but it's also gonna create new flexible forms of employment.

With programmable money, we decouple the needfor large, trusted institutions from the architecture of the network.

And this pushes innovation in money out tothe edges where it belongs.

Programmable money democratizes money.

And because of this, things are gonna changeand unfold in ways that we can't even predict.

Source: Youtube

Is This the Future of Money? || PredicTED by OZY

The future of money isn’t about paper, but computer programs. In this latest installment of PredicTED, we take you beyond ATM lines to the radical world of a global economy. In 2025, where will you keep your money?

This Is What the Future of Borders Looks Like

Read more on OZY:

Will These Technologies Kill Cash Once and For All?

The Solution to American Poverty Comes From Africa

The Branding Guru Who Will Help You Save a Lot of Money

Subscribe to OZY on YouTube!

OZY is committed to informing you about the people, places, trends and technology that are ahead of their time and worthy of yours. We’re a global place that delivers you cutting-edge viewpoints, worldwide stories and a daily dose of remarkable.

Watch more OZY:

OZY has a newsletter — two, in fact! Let us catch you up with the Presidential Daily Brief and vault you ahead with a Daily Dose of OZY’s engaging original content. Click here to sign up:

Subscribe now to OZY on YouTube!

OZY on Twitter

OZY on Facebook

OZY on Instagram

Check out all our video magic here: