Cryptocurrency the Modern Version of Money: Ethereum Co-Founder Joseph Lubin

According to Joseph Lubin, Ethereum co-creator and ConsenSys founder the emergence of cryptocurrency has unleashed equal waves of fascination and scepticism. He believes that digital currencies are the newest form of value representation. Cryptos are the modern version of paper money.

Joseph Lubin addressed the concept of money and its evolution in a Quartz op-ed. According to Lubin, society has always been sceptical towards the people who come up with a new concept of money. To prove this he gave an example of Marco Polo who first came back from his travel in the East. When people listen to his stories about using the paper representation of money by Chinese as opposed to metal they described it as the sorcery. In the late 17th century the idea of paper money took hold. The same way idea of cryptocurrencies will take time to be accepted by people all over the world. Derivative money such as cryptocurrencies which are electronically transferred will take time to be grasped and accepted by the mainstream.

Lubin believes that cryptocurrencies are the natural evolution of prior representational systems; though one that favours truth over state-sanctioned power.

Cryptos the new representation system for future

According to Lubin, until the 16th century, most of Europe demurred on representative money and the same way digital money transfer took time to be accepted by people. Lubin said that cryptos are the 21st century’s version of flimsy paper money. Decentralized and open characters of cryptocurrencies stand in contrast to the government-run property systems and the financial vehicles that follow the same system.

Lubin believes that blockchain technology and cryptocurrencies are the powerful tools which give refugees an ability to maintain an identity since the refugees can use the technology to store and present documents in other countries for economic livelihood.

According to Joseph Lubin, as cryptocurrencies use the decentralized network, eventually the use of cryptos could lead to better distribution of wealth.

Lubin has a bullish perspective for the emerging technology. He believes price slumps are the little pimples on the chart and in future cryptos will show an exponential growth.