When it comes to bitcoin and crypto, most people seem to fall into two separate camps: one that says crypto is the wave of the future, and the other who says it’s a big useless bubble about to burst. Australia’s own Reuben Coppa definitely falls into the former camp. Not only does he think crypto is here to stay (not to mention rapidly evolving), but he co-created intimate, a digital token that allows for the safe and seamless purchase of adult content. In Coppa’s view, crypto’s enduring allure can best be summed up by one word: decentralisation. Check out the video for his expanded take, and be sure to read below for more details.
Until now, every purchase you make is essentially tied to a banking system or federal institution. As a result, your money is prone to regulations entirely out of your control, which means you might not be able to buy certain things if your government or bank doesn’t want you to. Furthermore, because your money is centralised, all of your online purchases can be traced back to you by way of your credit card or banking institution.
By contrast, bitcoin is not tethered to a specific bank or country, instead coming from a decentralised collective of miners across the globe. Once the bitcoin is out of their hands, they have no way of tracking its owner, even if all transactions are registered in a blockchain. In fact, your personal bitcoin stash isn’t identifiable by your name or personal information, rather a long string of numbers and letters known as a public key. Additionally, every bitcoin transaction you make is immediate (and non-refundable, just FYI), because there’s no institution causing delays or getting in the way.
Naturally, the crypto industry comes with caveats–most of them related to fraud protection–but it’s nevertheless off to a promising start. For proof, look no further than intimate, a digital token that wants to provide for the safe and seamless purchase of adult content. Co-created by Australia’s Reuben Coppa, intimate is a crypto solution to a seemingly perennial problem, whereas adult content customers and providers alike routinely face obstruction from their banks and federal institutions. It’s just one example of decentralisation’s liberating power, and perhaps a quintessential glimpse into the future of crypto itself.
Advantages of a Decentralised Currency
- Anonymity – Transactions are private and anonymous.
- Supply – The current supply of decentralised currency is high, making it easy to obtain.
- Influence – Because crypto isn’t tethered to one nation or bank, it can’t be manipulated by a single government or entity.
Disadvantages of a Decentralised Currency
- Unpredictability – There’s no way to guarantee that decentralised currency won’t one day cease to exist.
- Possibility of Government Intervention – Threatened by privacy issues, certain government’s might one day intervene and try to infiltrate or regulate decentralised currency.
- Security – Once you lose your bitcoin (to say a computer crash or hackers), it’s gone for good.