Ducky's Cryptocurrency And Industrial Revolution Paper

The Industrial Revolution was a time of mass change around the world. It started in a eurocentric circumstance and then expanded. New technologies such as the textile factories and steel industry emerged from this revolution and marked a period of new revolutions. In a different way, cryptocurrency has been making people millionaires and this new market or industry is making its way around our current time.

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New currencies are common to come out. An example of this is the credit card. However, a new type of trade called blockchains are opening to the public and slowly making its way into American's pockets. This new currency is dominating the investing industry with new millionaires being made nearly every day. There have been many different currencies such as Ethereum, Dogecoin, Bitcoin, and more which have been coming out and proving itself a valuable asset to invest in. Well, what does this technology mean for the future? With ongoing speculation, this new currency has been gaining traction by slowly replacing methods of payment. Nowadays, more and more people are converting their methods of payment to cryptocurrencies and furthermore, this new technology may be a stepping stone to a new technological revolution in our lifetimes. Since this new technology could revolutionize our current era and lead to new ideas and forms of what we already know to exist, I believe that using this as a comparison to the Industrial Revolution would be a very unique and interesting idea.

In 2009, Satoshi Nakamoto, a Japanese programmer, invented digital currencies and BitCoin as considered to be the first cryptocurrency. Cryptocurrency was based in an online circumstance to make money transferring easier. Cryptocurrency has been around for quite some time now in recent history, however, the appeal of blockchains and block-mining has been picking up in the past recent years. With new people claiming rewards from prior years of investing, the market has grown as quite a large portion of entrepreneurs have desired to go into the blockchain industry. Many corporate heads such as Elon Musk also influence the industry by providing their own insight into what they believe or hope the future of cryptocurrency is. This insight causes fans or viewers to be more willing to invest into something more familiar.

The Industrial Revolution

The Industrial Revolution is one of the most influential points in time for the market and the world around us. With new technologies and ideas flying in; like the assembly line, this revolution optimized the use of coal, machinery, and mass production to improve and speed up the ways of how consumer goods are produced. This has also sparked the period of the 1950s and the roaring 20's which was a time of mass consumer spending. The Industrial Revolution also introduced many new ideas of currency such as the credit system with down payments for big ticket items such as cars and urban housing. With the influx of the world wars, the Industrial Revolution has not gone away at all. Over a large period of time, third world countries have evolved and industrialized, coming out with new products and ideas. Bright men like John Rockefeller have monopolized the oil industry while electricity by Thomas Edison was invented. All of this industrialization, however, was sparked by one common point. The use and optimization of coal as a natural resource for these machines.

Why is the Industrial Revolution important when talking about cryptocurrency? Well, cryptocurrency is a new technology that perhaps most aren't too familiar with. It's a new concept of having and making money just by idling on the computer. With that being said, this new concept could be compared with the Industrial Revolution and how this new idea of using coal, machines, and assembly lines could impact the economy and globally, people's ways of living. I think that there are a lot of parallels and with these ideas, the crypto-blockchain network could definitely reflect a period similar to the Industrial Revolution.

Works Cited

Tatar, Jack. "How Revolutionary Is Blockchain Technology?" The Balance, www.thebalance.com/how-revolutionary-is-blockchain-technology-4045555.