Cryptocurrency Is this the start of a financial revolution?

cresting the crypto wave

IS CASH STILL KING?

by Aisling Cronin

Change is the buzz word of the moment. Our world is in flux and many traditional systems are being re-examined. For many, the financial system is at the top of that list. Cryptocurrencies have been garnering a lot of attention in alternative living communities. Chances are, you have heard of some famous ones: Bitcoin, Etherum and XRP are a few of the best-known crypto offerings on the market, each with their own pros and cons. In keeping with the theme of this issue – imagination – we decided to take a closer look.

Let’s start with the basics: what is cryptocurrency? And what differentiates this kind of currency from the money we use in everyday life? Fiat money (euro, pounds, dollars, yen, etc.) is a term used to describe government-issued currency that has been designated as legal tender in its country of origin. It is not backed by any particular commodity (such as gold or silver) – as many world currencies were in the past – but derives its value from broad market use: i.e., the collective actions of those who exchange fiat currency decide how much it is worth at any given time. Fiat money can be issued in the form of coins and notes, as well as existing in a digital form. This is the type of money we use every day. Cryptocurrencies, on the other hand, typically do not exist in physical form (like paper money) and are not issued by a central authority. They use decentralised systems of control, as opposed to centralised fiat banking systems. Individual cryptocurrency ownership records are stored in a computerised database, using strong cryptography to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership.

“One major plus point of cryptocurrency, in the eyes of many users, is its transparency.”

One major plus point of cryptocurrency, in the eyes of many users, is its transparency.

While individual users of cryptocurrency remain anonymous, the transactions themselves are all stored on an open ledger (the blockchain). This means that the data is available to view by anyone at any time, which appeals to those who want a more transparent banking system. Cryptocurrency’s anonymity has won the favour of those who value their online privacy, and are wary of handing over too much digital data. One obstacle that has prevented cryptocurrencies from being universally adopted is that they are not yet well understood. The concept of a decentralised financial system, stored via blockchain, can be challenging to people who aren’t tech-savvy. At the moment, cryptocurrencies are not broadly used in everyday transactions. Most holders of these currencies are treating them as investments: waiting for the market fluctuations to work in their favour, and seeking the most opportune moments to buy and sell their coins. Cryptocurrencies are not bound by customs adjustments, centralised regulations, or fluctuating political changes (as fiat currencies are), so market trends can be unpredictable. However, crypto lovers hope that as awareness grows, these currencies will be more commonly used in everyday transactions. Every budding technology initially faces a degree of uncertainty and resistance, and cryptocurrency is no different.

Could the crypto revolution be underway?

This remains to be seen, but it certainly has the potential to inspire greater transparency in the way we do business. In years to come, we may well be able to point to the advent of cryptocurrency as a key development that reimagined the financial world as we knew it. If you are thinking of investing in cryptocurrency, make sure that you do your research, seek expert advice, and go with the currency that feels best for you.

If you’re a total beginner in the world of cryptocurrencies, we recommend cryptocurrencyfacts.com, tradingbeasts.com and cryptocasey.com as great sources of information.

cultivating our collective imagination

WE NEED TO REWILD OUR IMAGINATION. WE MUST LEARN HOW TO DREAM AGAIN, AND WE HAVE TO LEARN THAT TOGETHER.” Extinction Rebellion

by Davie Philip

It has been said many times...the greatest Rob Hopkins, a torch-bearer of local • Facilitate collective imagination - crisis of these times is not the pandemic, transitions, believes that we need to individual action is not enough. Use mental health, growing inequality, or even envision positive futures and take dialogue and participative practices that the climate and ecological emergency. practical action to build community build community and ensure marginal At its core, every crisis is a failure of resilience everywhere. In his book, ‘From voices are included. imagination. What is to What If’, he shares the stories Imagination is our superpower, an of communities creatively applying • Use visioning processes - for example, ability that allows us to tap into a greater the power of imagination to rebuild Backcasting: a method that starts by sense of what is possible, enabling us to relationships, connect to nature and collaboratively imagining a desirable innovate, catalyse action and adapt. Sci-fi regenerate local economies. future and then working back to the legend Ursula Leguin writes, ‘it is above all by the imagination that we achieve “ Imagination is our present, identifying the actions that will be required to get there. perception, and compassion, and hope.’ However, in these times of deepening superpower...” • Stay hopeful and get active - imagination division and despair, at precisely the As the poet Rilke says... ‘the future feeds off the aspirations that motivate moment we need to reimagine everything, must enter into you a long time before it us towards a better future. Show this capacity is rapidly deteriorating. happens’. We can’t co-create a different up - everyone has a role to play in the Many people are now convinced that future, one in which we live in harmony transition to a life-sustaining society. the damage to our ecosystem is beyond with each other and in balance with repair, that catastrophic collapse is now nature, if we cannot imagine it first. inevitable, and positive change impossible. Envisioning positive futures is a first step Others are in deep denial, or oblivious in creating a shared understanding and to the unique challenges we currently commitment for transformational change. face. Both paths demonstrate a lack of Here are five suggestions on how we might imagination and both lead to inaction. begin to rewild our collective imagination. According to George Monbiot In his book ‘Out of the Wreckage’, “As we • Slow down and make space for reflection rekindle our imagination, we discover our - a daily practice and connecting with power to act. And that is the point at which others can expand our capacity to we become unstoppable.” imagine and act. It is, of course, difficult to imagine a positive future when your basic needs • Practise asking “what if” questions aren’t being met, or when you are anxious - a simple way to open up or stressed. Imagination may seem possibilities like a luxury in a crisis, but to navigate the uncertainties ahead, our ability to re-imagine the future needs nurturing. If we revive and reclaim this extraordinary power, there is no end to what we might accomplish.

OFN Ireland is at openfoodnetwork.ie. Davie Philip is a community catalyst at Cultivate, the sustainability cooperative based in Cloughjordan Ecovillage, and a network weaver with ECOLISE, the European network for community-led initiatives on climate change and sustainability.

cultivate.ie

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