>>720146>can you elaborate?https://en.wikipedia.org/wiki/Tulip_mania>aaand.. does it not have any drawbacks? will it really change the world?It absolutely does and some have already been mentioned: You can't reverse transactions. Mistyped and added one zero too many? Tough luck. Credentials got stolen? All your money is gone since the thieve's cryptographic authorization is indistinguishable from your own cryptographic authorization. Many, especially the early implementations like Bitcoin are unbelievably slow and quite expensive compared to credit card systems. Proof-of-work blockchains are literally destroying the planet because they create make-belief money out of useless calculations (aka turning power into heat). etc.
Blockchains solve one very specific problem: How can you administer a revision-proof ledger without a central authority. It does that pretty well, since everyone can have a copy of the whole blockchain and verify every transaction with math alone.
But as to replacing currencies and changing the world - there's kind of a reason why we have the money system we do and why it evolved over four thousand years of human history. Every year crypto coins hit the news with new problems, because they tried to make a money system from scratch and now they're hitting all the problems that have lead to our fiat system one after the other.
I think crypto coins will stay a niche affair. Ultimately they will behave like shitty volatile gold. Gold doesn't have many uses either but it's rare and most importantly people *believe* it's valuable. Same with BTC.
Blockchains will probably become more common, but it's just a technology for a few specific problems. It won't change the world.
