The following is an excerpt from the Hacker Noon publication:
Bitcoin and other digital coins are at the peak of their hype cycle. The massive surge in their prices has led many to believe that they are on a trajectory towards mass acceptance and playing a vital role in the real economy.
As long as these coins are experiencing net capital inflows few people question their underlying economics and any critical voices are quickly drowned out.
While bitcoin is an important first step towards creating a better system for money and banking it largely copies earlier systems of money and banking and as a result it replicates their inherent flaws.
With modern computing technology we can create a digital exchange system that operates without money. In effect this means that money will become free and that the money supply can be dramatically increased while at the same time inflation will cease to exist.
The technology exists to create this system but Bitcoin and other digital currencies like it are not it.
Decentralized banking is the future but it is not here yet.