Cryptocurrencies have their dangers and pitfalls, they’re not a fail-safe investment. You often can lose money, you may not understand it all and invest in something that’s not worth your time nevertheless your money - and you may also believe the hype that cryptocurrencies are the way to a more egalitarian future.

This isn’t true as it stands. Cryptocurrencies rely on its users having access to fiat currencies such as £, $ and euros. It relies on you wanting the cryptocurrency to invest in the crypto world - namely Web3 and the Ethereum blockchain.

But this isn’t the answer to our problems with today’s modern world.

We can’t fix processes that allow for human greed through establishing a same but slightly altered structure that relies on the few and relies on those who are in control to have access to fiat currencies, or to be so wealthy as to be benefiting from cryptocurrencies.

We have to make the changes ourselves. This is one reason why I like DAOs - DAOs are like accessible start-ups. Together you create something that through your own contributions to the DAOs you are rewarded for with a token which increases in value based on your work.

I believe this is the egalitarian model that many wish for the cryptocurrency world to have, but for the cryptocurrency world to pave a better future for ourselves, our children, humankind and the planet, we need to fix some things.

I believe Web3 communities are very good at making people feel welcome no matter their abilities and I believe this is something the entire world needs to learn from.

Using this as our starting point of having an open and accepting philosophy of all who we work and come into contact with, we need to make the carbon footprint of cryptocurrencies smaller. They need to be less reliant on miners who have access to fiat currencies to purchase computer hardware and computer software that allows them to mine crypto.

Mining crypto needs to not only be made more accessible, it needs to be improved. The entire world cannot depend on cryptocurrencies as the system stands, it is too slow and too energy-consuming.

And, especially when an essential skill as a miner is to solve cryptography and mathematical equations, then it siphons out most of the population in getting involved in the process of validating crypto.

I believe the way we need to fix this is by taking lessons from DAOs and how they use the contribution of their members to create something that builds value through their own work.

I’m not entirely sure what this will look like but as I continue to learn about Web3, cryptocurrencies, DAOs, metaverses and NFTs - I’m sure this vision will become clearer.

As crypto stands - I believe the ‘decentralised’ benefit is currently not so ‘decentralised’. The consumer relies on the miners and the blockchain. Either of these fails and the whole system goes down with the consumers’ crypto.

We need to find a way of protecting our assets by using technology which relies on the masses and not the few, so that when trouble strikes the problem has multiple solutions from different avenues as opposed to a handful of solutions in the hands of a few people.

If Ethereum can make a hard fork because it lost money, what else can be done to unwind the actions of others?

It’s like playing with air, which the current banking system does. We don’t want that anymore. We are sick of being made to feel penniless whilst new strategies created on the backs of people who have little money make the few more rich. We need a new system and cryptocurrencies could produce this, but only if they see manual contribution from human beings as more valid than fiat currencies.

I am a fan of improving current systems but only if it does just that - improve, innovate, invent. Not build upon existing structures just to get a slice of the pie.

The good thing is that cryptocurrencies like Ethereum do employ a permission-less, open-to-all who contribute governance. Bitcoin refers to the community when making decisions. And, even a non-profit has set up a cryptocurrency with an open source protocol so that besides the core team other people can get involved in the code of the cryptocurrency.

So, maybe we are moving in the right direction. What do you think? Is cryptocurrency the all saving investment that some people will have you believe?