The future of money is clearly cryptocurrency. Due to government mismanagement and unsustainable monetary policies, our money is no longer safe for the long term in our government issued fiat currencies (like the USD.) We have seen the trend since 2008’s banking crisis and even prior in the growth curve of this unsustainable trend of debt spending.
Finally with cryptocurrency we have a way to take our money out of the control of the government, before we come to the day where y(our) country pulls a ‘Greece’… and decides to bail in the banking system with depositor accounts. The government literally has the power to freeze your account and take your money. With cryptocurrency there is no central authority managing or manipulating the money supply. The checks and balances are kept straight by the public ledger blockchain technology that makes cryptocurrency capable of replacing the banking system. There is a revolution in currency underway, and we are right in the midst of it! (It started in 2009 with the invention of bitcoin / the first cryptocurrency.)
With more than 1,100 cryptocurrencies and a total market cap of approximately $150 billion circulating in the market today, this ‘next-gen gold’ has taken the financial world by storm.
The question of their survival, which enveloped this fintech invention in the beginning, has now been replaced by the question of the extent of its evolution and adoption. Industry skeptics raised concerns regarding the new "currency’s” power to disrupt the financial landscape as we know it and lead world economies to lose financial control to the hands of the common man.
Even when many countries and companies ‘banned’ the use of the digital currency, its rapid growth and mass adoption by technology aficionados and leading global firms (such as Microsoft, Virgin Galactic, Shopify, and Tesla) led to its strengthening in today’s fiscal society.
According to a report by PwC, cryptocurrencies have been called one of the “greatest technological breakthroughs since the Internet.” They have also been called “a black hole” into which a consumer’s money could just disappear.
These two stark contrasting statements are the reason why cryptocurrencies have inspired more debate than actual commerce.
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