The main goal of Satoshi Nakamoto when creating the Bitcoin was to create a decentralized worldwide acceptable digital currency. Which means that the coins aren’t controlled by any individual, firm, corporation, or government body, it is to be ran and controlled by the network of people using it and controlled by nodes which is more trustworthy than the government. The currency was built with the aim of becoming a global coin because it takes someone with lots of believe to create such a chain on a block, also unlike gold and fiat/paper money that people have to carry around, Satoshi Nakamoto wanted people to have digital money. Satoshi wanted to break the different country exchange of money. He wanted to limit or out rightly stop the processes of exchange different currencies at the ports and borders of countries. The aim was to get a currency that could be used anywhere in the world so a person having 1 Bitcoin in China also have the same value for his/her Bitcoin with a person in Hawaii.
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As much as I love using cryptocurrency, it is visible that it isn’t generally acceptable yet. My question is “will the government allow a decentralize currency over the fiat centralized currency?” I do not believe they will because if they do, then the government becomes powerless.
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Generally Acceptable
In the past, a lot of people talked against cryptocurrency like Facebook censored posts related to cryptocurrency only for Facebook to start making preparations to create its own native coin Libra. Also, JP Morgan Chase Bank CEO Jamie Dimon made it clear in 2017 that cryptocurrency was fraud and continued by saying “If you are stupid enough to buy Bitcoin, you’ll pay the price one day” but recently, it is known that JP Morgan Chase bank still being headed by Jamie Dimon created its own cryptocurrency and says one day it will be used by consumers.
I am sure someday, cryptocurrency will become a generally acceptable currency by all to purchase and to do other transactions.
The Crypto Change to the Economy
A lot of countries just keep creating a lot of money like what we are seeing during this pandemic. This money is going to do one thing to the economy ‘cause inflation’ and it will do one thing to the currency ‘Devalue it’ it is visible that so many currencies are backed by gold or any precious stone or metal.
Cryptocurrency isn’t the same as fiat currencies. There is a limit to which Bitcoin can be mined and this also goes to a lot of cryptocurrencies. If the people start to see that the United State Dollar is losing its value and decide to pick up a cryptocurrency, then that will be an organized currency without Feds continuous printing.
To me Bitcoin is more of gold than a regular fiat since it cannot be printed by one person. It is the future of cryptocurrency and the new standard for money in the nearest future.