To begin with, let’s take a look at what actually conventional money or flat currency is?
For instance, the US dollar, which is the most widely used currency in the world, it is simply a printed paper which is made a legal tender by the government, they are only hold down because of the faith placed in it, for the time being, flat currencies are not even backed by gold or any other physical item. Also, the purchasing power of conventional money is gradually destroying with time. Nowadays the dollar is valued less than it was 5 years ago and much less than it was 10 years ago.
The rise of a crypto currency is the beginning of a new way to exchange money, development of this can easily be related with hoe email distort the post office, since email introduced a new method of transferring messages or letters where we can send it without a stamp this broke the value chain system of post office. Similarly, the same is going to happen with the flat currencies, crypto currencies allow us to send or receive money without an intermediary (middle man).
By the elimination of intermediary crypto currency is giving us more control to our finances and is distorting a financial system because it has a large number of advantages over conventional money. For security purposes, crypto currencies are using hashing to assure the integrity of data by converting a large amount of data into a short number which cannot be replicated. Crypto currency cannot be degraded by the government because it does not depend on it, unlike flat currency.
Crypto seems to be the biggest financial opportunity in decades. Anyone can participate and change their life drastically from cashier to farmers. Flat currency is failing everyone who is not a bank because it’s a system that relies on debt. Many of the crypto projects are in their development, and they still need years before they can prove their uses but when they do that we could see the biggest change of wealth in history.
Actually, it seems that we are uncertain to accept the fact that crypto currency is quickly becoming a new kind of money. Essentially, right now bitcoin is worth thousand times more than the dollar, and it is just the beginning.
The legal challenge which cryptos are facing today is the user-adoption, but its same like how the people were thinking about the internet in the 1990’s, it was only used by the nerds during its early days, but after a few years, we saw a rapid adoption and acceptance of the internet, and now we all are familiar with it, or we are living on it. This what exactly will going to happen with crypto currencies. So the bottom line is that it’s just a matter of time when the rest of the world move towards this technology.
Official links for more details,
Website Link : https://getbitmoney.us
Telegram Link : https://t.me/bit_money_official
Whitepaper Link : https://getbitmoney.us/whitepaper.html
ANN Threads Link : https://bitcointalk.org/index.php?topic=4701011
Facebook Link : https://www.facebook.com/getbitmoney
Twitter Link : https://twitter.com/getbitmoney
Bitcointalk Username : arianaevelyn
My Bitcointalk Profile Link : https://bitcointalk.org/index.php?action=profile;u=1591725
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.quora.com/Will-cryptocurrencies-replace-fiat-money-in-the-future
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit