A Major Change To Our Monetary System

If history is to repeat itself, then investors and savers should be on the lookout for a major change to our monetary system in the coming years.

The choices today are Gold, U.S. Dollar (fiat currencies) or Cryptocurrency. Which One Is best to prepare for the future?
The most important thing to ask when choosing is “whether or not Cryptocurrency, Fiat currency or physical gold will remain money.

What is Money?

When analyzing each asset as Money, there are seven characteristics to observe: durability, portability, divisibility, consistency, instant recognition, acceptability and intrinsic value; as well as three functions: unit of account, medium of exchange, and store of value.

Precious Metals?

Jordan Eliseo (Kitco) said in a report published Monday. “Precious metals are likely the best and, just as importantly, simplest means of protecting your wealth through the difficult market environment we all face in the years ahead.
History shows that physical gold has no peer when it comes to protecting purchasing power over long time periods, and why it has been humankind’s preferred choice of money for millennia.” But is that true today?

Gold clearly meets the first five characteristics of Money as well as the last one: In that it is intrinsically valuable – both as an display of wealth (think jewelry) and in some industrial applications.”

Cryptocurrency?

I’m sure that if you’re reading this article, you’re at least a little intrigued by the idea of cryptoassets and blockchain technology.

Governments all over the world are scratching their heads at what to do about this new technology. It’s an uncharted area and has already given rise to one of the greatest criminal tools of all time. An amazing part of this technology though, is that everything is decentralized and happens through the Internet, so pretty much all that governments can do is criminalize the exchanging of these cryptoassets.

However, any attempts to stop development on these technologies will effectively leave these countries’ governments in the dark ages, while their citizens will still be able to skirt any regulations as long as they have the Internet.

I think we’re at a pivotal moment where non-tech-oriented people are only now waking up to the idea that Cryptocurrencies aren’t just fake Internet gold, and that the other cryptocurrencies out there aren’t just a different “brand” of Bitcoin, and can be evaluated entirely on their merits.

There are cryptoassets being created that are optimized for very specific use cases (look at coinmarketcap.com or icolink.com for examples).

This is much the same way that programming languages work. The popular ones are popular because they work in a specific way and end up being universally recognized as superior and thus adopted on a large scale.
It’s only a matter of time before people start seeing the light when this technology begins to disrupt industries all around the world.

Blockchain’s implementation for gold is just the start of the wider adoption of distributed ledger technology, which is set to transform how the world does business.

Now the gold market can benefit from an innovation in digital asset financial technology that promises to transcend conventional market barriers.

Fiat Money?

When it comes to the U.S. dollar, the first six characteristics of money and the first two functions are easily “satisfied,” wrote the chief economist.

The USD, and indeed all fiat currencies, does a horrible job, with the USD having lost the better part of 95% of its purchasing power in the last 100 years, according to data from the St Louis Federal Reserve.”

What To Do?

Gold meets the main function of money, it is an exceptional store of value over the long run.
When it comes to the U.S. dollar, the first six characteristics of money and the first two functions are generally believed to be easily satisfied but I question the staying power in this regard.

The biggest problem with fiat currency is the store of value.

All fiat currencies do a horrible job, with the USD having lost the better part of 95% of its purchasing power in the last 100 years, according to data from the St Louis Federal Reserve.”

Looking at Cryptocurrency it is durable, portable, divisible, and instantly recognizable. The jury is still out as to its consistency but its acceptability is largely a ”yes.”

When it comes to the functions of money, cryptocurrencies are growing in use every day as a unit of account, and it is widely being used as a medium of exchange.”

On top of that, cryptocurrency is being determined a store of value even though it has only been around for ten years.
Using all three means in various degrees is not wrong.

Crucially, a balanced approach is appropriate. This means investors and savers do not have to choose just one “Money”, but should put all their wealth into a basket of Money including precious metals, fiat currency and cryptocurrencies.

Disclaimer: Nothing that is written here should be regarded as investment advice or as a recommendation regarding a course of action. I’m neither a crypto expert, nor an expert on investing. I’m simply a crypto enthusiast who works as a system designer at the GreenFire Engineered Reclamation. I have nothing to gain financially by offering people this information. You can check out my story for yourself here.

Do your own homework on this subject, and never invest more than you can afford to lose.

My name is Mike Prettyman, I am the CEO of GreenFire Engineered Reclamation.
GreenFire Engineered Reclamation Offers The World’s First Reclamation Cryptocurrency
GreenFire Engineered Reclamation is a Global Landfill Mining and Reclamation Company and is issuing a Pre-ICO to raise funds for the development of our Reclamation Coin. Our coin is the only cryptocurrency in the world dedicated to Global Reclamation.
The SGT sale is the Pre-ICO fundraiser for Global Gold Concerns – GGC coin
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