Growth, in its purest form, is best done without restrictions. When a young bird jumps from the nest, it does so by leaving its attachment to the restrictions of it. When a currency is created without the restrictions of governmental or banking bodies, it becomes free, it grows, it creates within itself a future. The decentralization of currency pioneered by the elusive and ever-so-volatile Bitcoin (along with the alternative cryptocurrencies that soon followed) became a phenomenon overnight.
Now, numerous claims are made about cryptocurrency – mainly concerning bitcoin so far – to be the future of how the world sees currency, capital, and finance. Not to mention to massive changes in-store that will affect the global economy.
So let’s take a look at why decentralized currencies, like bitcoin, are paving the way towards a future without restrictive transactions.
Current paper currencies are largely regulated by governmental bodies and banking giants. Every decision and move made directly affect the value of the currency. Hence, centralized currency is almost always prone to manipulation. And since it is physical, it can be falsified, forged, stolen, and counterfeited. These are the restrictive dangers of allowing paper currency to thrive without bearing the need to advance towards a more digital approach. Provided every precaution is taken, transactions using cryptocurrencies are private, anonymous, fast, and cheap. With 21 million bitcoins currently in circulation and 1,800 being released every day, With the advancements of technologies, millions of people all over are connected by specific networks. This opens up countless possibilities to do business without the bother of international borders and customs. This also challenges, trump, disrupt, interrogate traditional institutions, making cryptocurrencies purely democratic. Since not one cryptocurrency belongs to a single country, no authoritative body decision can influence their prices; but only the individuals who use them. Though the more individuals use a specific cryptocurrency, the more the demand for it, thus the price hike. However, the fact still remains that no authoritative body can counteract the hike by producing more of the currency. It all relies on the users themselves.
One question still stands tall amidst the rise in hype and affluence of cryptocurrency; is there any more reason for the government, or any authoritative body at that, to be in charge of money? The fundamental acceptance of businesses conducted through the usage of cryptocurrencies is that it is in the trusting of business people than government and leaders. This is proven through a survey done by a P.R. company called Edleman, where hierarchy is trumping hierarchy in means that people are more trusting of people like themselves, in comparison of corporations and governments.
We don't really have the actual final word in concerns of the possibility of cryptocurrency overpowering current currency in the future. But we do look forward to it happening. Imagine it: every transaction you make will be private, anonymous, fast, and cheap using a currency that can't be forged, falsified, stolen, or counterfeited, between individuals starting from Nebraska to Nairobi then Nagasaki effortlessly. It's wishful thinking and a ballooning of an idea to some, but to us, we hope for it to happen sooner or later.
See you in next post!