Cryptocurrency – The Financial Revolution

First Published: 1st of June, 2021 by Patrick Carpen.

Silicon Valley gave birth to the personal computer, the personal computer gave birth to the internet, and the internet in turn has given birth to a decentralized payment platform – which in turn will lead to the government putting its foot down – hopefully not.

Someone created a fully traceable, highly confidential, and completely secure digital payment system that is threatening to replace government issued currency. Calm down: for now, and the foreseeable future, cryptocurrency will still need government issued currency to be measured against and will rely on such for its relative value.

Will the Government Outlaw Cryptocurrency?

Technically, the government can’t outlaw “cryptocurrency,” because cryptocurrency is a technology that banks will inevitably need to use in the future. However, some governments can “attempt” to outlaw independent, decentralized payment methods such as bitcoin and ethereum. The question as to whether they will want to do this and how successful they will be in doing so is highly debatable. At the time of writing this article (1st June, 2021), China has cracked down on bitcoin mining, making it illegal in the country.

Cryptocurrency is a creature born of the digital age. Without smartphones, computers, websites, and the internet, bitcoin and its band of offshoot currencies would hardly have been possible.

Now you can pay with bitcoin in more and more physical and online sellers. You can even transfer money from one country to another using a bitcoin wallet, and you can move money in and out of banks using a bitcoin wallet. The security on cryptocurrency platforms are very strong, and losing or stealing cryptocurrency is harder than doing such with centralized fiat currency.

Great Divisibility

Cryptocurrency also has greater divisibility than fiat currency. For example, you can pay someone 1.99 US dollars, but you can pay someone 1.888282800028 bitcoin, or 0.0000000001 bitcoin.

The real question at this point is: Is cryptocurrency the freedom that the world has been longing for, or it is too dangerously liberating? I would say powerful blend of both elements.

So, what are your thoughts on the cryptocurrency revolution? Tell us in the comments section below.