With the currency power tousle among top countries and the issue of which currency should be the standard value of commodities..
With issues such as china trading battle with the US which was felt globally. China invariably stopped unpegged the value of its yuan to dollar. This and other financial, economical and share egoistic battle among big guns makes it hard for a centralized currency to be acceptable globally.
The decentralized system.
What is a decentralized system? This is simply defined as the system that is not under the regulations of any government, bodies or entity.
Bitcoin been centralized is unique from other currencies of the world and it tackles the issues of other currency
What are this issues other currency has not successful felt with?
The following issue are just faced by currency globally
And how bitcoin can tackle it
1. Inflation. Is the rise is commodity and service brought about by the fall in currency. Most currencies especially those of developing countries has been facing this challenge and can result to low standard of living in that nation. Although the prices of bitcoin and altcoin pumps and dumps some times it is does not vary directly with the economy of any country unlike other currency
*tranfers.. Take for example you come from a developing country and you went out in search for green pastures. Sending money(traditional currencies) back to your country poses as a challenge even with modern means like pay pal or western union, it either takes time or it has high cost. Bitcoin which allows a fast easy and cheap peer to peer transcation From any location globally has overcome that hurdle.
*Security issues and identity theft. Using other currency you are subjected to safe it in a bank of financial system this system which is not in your personal control there are some times the government can freeze your asset buy that's not with bitcoin you safe your bitcoin into a wallet you are in person control of. No other party can freeze your asset and your identity are only known to you and who you disclose it to.
Although is hard or might be impossible for bitcoin to become the global currency because
*its not a legal tender
*its based on technology and some individuals and countries are not technically advanced
*its goes against some countries believe
*its prevents corruption and some countries are not down with that
It's will really server a very good purpose in future times to come and I must say I am lucky to be a crypto enthusiast
Topic: Bitcoin has the ability to unite the world (Read 157 times)
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