Klever
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
  • Login
  • Register
Klever News
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
Klever News
Home Global

Does crypto qualify as currencies or assets?

by Jagdish Kumar
March 30, 2022
in Global
Reading Time: 4 mins read
2.8k
A A
0
Share on FacebookShare on Twitter

As cryptocurrencies’ adoption is increasing day by day with over 18,400 projects available, it’s common to hear various arguments about whether cryptocurrencies are in fact currencies or assets.

Many experts believe that it can be an alternative to fiat currencies, due to the capability of mitigating inflation, its peer-to-peer payment, the possibility of cross-border remittances, and other challenges associated with traditional currencies and finances available globally.

You might also like

Klever joins Web3 Domain Alliance to advance blockchain naming ecosystem

Klever joins Web3 Domain Alliance to advance blockchain naming ecosystem

February 22, 2023
7.5k
Klever Wallet: A Secure Solution for Managing Your Crypto Assets

Klever Wallet: A Secure Solution for Managing Your Crypto Assets

February 14, 2023
7.5k

The root of the name ‘cryptocurrency’ itself is attributed to the cryptography format and to the fact that it can be exchanged by peer-to-peer technology. However, the question still remains for some users and nations. 

So, let’s take a closer look at some of the perspectives that push crypto towards the concept of a digital currency. 

Bitcoin emergence in 2009

The launch of Bitcoin, the world’s first cryptocurrency, was back in 2009 and it was built purely as a peer-to-peer payment protocol.

Since that, lots of water has flowed into the river till now and various other cryptocurrencies have also been launched.

Some crypto is just mimicking Bitcoin’s mechanism, like Litecoin, Bitcoin Cash, Ecash, while others are based on totally new use cases where they solve various issues like privacy, education, land registry, agriculture, logistics, supply chain, etc. 

Digital gold

Bitcoin and other cryptocurrencies are also called digital gold, as they are very scarce with limited supply – the same as physical gold which even though is not limited in supply, it’s also too scarce. 

Consequently, we can argue that cryptocurrencies are currency, as they can be used as one regardless of not having any country of origin. 

Own crypto governance

Cryptocurrencies have their own governance structure and are always operated by the community and never owned centrally like fiat currencies, which are owned by the state.

And while there is an unlimited supply of Fiat currencies that always increase inflation, cryptocurrencies are limited in supply and always mitigate inflation.

Actually, the only reason various state governments fear crypto is that it has the capacity to take over their local currency, as more and more people start using it instead of the official money. 

Now the world has become a global village, a currency that is accepted by many nations and not only by one will have more value.

Massive crypto adoption

The US dollar and the Euro are the only two Fiat currencies that are accepted by many nations.

However, they are not above inflation and they can impact a lot of the lives of citizens because the value keeps on decreasing. 

As for crypto, this is totally the opposite – the more people hold or use it, the more value increases.

Big economies like the US, Russia, China, and India are working to beat the challenges they are meeting with cryptocurrencies in their respective countries.

The US has recently set up a committee to check how crypto can be adopted; Russia is very positive about the adoption of crypto and India too has shown its interest in crypto by imposing a tax on it, whereas China has outright banned crypto.

Many other countries have also shown mixed reactions towards crypto adoption, as there is no global standard on its regulations. 

Call for global standard on crypto

Recently, India’s prime minister, Narendra Modi, asked the global community to work toward standardizing crypto on its adoption and the challenges it poses to the nations per se.

In the US, Canada, and some European nations there are various crypto exchange-traded funds (ETFs) where investors can invest in cryptocurrencies without holding any crypto. 

In India, the government is yet to bring a bill that will specify what cryptocurrencies can be used in the same way.

On different platforms, the Indian ministry of finance has made it clear that they will regard crypto as an asset class and the Finance Minister, Mrs. Nirmala Sitaraman, has made it clear that they will never recognize crypto as a currency.

Looking at these developments, one can be certain that crypto can never be a currency but only be looked at as an asset class for massive adoption.

However, amongst all discussions, official departments may not publicly acknowledge crypto as a currency, but it’s hard to believe that they will be able to ban people from treating it as one.  

Tags: assetscryptocryptocurrencies
Advertisement Advertisement
Previous Post

Token Classes: Security tokens explained

Next Post

Klever Wallet Adds New Curve DAO (CRV) Swap Pairs

Jagdish Kumar

Jagdish Kumar

Reporting & writing on crypto & blockchain for the past few years. A content eagle, journalist & writer with a passion to explore new technologies that can change human lives. Joined Klever to make Crypto simple. Follow me on Twitter @TokenBharat or email me at jagdish@klever.io

Related Stories

Klever joins Web3 Domain Alliance to advance blockchain naming ecosystem

Klever joins Web3 Domain Alliance to advance blockchain naming ecosystem

by Klever
February 22, 2023
0
7.5k

We are excited to announce that Klever has recently joined the Web3 Domain Alliance, a group dedicated to promoting the...

Klever Wallet: A Secure Solution for Managing Your Crypto Assets

Klever Wallet: A Secure Solution for Managing Your Crypto Assets

by Isabela Bellumat
February 14, 2023
0
7.5k

With so many options available, it can be difficult to determine which wallet is the best choice for your digital...

The Rise of Decentralized Autonomous Organizations: Transforming the Future of Business and Society

The Rise of Decentralized Autonomous Organizations: Transforming the Future of Business and Society

by Warren Manuel
February 10, 2023
0
7.3k

Imagine a world where businesses and organizations operate with complete transparency, security, and autonomy. A world where intermediaries and central...

Revolutionizing Investment: Can AI be Your Next Financial Advisor?

Revolutionizing Investment: Can AI be Your Next Financial Advisor?

by Warren Manuel
February 9, 2023
0
7.3k

Investment and financial management have come a long way in the digital age. With the advent of Artificial Intelligence (AI),...

Next Post

Klever Wallet Adds New Curve DAO (CRV) Swap Pairs

What is DAO and why should you know about them?

Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recommended

Ethereum

Coin of the Week: Ethereum (ETH)

November 14, 2021
7.5k
Tron (TRX)

Coin of the Week: Tron (TRX)

May 19, 2022
7.5k

Popular Story

  • Stand a chance to win your share of 10,000 KLV

    Stand a chance to win your share of 10,000 KLV

    8375 shares
    Share 3350 Tweet 2094
  • Test drive Klever Wallet, K5 and Win 1000 KLV & 1 KFI

    7039 shares
    Share 2816 Tweet 1760
  • Bitcoin battles back from record losses to $21,000

    5915 shares
    Share 2366 Tweet 1479
  • Klever showcases its blockchain ecosystem on a Time Square billboard

    5360 shares
    Share 2144 Tweet 1340
  • K5 adds new blockchain and KleverSafe support in the latest Android version

    5074 shares
    Share 2030 Tweet 1269

Follow us on Twitter

Klever News

Join the Klever community
Growing together we are stronger.
Be sure to follow us on social media to stay up to date.

Categories

  • Announcements
  • Coin of the Week
  • Education
  • Exchange
  • Games
  • Global
  • Hardware Wallet
  • Market Updates
  • NFTs
  • Opinions
  • Sponsored
  • Wallet
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recent News

Klever joins Web3 Domain Alliance to advance blockchain naming ecosystem

Klever joins Web3 Domain Alliance to advance blockchain naming ecosystem

February 22, 2023
Klever Wallet: A Secure Solution for Managing Your Crypto Assets

Klever Wallet: A Secure Solution for Managing Your Crypto Assets

February 14, 2023
  • Sponsored Content
  • Advertise
  • Contact Us
  • RSS Feed

© 2022 Klever News - Premium Crypto news & insights by Klever Finance.

  • Login
  • Sign Up
No Result
View All Result
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version