During the global recession in 2008, many people considered alternatives to the monetary system, but the launch of Bitcoin in 2009 only added fuel to the fire on how the concept of a world without money could work.
Currently, the monetary system is totally centralized and controlled by governments, central banks, which dictate terms to citizens. Every nation has its own currency, which is again controlled and printed by the respective states.
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Zimbabwe and Venezuela, which suffer from hyperinflation, issue notes with very low denominations that are only worth a dollar on the global market. Many small nations don’t even have the resources to print notes, so they adopt other nations’ currencies. In June 2021, El Salvador, which was using the US dollar as its currency, adopted Bitcoin as a legal tender and started raising funds for building a Bitcoin city near a volcanic island.
After 13 years of Bitcoin, which is the world’s first cryptocurrency and has never been compromised, its security has given room for many to join the race to make a world without money.
Today, there are over 15,000 crypto projects that are working on various use cases like remittances, energy, agriculture, big data, privacy, health, logistics, food, travel, and others. The crypto projects market capitalization is around $2.23 billion, which is more than 100s of countries GDP today.
Looking at these developments and adoption among the masses, many central banks want to launch their own cryptocurrency. Banks are working on their own coins that are pegged against the fiat currency so that citizens can use them daily.
Globally, nations have already adopted digital payments, card payments that are called digital money, but they are not digital, as you can get cash in your hand if you have funds in your bank account.
Society is going through a digital currency revolution, where no one wants to miss the cryptocurrency bus. The currency digital payment system is controlled by a central authority and this can be down or interrupted by hacking or technical failure, but cryptocurrency payment cannot be down. Take the case of Bitcoin, in the last 13 years, it was never down or hacked because it is based on a decentralized platform.
Using cryptocurrency is very simple, a user can pay in crypto to another user without any central authority looking at your transactions. It is a very secure way to transfer funds and upholds the users’ privacy.
Imagine, you are traveling far from your homeland and you see the bank server down, you see your wallet is misplaced, cryptocurrency can come to your rescue, as the payment can be made 24X7 from any part of the world. Only you need a mobile phone, laptop, desktop, tablet with an internet connection to access your crypto wallet.
In addition to this, you can use your cryptocurrency to borrow, earn interest and do many other things that even banks are not able to do.
From this perspective, the day is not far off when the world is moving toward a place where you will not need hard cash for meeting your daily needs. The result will be financial freedom, no matter where you are.
Though, it may take some time as there are various challenges to overcome. Governments across the world are eyeing to control cryptocurrency, but the crypto community is doing everything to be independent.
Many crypto projects are working with governments to implement their project for the betterment of society at large.
Jagdish Kumar
Klever Writer
Follow me on twitter.com/TokenBharat
