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I think in the next few years there will be many countries that will adopt the El Salvador way of giving space to make bitcoin a legal medium of exchange.
although currently the debate continues, the effects of the development of cryptocurrencies continue to grow.
like an article I've read, which states;
2019, Libra – the digital currency created by Facebook-, received official recognition from the US Congress, although there is still debate as to how far digital currency can play in Uncle Sam's financial system. In early 2020, the congress proposed discussing cryptocurrency legislation after Covid 19 devastated the world economy. The road is getting open.
China has been secretly developing a digital currency system, the digital yuan, since 2014 before officially entering the trial phase at the end of 2016. A year later, the Chinese communist government formed a special research agency to develop a digital currency system. In 2019, China introduced a law called the National Cryptography Law. Undeniably, Beijing has carefully prepared the digital currency grand stage.
Not to be outdone by America and China, Russia finally made a breakthrough as well. In 2017, Vladimir Putin announced a project to develop Crypto Ruble, a version of a digital currency that is tightly controlled by the government via a blockchain system. According to forecasts, 2021 will be the year in which the first official law of the Russian government, which regulates the digital currency system, will be issued.
In fact, even a country like Iran is currently developing a digital currency legal system and is cooperating with Russia and Armenia. 2018, Crypto Real trial program did well. In 2019, the Central Bank of Iran officially launched the initial draft of a digital currency law, an attempt that many saw as serious evidence of the desert country's government's intention to enter the cryptocurrency era.
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The COVID-19 coronavirus pandemic has also made currency exchange rates in all countries volatile. In addition, the pandemic has also disrupted global financial market conditions.
Then what about crypto currency or bitcoin?
Bitcoin is the most popular crypto asset. Until the middle of this year, the price of bitcoin was recorded to increase.
When viewed from March 2020, the price of bitcoin has skyrocketed to more than double.
Bitcoin has proven to be a safe haven asset. When the corona pandemic emerged until the middle of this year, the price actually increased. On the other hand, other investment products cannot withstand being exposed to COVID-19.
so in my opinion, bitcoin and altcoins will continue to grow and are increasingly popular with people around the world.
and cryptocurrencies are predicted to be the future of finance in the new world order after the COVID-19 pandemic ends.
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In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system. https://www.ithb.ac.id/en/article/Cryptocurrency:-Masa-Depan-Keuangan-Tatanan-Dunia-Baru--31 |
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I think banking will embrace and embrace digital currency. it's only a matter of time, indeed for banks the presence of cryptocurrencies is a scourge for them. but I'm sure after all the systems are studied and mastered by them, the crypto currency will become a new business field for the banking world.
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indeed all the best abilities from everyone must be released, motivating yourself, family and the environment is very necessary even though it is difficult because the covid 19 pandemic is destroying the order of human life.
Like Singapore, which will prepare its citizens to face COVID-19 as part of their daily lives. that way people will be able to work, travel and shop without quarantine. And something like this might be a good example of motivation for Singaporeans.
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Blockchain can replace traditional banking system surely and it must replace the old system also. Because Blockchain technology is a much better system than the one that we have been using for many years. It is much safer. It is harder to hack. And I believe that this will really happen also and Blockchain will start being used like this.
Banks are already working with some blockchain technology, XRP already partnered with the banks and I don’t think it can totally replace the banking system because its purpose is really different on how the banks works. Blockchain is good, but traditional banking system will stay because we still need them. I don't think we will see blockchain tech replacing the traditional banking system in our lifetime. Maybe, we will see it co-exist but not totally replacing the traditional system. Though blockchain tech will offer so much efficiency in their financial system, but it will take time for them to fully understand what it can do to their old system. Just be grateful that more and more companies are recognizing the benefits derived from utilizing blockchain tech, but it is too early to speculate that this tech will replace the traditional banking system. blockchain attempts to fill certain roles that traditional multi-layered payment systems cannot and lead to high costs incurred by the payment system itself. Blockchain seeks to bring people who are unbanked for various reasons into the financial ecosystem, using a hybrid approach. So along with the development of technology, traditional banking will also implement blockchain into its work system, because this will become a demand and a necessity. |
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In my opinion, from a technology perspective and ease of use, blockchain is the right place to replace the traditional banking system.
We see over the last decade, the payment system has transformed so rapidly. From real-time cross-border payments, to using blockchain and cryptocurrencies.
Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.
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we see a lot in various media, many countries prohibit the use of crypto currency in their country, for various reasons, such as money laundering, waste of electrical energy and others. Even though there are negative assumptions from several countries, I think it is very difficult to kill the hegemony of cryptocurrencies, because there are advantages to cryptocurrencies which at this time are also increasing demand. maybe even if there is a country that really wants to kill him, that is by cutting off the internet and electricity networks, and all humans return to ancient times.
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Entering 2021, cryptocurrencies are going crazy with new record highs, as shown by Bitcoin and Ethereum. Without a fundamental value, users create the 'supernatural' value of the digital currency, thus making it shine.
This high cryptocurrency price jump seemed to slap government officials, central banks and even world-class top economists who previously considered cryptocurrencies to be assets born out of and for speculation, and had no fundamental value in them.
Note that the determinants of the value of crypto assets are not the central bank or the country, but the community itself.
At this point, crypto assets have become hybrids of gold and fiat currency in the virtual (digital) realm. On the one hand, it is like gold, namely through the mining process from the side of its creation.
On the other hand, it is similar to paper currency which has no intrinsic value but becomes an investment asset. When Bitcoin users and friends determine that a crypto asset is going to be higher in value, the price goes up. And vice versa. If you are the type of investor who is aggressive and willing to take risks armed with speculation, then an asset like Bitcoin is very, very suitable.
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The COVID-19 pandemic is enough to disrupt the world economy, all sectors are affected, the government is always racking its brains to overcome this problem. prices of goods rose, while human incomes decreased due to layoffs because many factories had to close. Hopefully this pandemic will end soon, the economy will grow back to normal.
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Gratitude is the key to success. If you want to be successful and successful, you must be diligent in being grateful. Anytime, anywhere, and at any time. Don't wait for success before you are grateful. Be grateful then success will follow you. start something with good intentions, discipline, consistency, focus, thorough and thorough, then the results of our efforts will continue to increase over time.
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The COVID-19 pandemic has indeed made the world's economy chaotic, but every country's leaders and experts in the world continue to rack their brains so that the economy continues to grow. for me investing in cryptocurrencies is one way to restore the economy. Internet-based jobs are now safer to rebuild the economic foundation than conventional jobs where the space for movement is getting narrower due to the pandemic. We pray that COVID-19 passes quickly, and the world economy returns to health.
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Freedom of Financial Control: The Benchmark of Happiness?
Having a lot of money with the power to control it or create a list to spend it freely is everyone's dream of course.
This seems to be a measure of happiness for most people to give rise to new perceptions of happiness.
Indeed, happiness in the world, especially in this day and age, has shifted from its true meaning.
In fact, it is not true that happiness is measured by the amount of money that can be owned or the ability to manage everything related to finances.
Although, when you have the freedom to manage your finances, you will be able to do many things that will certainly bring happiness both big and small.
Financial freedom itself aims to give you the freedom to manage and decide all options in various matters relating to your finances.
There are many things that can be done when you have a lot of money that you are free to adjust according to your level of need.
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Some time ago there was bad news for crypto currencies coming from the United States (US). The US Treasury announced it would take steps to crack down on Bitcoin cs market and transactions. the reason is that Crypto already poses significant detection problems by facilitating widespread illegal activities including tax evasion. My assumption is that if cryptocurrencies continue to be used for crime, there will be a significant decline in the future.
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I get involved with Cryptocurrency because it's about speed as well as convenience. Cryptographic currency was deliberately created as a solution to the complexity of conventional banking and financial transactions. By using Cryptocurrencies, we can make transactions more quickly and practically.
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I think you are wasting too much time waiting for the best time that you think will come in 2024 and I don't really understand the reasons you give. now the price of bitcoin and altcoin in my opinion is relatively good and now is the time to jump in investing without having to wait for 2024. but even though it is your right, the decision is yours.
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In my opinion, you should invest in bitcoin and some of the top coins on the exchange, rather than dumping your assets into other coins that you don't find any reference about it yourself. if you start out using bitcoin and some other big coins then you are not too worried about the information, because the issue of bitcoin very quickly circulated widely.
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