Cryptocurrency: The Future of Finance in a New World Order?

[Baihaki Khaizan]

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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[amishmanish]

It is not so much about replacing the physically currency but about the regulators and banks world over realizing that the people's movement of their right to have Bitcoin isn't going anywhere.

They cannot just make open source software illegal on a legislative whim. A gradual consensus is emerging within Civil society aided by certain rich individuals (Jack, Elon) that the Govt does not get to have a monopoly on currency. Over the course of development of money, governments have been the de-facto power. Nobody questioned it. Any attempts to change the system were met with retribution because those were started by people or groups. Now, here we have an alternative to money which the government cannot morally and ethically call wrong.

It is open source and people are choosing to use it. Just the way that people choose democracy and give all the power to chosen representative. Power flows from the people and thats what bitcoin has enabled in terms of Socio-economic power.

[dupee419]

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.

It may be strange when we think of it now, getting used to the traditional way, money on our pockets, wallets, going to banks to make transactions, but because of the pandemic, even those people who are not familiar with digital banks and cryptocurrency would be convinced to make transactions and receive money digitally, because we have no choice, therefore it is slowly becoming a norm in our society (well, at least in my country). I do believe in a future wherein we'll hold our money not physically, but digitally, through our smartphones/digital wallets.

[davis196]

OP,you sound way too dramatic.
The global financial system will change,but the changes will come slowly and in a more evolutionary way,rather than creating a "financial revolution" that will destroy traditional banking and finance.
The pandemic changed the financial landscape a little bit,but there's nothing groundbreaking.
The fiat system will continue to exist in the future decades.CBDCs might become a thing or they might be a failure.Nobody knows what will happen.
Cashless society will become the norm after several decades.

[Wexnident]

It is strange, but real. Money will be removed and replaced with a digital currency system.

It's not strange really, what's stranger is why it wasn't even implemented till now. And no, even if physical money did get removed, it doesn't necessarily mean that crypto would be the one to replace it, rather, they'd just digitize fiat obviously. I'd honestly never considered fiat being removed since originally, its goal was to bring convenience in most aspects of financial transactions. Now if the government actually spent the time improving the systems to accommodate the number of transactions done daily, then it'd probably be much more convenient than what it is now. As long as people don't see the convenience of how to use Bitcoin, I really doubt it'd fully replace fiat.

[Obito]

I don't know about new world order but I don't think that if it ever happens, we will ever live to see the day because afaik, NWO meant a total reset or start back to square one and it's going to be a difficult one because each generation is much weaker and dumber than the previous one. Also, I don't think that in an NWO scenario, we will see a value out of cryptocurrency, probably what we're going to see is more focus on practical stuff like food, water, shelter and weapons.

[michellee]

Whether the government wants it or not, they need to follow the new era and change many things, including transforming their fiat money into digital money. Besides that, the government can not depend on the raw material from the paper because that is limited sources that someday will go.

For the government, the presence of cryptocurrency is a threat because they can not control the circulation of money that occurs. But for people, that will be a chance to making money and convert it into their fiat money and that can be their next new source of income.

It is not strange because the world is growing to go to the future, a better future. And the better future will not happen if all things inside the world are not changing. Maybe there will be a big change in the next years or 5 years later.

[Baihaki Khaizan]

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.

If you look at the current conditions, it seems impossible if physical money is replaced with digital money. But nothing is impossible for the future. However, if this is taken into account the current conditions, I don't think it will be effective considering that many older people do not understand technology, and this is difficult.

the transition to the use of currency will definitely occur because life is dynamic, technology is growing, but this progress does not necessarily reach all human beings in this world, such as countries that are not fully supported by internet facilities, this is very difficult for them.

[Ucy]

I doubt true cryptocurrency as we know it will only exist in digital form.   When that time comes, you can print your crypto keys on a physical paper for example and still use that like we use physical money today. So, true crypto would solve the problems that results from the elimination of physical money. Besides, there are other physical things that can be used if currencies go fully virtual/digital.
You need to have different options so we can have physical money to use when a global tyrant tightens control on money

[nightxglow]

Yes, actually i guess many people are anticipating it already, the world without any fiat, the world that digital money will replace the traditional financial system and now that we see the development of technology, the modernization and globalization, I guess that thing will happen. Not soon though, it will take a long time, since even now there are still many places without internet, which make it impossible for digital money to dominate the world. However, cryptocurrency or the digital money will have a lot of advantages, and disadvantages too, but since the world always changes, so it's something inevitable.

[YOSHIE]

Money will be removed and replaced with a digital currency system.

Do you think fiat money can be erased and vice versa, and how to exchange digital currency / cryoto if that happens, think logically, fantasize is not good.

So the question for the OP, so far crypto/digital currency, has it ever had its own value like fiat money, yes or no, isn't crypto exchange rates adjusted to fiat currencies, such as: dollars etc, in each country.
• Isn't crypto/digital currency, only used by certain people, grandparents, young children, do they already know digital money and have you ever given them digital money, haven't you given them fiat money all this time.
• who created cryptocurrencies like Bitcoin, Ethereum, etc., did the government ever create them, as far as I know crypto was created by: individuals or companies.
And what about other countries that are against crypto.

Think logically, don't like to fantasize, it never happens, even if there is a superpower that makes money rules abolished and replaced with digital money, I'm sure there will be a great war in this world, but it won't happen.

[Timelord2067]

Money will be removed and replaced with a digital currency system.

I don't feel in the short term that will be the case at all.  With the price of bitcoin on the rise (some say to one million dollars per 1.0 BTC) I believe bitcoin will shift away from being used for Pizza, coffee or tipping online and shift into the commercial sector where it will be used for shifting large amounts of fiat from one platform (bank, merchant, employer etc) to another securely.

Alt coins with non-existent transaction fees (even Lightning network) will in time replace fiat for day to day purchases.

[palle11]

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.

I think covid-19 changed certain things,yes. But IMO too what I think is that this is the highest it can do which is getting countries and banks to start developing their own digital currency and that is the new wave now. This is good for the financial services as alternative been provided but fiat won't disappear as we think. It is traditional for all countries to run on fiat because of certain ways of minor transactions. So fiat can handle more traditional services while CBDC can best be appreciated in the digital marketing and exchanges.

[Timelord2067]

And then a big storm that destroyed the electrical grid of many countries struck, overnight we will see a country go into a total financial collapse if that happens, a world without fiat is close to impossible with our current technology because it's so primitive, we are too advanced in terms of war machines but to further our civilization, we can compare it to the invention of fire.

There are plenty of power backup solutions on the market already, not to mention places like data storage facilities provide uninterrupted power supply as do telecommunications facilities.

Companies such as Goal Zero offer power capture (solar panels) and battery storage for end users to be powered up on the go in all situations from hiking and camping through out in the field data collection and the like, so it's a little bit of a stretch to suggest a global power failure is going to occur much less a collapse of the crypto sphere with it.

[mu_enrico]

AFAIK NWO needs not only one currency but also a complete control over it (NWO is a totalitarian regime). Thus, POW crypto such as Bitcoin won't be suitable for them. Perhaps they can use a centralized token like USDT.

In reality, they won't be able to unify world currencies, because they need to at least unify US, EU, China, and Russia, which is more of a fantasy than a rational thought experiment.

[Reid]

Exactly.
There must be a change and it should be now.
We don't want anyone handing us over paper money, metal coins, or even plastic cards that had been passed from one person to another.
That's a culprit of virus and we can avoid that if we can transact with just the QR code or other options.
If there is a good time to do it, it is now. Financial establishments will be forced to do the same even if they don't want to.
Change is happening but the question is how fast will it be?

[sapnu]

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.

The New World Order wherein the world will be ruled by a single government only wherein a single currency is expected to be used is still just a theory. Although the current pandemic seems to make sense with regards to this plan whereas a certain country is already silently taking over the world but still, involvement of cryptocurrency is far from being possible with this plan. There are a lot of consideration that is needed to be seen first before we can jump into conclusion that we will one day experience having a single government and a single cryptocurrency.

[ChiBitCTy]

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.

I don't think I can fully agree with you here.  I do not believe that it is a "serious threat to the existence of conventional finance" at all. There will be people who will point out "DeFi", however that is mostly a joke and a scam at this point in time.  The financial industry overall is embracing this new technology and integrating it within their financial products, divisions, etc.

I am also not sure that digital cryptocurrency will replace the dollar, but I suppose we will see.

[el kaka22]

Why do people keep thinking that we are possessing a serious threat to financial world? I mean the existing financial world could very well continue without trouble for centuries if the only opponent is crypto.

Obviously there is a situation where super wealthy people are living life where they do not spend 1/10th of their money for anything, which means that we are talking about a world where rich have minimum 100x times more than what they need, most of them even more, and the humans are starving at the same time in the same world.

This can't continue forever and it will eventually change, nobody says bring in communism but at least lets save the people who are starving to death right? That is not too much to ask? You can't just say "let them starve to death" in any reason at all. Same goes for health, nobody should die because they couldn't pay for hospital, those things just do not make ANY sense at all. However none of these will change just because we have crypto, that is totally irrelevant.

[Sterbens]

If we look at it from two different perspectives, then in fact the existence of Bitcoin does not threaten conventional money. Because the creation of Bitcoin has proven to be a synchronization of technology in which there is a type of digital currency. This is not much different from a country that creates money when civilization uses gold as a transaction tool.

However, this existence was used as a boomerang and seemed to be a threat, until in the end the government was first worried about the issue and responded to it with the opposite reaction. Take a look at our thinking, actually, from an economic point of view, we don't mind this, and it's still safe with either fiat or Bitcoin and other cryptocurrencies.

And the point is, if conventional money is removed and replaced with digital money, what about the continuation of people outside who still use paper money as a transaction tool? should we force them? no
that's why the freedom of ownership here is the leader, we can't arbitrarily topple fiat money while the risks behind it don't make people even dislike crypto.

We don't need to impose threats on others, just show them that besides the paper money they hold and use every day, there are far better alternatives. Then gradually they will be moved and realize it themselves.