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

[Shenzou]

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.

Yeah it is true that the constant technological advancement forces the world to change and adapt and just like physically money came to replace gold, there will be a point where the world will no longer use physical money and instead move towards fully digital and in fact we are already seeing it with credit cards paypal and other payment systems, but the problem that we are facing right now is the integrity of the money that is in our bank and the integrity of how government deal with it, moving a way from fiat where they can only print a certain amount of it to digital where they are able to manipulate it as they want, that is where cryptocurrency and blockchain should take place.

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[LUCKMCFLY]

The trend towards the global economy is going digital, when talking about the "New World Order" I think it is something delicate and that it encompasses "Everything". Of course, the "economic" is a fundamental part for the domination of the masses.

Since 2009, innovation to a technology and economy was born, I think it was one of the things that the Elite let slip, of course that everything that implies leaving a "System" controlled by governments and banks represents being the natural enemy, in this The system is not convenient for people to achieve Financial Freedom, governments and banks are fascinated by "debt", in fact, they live on that, that is why control has gradually gone away, and there will come a time when they will not be able to fight against it, some countries are already adopting BTC, banks too, JP Morgan is offering to interact with BTC even though they don't like it, but they understand that the trend is going in that direction.

[teosanru]

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 things would change a lot only with physical money being removed and a digital currency system being implemented. The actual problem lies in the centralized nature of the traditional money where every central bank controls the money in their own country, Now to be very honest, an Economy without a central authority can be a double-edged sword to some extent. Firstly obviously, these governments won't be able to eat up our money in form of inflation and useless spending but at the same time it carries a threat that some large whales could create cartels in the economy and might act against the interest of retail consumers and we won't even have a central power to complain this thing. So it's really hard to imagine such a concept.

[just_Alice]

I think we’re far from that point, for now, and there isn’t even a certain answer whether a full replacement would actually be for good, the are many pitfalls here.

I agree that the pandemic has, indeed, served as a catalyst, and we’ve been hearing a lot of news of different global companies adopting Bitcoin, and some of the governments also try to regulate things to make it legal. However, if you count all the countries and establishments that are fond of cryptocurrencies- that would still be a tiny percentage of all. It may take decades for things to change and, keep in mind, that there’s also a highly motivated army of haters, who will serve as obstacles in this course.

[ultrloa]

They just think about the fiat will be eliminated once the digital currency will be implemented on some countries financial system. Digital transaction is not new actually we already have banking system which offer digital transfer everywhere so there's no way that fiat will go since for sure if crypto will bring a big threat to the fiat system of the country for sure we can see a strict regulation regarding  or worse we will see it prohibited on each country.

[KennyR]

Cryptocurrency usage is much connected with the monetary system and this makes the blockchain technology loss it's importance. It isn't known to people that blockchain technology can be used on anything to get effective outcome. Myself expect the change to happen in all forms and not only on the financial system.

[TheUltraElite]

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.

Snowball effect? I would never use that term in the context of bitcoin. Snowballing is preferred more towards MLM/HYIP scams and bitcoin was suspected as one several years back, though that argument has been countered several times.

Although it might seem to compete with fiat, but this is also wrong. The impact of bitcoin did not come in to effect in several years after after its inception. It is currently that we are watching some countries allow it.

The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era.

This is also wrong. The concept of digitization of money and its services happened a long time back and they have been developing on that for a long period of time. But it never really made its appeal to the public because for them physical spending was better in many aspects. The point is that the pandemic forced people to use it more and therefore some banks had to start using some digital service providers more than others.

In fact the pandemic has forced people to stop over-consumption because of rising prices and lack of resources. On the other hand acceptance of bitcoin in countries where it has already been a grey area, did not change much. So the correlation you are talking about does not exist.

[Cindella]

Everyone often has a long process of accepting new things and new technologies. Not everyone is a brave person who is brave to innovate.
Blockchain as a new technology that has emerged, has not been accepted by everyone. Cryptocurrency is gradually integrating and changing everyone's life, and it cannot replace the traditional financial digital currency system.

[sunsilk]

In some advanced and first & second-world countries, they can be in a full digitalized society that can be implement cashless. But having that said, it cannot be applied entirely with every country.

There's still a lot of people that are not fond of technology and governments that are seeing bitcoin as a threat. They're not looking at it as a threat to replace fiat but because they cannot see how they're going to benefit from it while their citizens are earning from it but not taxable. It's mostly being used as a store of value.

[Distinctin]

Everyone often has a long proocess of accepting new things and new technologies. Not everyone is a brave person who is brave to innnovate.
Blockchain as a new technology that has emerged, has not been accepted by everyone. Cryptocurrenc y is gradually integrating and changing everyone's life, and it cannot replace the traditional financial digital currency system.

Cryptocurrency does not aim to replace the traditional financial system but rather integrate in it the concept of blockchain technology that will add more  convenience on the side of the people utilizing it.

For now, its hard to imagine that we will live in cryptocurrency and just leave those physical money. People are already used to it. And if new changes will come, for sure it will not happen in an abrupt way but slowly so that the people will be used to it and become a norm in the next years to come.

[traderethereum]

Everyone often has a long process of accepting new things and new technologies. Not everyone is a brave person who is brave to innovate.
Blockchain as a new technology that has emerged, has not been accepted by everyone. Cryptocurrency is gradually integrating and changing everyone's life, and it cannot replace the traditional financial digital currency system.

It needs more time to introduce blockchain as new technology and crypto to be the new source of income for people.
People need to open their eyes that in the digital era, everything will change and not all traditional can work or continue to help them make money.
Besides that, people need to realize that traditional financial will replace the digital system, which began a few years ago.
If they do not want to accept a new thing, they will not adapt to the new system and I am not sure if they can survive.
But let see what will happen in the future.

[Sirait]

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.

paper money will surely be replaced by digital money and crypto but it takes a long time and also adjustments. we are heading in that direction and banks have to adapt to the changing trend, if they don't adopt cryptocurrency then their business will lag far behind.

[AicecreaME]

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.

This pandemic indeed urged everyone to adjust to the unforeseen impact of the covid-19 virus outbreak. A lot of people are forced to used digital modes of payment for their transactions because of the safety protocols imposed by the government. Most services and products offered most especially during the peak of the pandemic require a cashless method. People have to use their e-wallets or digital banks in order to pay for something. Contactless mode of transaction became a thing and is still continually used until today that safety measures have been slowly lifted.

While I agree with what you have in mind, I still think that we are still far from switching to a total cashless world. Fiat has been existing since time immemorial. It wouldn't be that fact to wipe it out and replace it with digital currencies. I think years from now, the digital currencies and fiat will continue to coexist in harmony like what it is today at the present. Going totally cashless and being digital/e-wallet inclined will take a long time to happen but certainly not impossible. But before this, they must first address all the issues and concerns existing by using digital payment (processing time, transaction fee, system errors, floating fund, etc) so that people will be encouraged to use it more in the future.

[cryptoperkele]

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.

It's not about physical vs digital currency. Fiat money is mostly on digital form already, it however isn't so easily transferable as decentralized cryptos because it runs on centralised bank ledgers. In order to decentralised currencies to become threat to current system, they would need to be accepted widely as possible, even more widely then any fiat money and i can't see that happening any time soon. Fiat pairs is the reason why regulators are even interested in this. Or why they can and should interfere.

In fact physical currency is way more untraceable then most digital currencies so i wonder why people want to get rid of it so eagerly.

[palle11]

Even the government has issued digital money with CBGC
The advantage is in crypto, but as time goes by, I believe society will surely accept the existence of crypto.

It is about time factor that we see cryptocreency adoption in developed countries and that will be the real advantage to cryptocreency. CBDC is the effect of government fighting cryptocreency.  Cryptocreency opened government into such invention that is existing and those government fighting cryptocreency are those ones who are in a haste to develop their own digital currency like China, they want to protect the yuan. Countries like China have been in the front to kick against bitcoin, mining and cryptocreency and we can't be surprised if they introduce CBDC.

[goldade]

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.

As much as I believe this will happen eventually, I do not believe it will happen any time soon. The move towards the digital age did not start with bitcoin, it has been with every industry and such move didn't happen over the course of a night. It took years.
Now, the financial world is going digitally and this means that eventually, bitcoin and cryptocurrencies at large will receive the conventional fiat system but trust me, this will take time. There are still many measures to be put in place before we can achieve this. I am talking about 50 to 100 years to come.

[Ucy]

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.

It's not about physical vs digital currency. Fiat money is mostly on digital form already, it however isn't so easily transferable as digital because it runs on centralised bank ledgers. In order to decentralised currencies to become threat to current system, they would need to be accepted widely as possible, even more widely then any fiat money and i can't see that happening any time soon. Fiat pairs is the reason why regulators are even interested in this. Or why they can and should interfere.

In fact physical currency is way more untraceable then most digital currencies so i wonder why people want to get rid of it so eagerly.

It's likely they haven't really look into the disadvantages or don't understand the implications. .. Maybe they are more focused on the advantages or don't even know that it has really serious disadvantages.
If the physical one is eliminated it's going to be way too risky to use money because centralized (and virtual) currency would be preferred by tyrannical government. Such government will likely not be confortable with well decentralized currency system. Besides, a well decentralized cryptocurrency would allow users print their "coins" on physical things and use them like physical money.

[Timelord2067]

I don't know if I am going to trust those emergency stuff and renewable stuff in the market, we've been selling those thing for a really long time already and it seems that they can't perfect this stuff so I wouldn't rely on them even if they say that they can do what they're saying. Of course it's a stretch that a global power failure can happen but what about a nationwide scale, that's more likely to happen.

You could have sectional power failures such as the US East Coast - or Southern States after a decent hurricane.  (Same goes with the Gulf States - think Haiti etc).

The thing I like about the Goal Zero products is unlike other solar power collectors (panels and batteries) *everything* has plugs - be it 6V or 240AC/110DC and various USB types of plugs enabling the end user to plug everything in thanks to the connectivity (plus power feed through i.e. recharge a battery while a cell phone is also plugged into the power pack battery).

Other solar panels struggle with loose wires, or non-standard power plugs or connectors.


That said, a UPS is the way to go to ensure your PC / work station shuts down effectively during a sudden power loss enabling you to back-up data before shutting down.

[Irenerty]

With the development of cryptocurrency, many countries have appeared their own digital currency, which has changed the world of the traditional financial system.

But the complete digitization of cryptocurrency is not fully applicable to every country. Cryptocurrency will not replace the traditional financial system, and blockchain can be introduced as a new technology and encryption technology.

[FairUser]

That's what we're expecting from crypto, I'm not sure if it can happen or work in a way that will make life simpler in the future. Buy and keep it all for our children and grandchildren and I think they will be very proud of what their predecessors did.