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

[jaberwock]

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 is obvious that bitcoin is the future, but it is not obvious that we would move to that, I understand that finance has changed shape a lot, from times where people used coins like gold and silver, to points where people used banks where they store their coins and used papers that proved they owned money, to point where they had banknotes that we carry today simply saying the same thing even if their coins were not there anymore, and now to a point where cards are playing the biggest role, we do not exchange money too much from hand to hand, it is mainly digitally moved around.

All of these makes bitcoin a logical contender to be the next "money" that people use, I get that. However as long as nations do not take it as legal tender all around the world, it can't be at that level and I do not think that it will ever be in that level in the long run neither.

[oHnK]

All of these makes bitcoin a logical contender to be the next "money" that people use, I get that. However as long as nations do not take it as legal tender all around the world, it can't be at that level and I do not think that it will ever be in that level in the long run neither.

however the development of Bitcoin, we cannot ignore that it is impossible for all countries to agree with the existence of Bitcoin that can threaten the systems and regulations they have led.  Their egotism will be maintained because of the threat caused by crypto.  That's a cliché excuse that the central bank uses to create its own CBDC

[TheUltraElite]

It can replace fiat but right now, it seems impossible to do so because there's some things that needs to fill up when we want to remove something old, we will definitely be having problem when we abruptly remove the foundations of our economy.

You cant just expect every human being in this world to have access to internet, electricity and a smartphone every second - because that is the necessary ingredients to run a wallet and use it to pay using cryptocurrency. That is where physical currency is used more - in the rural areas and less developed countries. The contrary is also not true - majority of the developed countries are trying to regulate a system to allow cryptocurrency but most of them have not been able to use it.

In either cases, fiat is the only failsafe, however bad that might sound to anybody, it is the truth for now.

Also, digital currency and bitcoin are not the same. Digital version of fiat needs similar ingredients to run but it is essentially fiat.

What some users have been saying about the pandemic, they are wrong - it is digital currency that took flight not bitcoin. Bitcoin adoption remained where it has been. This is logical too, since in the time of a crisis, you would want to use the more liquid version than the rarely used version depending on where you live.

[Chathusand]

The majority of cryptocurrencies employ blockchain technology, which allows all network transactions to be tracked point-to-point in a transparent and open network structure. Although cryptocurrency is a new sector with diverse regulatory policies in different nations and regions, it is unavoidable that the industry will eventually move toward compliance and licensing. In the future, cryptocurrency will surely become an integral part of the financial sector.

[ziyaaa]

It feels really different already now. We are using cryptocurrencies as alternatives for fiat currencies. And in the future, there will be no fiat currency also. Because countries are making their digital currencies which will be stable, not volatile. For now, most of them are in the research phase. Because governments want to make sure whether it will for the benefit of them. But sooner or later, they will have to let fiat currencies go as they will lost their values a great deal.

[lixer]

You cant just expect every human being in this world to have access to internet, electricity and a smartphone every second - because that is the necessary ingredients to run a wallet and use it to pay using cryptocurrency. That is where physical currency is used more - in the rural areas and less developed countries. The contrary is also not true - majority of the developed countries are trying to regulate a system to allow cryptocurrency but most of them have not been able to use it.

In either cases, fiat is the only failsafe, however bad that might sound to anybody, it is the truth for now.

Also, digital currency and bitcoin are not the same. Digital version of fiat needs similar ingredients to run but it is essentially fiat.

What some users have been saying about the pandemic, they are wrong - it is digital currency that took flight not bitcoin. Bitcoin adoption remained where it has been. This is logical too, since in the time of a crisis, you would want to use the more liquid version than the rarely used version depending on where you live.

I do understand that you may not be expecting everyone to have a phone and internet because it is not easy for underdeveloped nations to all have that, but that is not because they can't, it is because they are not given.

Let me tell you this way, the electricity we have in this world is good enough to cover everyone's needs, I mean "needs", but some spend more than they should, and solar panels and wind turbines are expensive to built but there are so many rich people and rich nations that we could build enough to cover 10x more than what we are spending right now, but it is not "profitable" so some people are left without electricity since they won't be profitable to pay for it.

Secondly we also have enough food to feed everyone, but we don't, some starve to death, does that make sense? Of course not, we let people starve to death because it is not profitable. One day, crypto will stop that and make it profitable to bring all of that to those who are underdeveloped because they will have cryptos, and that is when the playing field will level in every part of the world.

[Trouvaille]

Cryptocurrency will not replace the traditional legal currency, it will integrate blockchain technology into it, bringing more convenience and benefits to people.
The current trend of the global economy is digitization, and with the development of technology, the traditional financial system will also transform to digitization. Cryptocurrency will be used by more people in the future, and it will have better room for development.

[Abiky]

You cant just expect every human being in this world to have access to internet, electricity and a smartphone every second - because that is the necessary ingredients to run a wallet and use it to pay using cryptocurrency. That is where physical currency is used more - in the rural areas and less developed countries. The contrary is also not true - majority of the developed countries are trying to regulate a system to allow cryptocurrency but most of them have not been able to use it.

In either cases, fiat is the only failsafe, however bad that might sound to anybody, it is the truth for now.

Also, digital currency and bitcoin are not the same. Digital version of fiat needs similar ingredients to run but it is essentially fiat.

What some users have been saying about the pandemic, they are wrong - it is digital currency that took flight not bitcoin. Bitcoin adoption remained where it has been. This is logical too, since in the time of a crisis, you would want to use the more liquid version than the rarely used version depending on where you live.

There's nothing stopping governments from making Internet accessible to anyone. All they need is the required infrastructure to make it happen. Once everyone is connected, digital payments will become the norm. Paper money will be no more as we advance into a cashless society. Like it or not, crypto is the future of finance in a New World Order. There will be various digital Fiat currencies backed by the principles of crypto/Blockchain tech. Banks and governments will become more powerful as people's transactions will be highly visible through a centralized digital ledger. This will mark the end of an era for privacy in Fiat. Fortunately, decentralized cryptocurrencies will be there to save the day. One thing for sure is that COVID-19 has only accelerated the adoption of digital payments. So it should only be a matter of time before traditional Fiat (paper money) is phased out for good. Just my thoughts

[wiss19]

Cryptocurrency will not replace the traditional legal currency, it will integrate blockchain technology into it, bringing more convenience and benefits to people.
The current trend of the global economy is digitization, and with the development of technology, the traditional financial system will also transform to digitization. Cryptocurrency will be used by more people in the future, and it will have better room for development.

Most chances are It's never been going to change because we can't remove physical money from the world to be very honestly, an economy without central authority can be a double-edged sword because governments not able to eat out in form of inflation and useless spending's.
 
Going totally cashless and living on just digital wallets will take a very long time to happen because it's need some serious work for setting many issues regarding transactions fees and system errors which encourage peoples to use this.

[BITCOIN4X]

Going totally cashless and living on just digital wallets will take a very long time to happen because it's need some serious work for setting many issues regarding transactions fees and system errors which encourage peoples to use this.

If this technology is able to survive for the next 30-50 years, then the next generation will get used to all-digital payments. You can imagine how the development of the fiat payment system from previously not digital to digital can even be used anytime via your mobile phone now. Payment systems with bitcoin will also be more established in the next 10 to 30 years so that the next generation will use them more. For now, some people in several countries that legalize bitcoin as a mean of payment can already pay for coffee with bitcoin via the lightning network. That technology will help small transactions with lightning speed.

[verita1]

Bitcoin and cryptocurrencies are replacing a percentage of the financial activities that we used to use in banks.
Little by little we are limiting the banks to only pay our bills.

In the short, medium and long term investment plan we are making use of cryptocurrencies, as well as borrowing and lending.

We are exploring all areas of finance thanks to bitcoin and blockchain. But it is only the beginning, there is still a lot to do, the world needs to be informed of all the benefits that the crypto space offers.

[Levero]

With the development of the digital economy trend, many countries have begun to develop their own digital currencies and digitize legal currencies.

Although cryptocurrency has brought many benefits and benefits to human life, and it also gives people real freedom, there are still some countries that oppose cryptocurrency and prohibit the use of cryptocurrency. It will not replace the original legal tender as the world currency.

[iv4n]

Bitcoin and cryptocurrencies are replacing a percentage of the financial activities that we used to use in banks.
Little by little we are limiting the banks to only pay our bills.

In the short, medium and long term investment plan we are making use of cryptocurrencies, as well as borrowing and lending.

We are exploring all areas of finance thanks to bitcoin and blockchain. But it is only the beginning, there is still a lot to do, the world needs to be informed of all the benefits that the crypto space offers.

Exactly, little by little Bitcoin and crypto are taking a percentage from the banks! It's what some of us are writing here for a while! Some changes began with Bitcoin, adoption is not stoping and we see more people and companies are joining, I agree with you, there is still a lot to do,  there's a long road before full adoption! But I can imagine that crypto future, and I believe it will come one day, just a question of time in my opinion!

[19Nov16]

With the development of the digital economy trend, many countries have begun to develop their own digital currencies and digitize legal currencies.

Although cryptocurrency has brought many benefits and benefits to human life, and it also gives people real freedom, there are still some countries that oppose cryptocurrency and prohibit the use of cryptocurrency. It will not replace the original legal tender as the world currency.

Although cryptocurrencies are currently very popular but I believe that cryptocurrencies will never replace legal currency, the state will prohibit cryptocurrencies if many citizens actively use it, this is because the state must be able to control all transactions and finances so as not to disturb the national economy.

[tygeade]

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 know the possibility of totally eliminating the paper money and how good it is going to be. Paper money isn’t that bad, it is easy to use when it comes to some day to day spending. Cryptocurrency is also good in his own way, it is just up to you who is making use of it to decide which one is going to work for you at the moment. So, I don’t really see the need to eliminate one for another.

For some people cryptocurrency is hard for them to use, so they just prefer the normal paper money. Then for those of us who are tech geeks, we prefer to make use of cryptocurrency and other technologies that are meant for payment. Everyone should simply go for what works best for them.

[Wildwest]

I think it is time to follow the current development of the world of technology, all transactions can occur without having to face-to-face and when there is an emigrant like today then things that have never been imagined before we have to do and the community begins to adapt in the way that currently must be done, if later physical money is removed then I believe the crypto currency will take over, Although they can digitize fiet but I believe bitcoin is easier to use as a digital currency.

[Marcorey]

I don’t know the possibility of totally eliminating the paper money and how good it is going to be. Paper money isn’t that bad, it is easy to use when it comes to some day to day spending. Cryptocurrency is also good in his own way, it is just up to you who is making use of it to decide which one is going to work for you at the moment. So, I don’t really see the need to eliminate one for another.

For some people cryptocurrency is hard for them to use, so they just prefer the normal paper money. Then for those of us who are tech geeks, we prefer to make use of cryptocurrency and other technologies that are meant for payment. Everyone should simply go for what works best for them.

I agree with this view. It is impossible for cryptocurrency to replace legal currency, and the two of them may coexist and use.
In the digital economy trend, cryptocurrency brings many benefits to users, and many countries will gradually follow the trend to use digital currency.
But there are also many people who do not understand cryptocurrency. They believe that fiat currency is the safest currency protected by the government, and they are more accustomed to using fiat currency in their daily lives.

[Bombbi]

The financial economy is developing in the direction of digitalization. In the digital age, it must conform to the development of the times. The traditional economic method will be replaced by the digital economic system. At present, some countries have legalized Bitcoin and many other countries are studying and developing their own digital currencies. Cryptocurrency brings many benefits to economic development, and it is also a currency with great development potential in the future.

[Lubang Bawah]

I believe that cryptocurrencies are not a plan from the new world order, cryptocurrencies are decentralized so they cannot be controlled, the one world one currency system is certainly different from the concept of cryptocurrencies which currently have reached more than 12k although it will decrease due to competition.

[FulxilCoris]

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

The global financial system will change, but the changes will come gradually and in a more evolutionary way, rather than creating a “financial revolution” that destroys traditional banking and finance. Honestly. that said, I have never considered fiat to be phased out since the beginning, its goal is to bring convenience in almost all aspects of financial transactions. When it comes to cryptocurrencies and fiat, I think these two factors will coexist and support each other in the future. we shouldn't just think about cryptocurrencies that will replace fiat but why not develop together