The idea that a country could disrupt or inhibit capable and established supply chains is not just a concern in today’s geopolitical and economic environment. But something that has been on the forefront of the minds of those who work in these industries for decades. If you are a newbie you want to know How do you get Bitcoins?
Blockchain and cryptocurrencies have been making headlines lately as those sectors adopt them more widely to provide benefits like cheaper transactions, lower risks for fraud and other misconduct, etc. Moreover, these technologies are changing financial transactions, so it’s not crazy to think they can also change currency battles worldwide. But is that a possibility?
The blockchain protocol is a distributed ledger based on public and private keys stored on various computers throughout the global network. This ledger stores each transaction verifiably, without information from the user that people can easily alter. The technology behind this has been around for quite some time, but it’s only in the past few years that we’ve seen more widespread use.
Due to low cost, security and other factors, more companies are looking to adopt this technology in their operations as quickly as possible. With currency being such an integral part of international trade and commerce, it stands to reason that a blockchain-based cryptocurrency would be an inevitable next step.
Possibility of cryptocurrencies becoming one world currency:
Yes, there is a gigantic possibility that cryptocurrencies like bitcoin can be adopted as a one-world currency. The benefits of an open and transparent, decentralized system are fascinating. A few other cryptocurrencies exist beyond bitcoin but only account for a tiny percentage of the overall market cap.
Bitcoin is generally considered the “gold standard” of cryptocurrency markets right now because of the market cap and the fact that it has been around far longer than the others. The value behind this technology is so overwhelmingly positive for everyone involved that there will be no stopping cryptocurrencies from becoming one world currency.
Benefits of cryptocurrencies becoming a one world currency:
The reasons that cryptocurrencies could be adopted as a one-world currency are far too numerous to list in just one article, but there are a few solid arguments to be made. First, with an open and decentralized system, there would be no threat of another country or the finance government manipulating the system. Additionally, there would be no or very little need for banks or other financial institutions to exist in some areas of the world.
It will accelerate the development of new technologies and products rather than having these take years to develop and prove effective. Additionally, the transparency behind cryptocurrency transactions is unlike any other service on the market.
There is no possibility of fraud or other forms of misconduct using this technology, which means taxes will also likely go down substantially. So it won’t just be the citizens of any country that benefit from a cryptocurrency as a world currency, but everybody on the planet.
Cryptocurrencies are free from any borders:
Decentralization is the real prospect of accounting for cryptocurrency as one world currency. However, for this to happen first, the value of cryptocurrency would have to remain solid and steady. The volatility behind bitcoin has made it difficult for many people to use it as a currency, but that may change as governments begin to regulate and support it.
It’s entirely possible that the value of crypto could stabilize in the future because of more widespread adoption. Still, nothing about cryptocurrencies makes them inherently unstable for usage as a world currency. Another factor is the speed of global transactions, as it should take mere seconds for transactions to occur on any blockchain-based system.
Cryptocurrencies Support Deflation:
The fact that cryptocurrencies are decentralized and free from any borders leads to the ideal outcome of deflation. The more money that goes into these systems the higher the value, but more money is accessible through this currency. Since cryptocurrency is such a technology of liberation, it makes sense that there would also be a high amount of usage. Unfortunately, with too much money going into the market, demand will soon outstrip supply, which means inflation will set in.
Intelligent contracts will revolutionize the means of exchange:
Smart contracts are an inspiring innovation that will likely be the driving force behind cryptocurrencies becoming a world currency. The means of exchange are much different than today and, in many cases, will revolutionize the way we conduct business and conduct transactions.
Smart contracts will be able to adjust individually with highly sophisticated software, allowing for the ability to automate business processes on the blockchain. In addition, there will be large-scale implementations of innovative contract technology for governments, thus making their transactions all but automatic.