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The Role of Cryptocurrency in an Increasingly Globalized World

Robert Dimuro

Posted on January 17, 2021 22:16

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As part of the New World Order, the elimination of fiat currency is imminent.

For better or worse, the world is becoming more interconnected in ways that we could never have imagined 30 years ago. This has been made possible with the creation of the World Wide Web that ushered in the age of the internet. The hard physical and political lines that have separated nations and empires in years past are dissolving culturally, economically, and even militarily. Rather than the individual might of military superpowers, intergovernmental associations and multinational corporations are taking over in shaping how our world is managed and governed.

One ever-growing need in this New World Order is a decentralized and efficient monetary system that can’t be manipulated by any one government or organization. The obvious way forward in addressing this need is the adoption of a global currency. Since the inception of Bitcoin in 2009, over 3 billion transactions have been settled using altcoins. This is an incredible achievement in such a short amount of time, especially considering that most of the world’s population knows little about cryptocurrency. As such, this is the golden age for investing in altcoins since the adoption of cryptocurrency is still in its infancy.

To get a sense of how innovative the digital blockchain is in comparison to the traditional consumer banking industry, here are some key comparisons:

Bitcoin transactions are typically settled within 15 - 60 minutes whereas payments and transfers executed through the bank can take days to process, especially those taking place across national borders.

The blockchain is open 24/7, 365 days per year, whereas banks close at night, on the weekends, and on holidays.

The blockchain is nearly impossible to hack, as transaction information is stored on many independent servers. Traditional bank account information is only as secure as is the bank’s server holding the account.

The blockchain is less restrictive than traditional banks, as KYC (Know Your Customer) requirements are unnecessary for access, transactions can’t be arbitrarily declined, and funds are much more difficult for governments to track and seize.

  • Altcoins can easily be made available to impoverished citizens in developing countries that don’t have access to the traditional banking system and transact mainly in cash.

As the prospects of a decentralized, global currency system become more and more promising, other altcoins are already competing with one another to address some of the shortcomings of transacting in Bitcoin, which are its limited supply, the difficulty and cost of mining it, and its relatively slow processing times.

XRP is one example of a cryptocurrency that can potentially usurp Bitcoin, as it has the ability to settle cross-border transactions in mere seconds. If altcoins, such as XRP, can deliver better use-values than Bitcoin, then Bitcoin will transition into becoming more of a digital commodity than a functional currency. 

In any case, the individual success of one altcoin over another isn't what matters. The big picture here is that the success of the entire crypto market is not only inevitable but also imminent.

Robert Dimuro

Posted on January 17, 2021 22:16

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Source: TechRadar

Surge in Bitcoin price has seen the crypto market capitalization reach a major new milestone.

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