Welcome to my blog and another wonderful edition of the Hive Learner's featured post. The flow of money continues to evolve from one form to another to show you that the economy of the world is doing everything that it can to thrive and not crash. At first down here we did something called trade by barter (trading an item for another item), then we moved to an era where we used cowries as a means of payment for the things that we needed, then we moved to the use of coins and paper money, and now we have moved to an era where digital money (cryptocurrency) exists. Who would have thought an era where we could make purchases with money we could not feel or touch would ever come?
The existence of cryptocurrency brought about decentralization and centralization, where decentralization (cryptocurrency) has to do with the transfer of funds with no interference or the need for permission from a third party, while centralized banking requires the permission of a third party before we actually have access to funds. In decentralization there is no central authority, while in centralization there is the existence of a central authority that controls every operation. The government's policies oversee every operation that goes on in a centralized finance system.
Cryptocurrencies are digital currencies that operate off a decentralized system. Cryptocurrency gives us all access to our money when we want and with no questions asked, unlike our centralized banking systems that make one go through a process before they can access their funds, and if at any point in time they go against government policies, they can be denied access to their funds for a very long time.
Thriving and surviving is a common trait in humans; we have always made a way even where there seems to be no way. Humans can go the extra mile just to get what they want; lately, cryptocurrency has become the talk of the town and is bridging the gap of finance. Every country has their own legal tender, which has made trading and exchange between countries difficult, as doing so requires one to convert one country's currency to another before any transaction or trade can be carried out, which makes trading between countries very stressful, but cryptocurrency, on the other hand, is like a bridge between all of this.
Trading with cryptocurrency can help eliminate the stress of having to convert from one country's currency to another, as all they need to do is pay using cryptocurrency, which costs lower transaction fees and is even faster than having to wait for the transaction process of a centralized banking system, but will having the world's economy operate completely on cryptocurrency and cryptocurrency alone do the world's economy any good, or will it cripple it?
Having an only crypto world will definitely be chaotic; we have people that, despite how much cryptocurrency has eaten deep into our world, have never used or traded cryptocurrency and don't see themselves ever doing that. In an only crypto world and economy, what can we do with people like that? We will see them fight for the return of paper money and a centralized banking system because they do not want to evolve to using digital currencies because of how they feel about it and for reasons best known to them.
There will also be benefits to having an only crypto world; transactions will be faster, decentralized, and transparent such that we see what our taxes are used for and what government funds are used for as well; that way we can easily call out our leaders if we find them using our taxes for the wrong things and with evidence to back up our stands unlike what we have right now. Having an only crypto world will definitely come with pros and cons; we just have to be willing to break the risk to enjoy the pros that come with an only crypto world.
