The arrival of the global pandemic has confirmed the ideology which Satoshi Nakamoto released into the world when he mined and made payment in Bitcoins for the first time ever back in 2009. The rise of the global pandemic which has the world of high alert has proved how crucial it is to have adequate digital systems in place. Now with everything moving online from the day to day jobs which put food on the table to simpler things such as education, the need for money to go digital has also been realised. Although money is a traditional issue, the move to online has been long overdue with the recent advancement and new developments into modern technology. Everything is going digital and the finances are no exception.
In the beginning the central bankers refused and rejected the idea of making digital currency citing reasons that it would be open to compromise and that the elderly which cannot operate the new technology will be left behind which we just realised that it was just a reason to reject change. The world is changing and we have to accept and embrace change, the financial world is way to sensitive because of the potential volatility that it possesses.
One wrong decision with regard to the currency and the economy could see the whole ecosystem fall down to the ground like hot stone, this is evident in countries which faced quick and uncontrollable currency issues such as Brazil, Argentina, Zimbabwe, Lebanon and Nigeria amongst others, and also the sole reason why governments are hesitant in transforming the whole ecosystem and taking it online because who wants to have a currency crisis in their hands ?
However in recent turn of events countries and global superpowers such as China are considering digital currency. This is despite [China] banning Cryptocurrencies in the beginning which saw a major adoption of the cryptocurrencies in the black market in China. The same results occurred for Russia when they banned Cryptocurrencies which saw them sky rocket on the black market in Russia. "If you can't beat them, join them" hence China has announced that it is doing some tests for a digital currency partnering with some of the biggest names in the cryptocurrency industry. They[China] want their digital currency to be ready in time for the upcoming Olympics which are set to take place in China, this is to show the world their capabilities.
This has proved of how useful cryptocurrencies are in our era and the simplicity that they bring to the financial industry. Who wants to walk around with a wallet filled with papers called ca$h and they created a credit card but again who wants to walk around with a card that could be stolen when you can only pay with your mobile phone and lock it on the spot. With that in mind its safe to say "long live Cryptocurrencies and long live block chain technology".
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