Why Cryptocurrency Is Not Going Away
Many feel that cryptocurrency is going to disappear. There are two camps that people who believe this fall into.
In this video I discuss why they mistakenly believe it to be the case. However, when we look at the monetary system, we can see how this cryptocurrency is a natural evolution of what has gone on for over a century.
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Summary:
In this video, the speaker discusses why cryptocurrency is still relevant and why claims of its demise are unfounded. He highlights two main categories of people who do not believe in cryptocurrency: those who think government-backed money is the only legitimate form of currency and those who trust in the power of central banks. The speaker argues that the fundamental difference between cryptocurrency and fiat currency lies in who controls the ledger, emphasizing that blockchain technology provides a more efficient and seamless network for transactions. He criticizes the complexities involved in traditional banking networks compared to the simplicity of cryptocurrency networks. The speaker concludes by stating that cryptocurrency is necessary due to global economic challenges and urges people to recognize its importance.
Detailed Article:
The video delves into the misconceptions surrounding cryptocurrency and why it is not obsolete. The speaker starts by addressing common criticisms, such as cryptocurrency being labeled as a scam or not real money. He identifies two primary categories of individuals who doubt cryptocurrency: those who place trust in government-backed currencies and those who have faith in central banks' monetary policies.
The speaker challenges the notion that central banks control the monetary system, arguing that the system is essentially a blend of communication and accounting facilitated by a digital network and ledgers. He emphasizes that both fiat currency and cryptocurrency operate on similar principles of digital networks and ledgers, with blockchain technology serving as a distributed ledger system.
The discussion then shifts to the role of commercial banks in maintaining ledgers and overseeing transactions in the traditional banking system. The speaker contrasts the convoluted network of traditional banking systems involving multiple entities like central banks, commercial banks, and international settlement systems with the streamlined process of cryptocurrency networks. He underscores the simplicity and efficiency of cryptocurrency networks, which eliminate the need for interacting with various networks for transactions.
Furthermore, the speaker critiques the misunderstandings around the strength of the U.S. dollar, attributing it to unmet demands following the Bretton Woods agreement. He explains that both the Eurodollar system and cryptocurrency were developed in response to flaws in existing monetary systems. The speaker stresses the importance of cryptocurrency in modern economic landscapes characterized by deflation and economic challenges, emphasizing the need for its survival.
In conclusion, the speaker advocates for the continued existence of cryptocurrency, not for superficial reasons but as a response to longstanding economic issues. He urges viewers to recognize the significance of cryptocurrency in addressing global economic challenges and emphasizes its relevance in the current financial landscape.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.