A government can print as much money as it wants and it is done without taking into account the devaluation of an individual's money. Additionally, one do not have any idea what is happening behind when one put ones money in a bank. Put simply, banks and governments are responsible and they are immune to any intervention by outside. Therefore, peoples have to trsut on them and a system of buying and selling on the currency of governments works. However, with the arrival of the idea of cryptocurrency, things started to get changed. Cryptocurrency works on the principal of decentralization, in other words in this system each transaction is transparent and clear, one has a clear idea what is happening behind and who is doing transactions. Almost 99% of the world governments and banks are opposing the idea as this would challenge their sovereignty and may put to an end their control over money. Seemingly, none of the countries would allow legitimization of cryptocurrency but with certain alterations and allowing states to have some control over the system may work. Given these facts, it can be said that cryptocurrency is a good idea and it will benefit to all of us.
Feb 5, 2022 11:05 AM