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Singapore BitcoinWhat if there is a technological advancement so powerful that it transforms the fundamental pillars of our society?
A technology that fundamentally influences the way our economy, governance systems and business functions, and could change our conceptual understandings of trade, ownership, and trust.
This kind of technology already exists, and it's called bitcoins, also known as "cryptocurrency".
Bitcoin is often seen as virtual money or an exchange of digital information that allows you to complete any transaction.
Trutless vs. Trusted
Just as many different sectors of the economy evolve with the advent of new technology, the monetary system may be forced to evolve as well. The money system itself transitioned from the prehistoric barter system to the current banking sector. Now, as the global economy is moving towards the cashless regime, it becomes pertinent to know about bitcoin.
universal currency so no more currency conversion fees
However, the currency needs to overcome regulatory and scaling hurdles. Cryptocurrency is also often blamed for money laundering, and drug deals. Naysayers say the valuation is a bubble and have written the currency off, calling it a 'fraud'.
Despite these challenges, the bitcoin revolution is a fact. The recent surge in value suggests that this technology is here to stay.Even if bitcoin ultimately falls apart or crashes, its underlying technology—blockchain—is likely to disrupt financial markets for years to come, making the human in charge of his own finances.
. The Fed, European Central Bank, Bank of Japan and Bank of England cut rates massively and went on to introduce enormous quantitative easing measures. This resulted in a flood of Dollars, Euros, Yen and Pound in the system that uniformly devalued the world's most liquid reserve currencies.
“In terms of global M2 (a measure for value of money), bitcoin's market cap is smaller than a fraction of a percent,” Aizupete said. “Therefore, bitcoin has enormous potential for price appreciation.”
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