The
infographic shows the 10 most popular banknotes worldwide with its anti-counterfeiting security.
There are thousands of million dollars counterfeit circulating worldwide. Just in The US the FED said 7.3
We conclude that the total value of counterfeits in circulation at any moment is approximately $70 million or about one note in 10,000, and is highly unlikely to exceed
$200 million, or about 2.5 in 10,000.it's costly for the society (more regulations, more resources to deter, individual or business accepting it accidentally >direct loss,...) Counterfeit money exists since the Ancient Rome at least, and it can destroy a government and its economy. Even the Nazis were counterfeiting the USD and GBP (
Operation Bernhard) If only 1% of your circulating currency is fake your government is out. It can't borrow money anymore, business will stop to accept the currency, and since it's the only one, then the economy will be dead.
Do you know how many Bitcoin has ever been counterfeited since10 years?
ZERO !In India, our PM created an explosion one night by demonetizing the Indian currency and it created a lot of chaos in the society. Even if the govt. were able to eradicate a majority of black money, there are fake currencies that are being distributed all over again!
But if Cryptocurrencies were used, the creation of fake currencies is 0 and morever it would create more value to the Indian revenue! By the time the Indian Govt. realises this, there will be other countries ahead with the acceptance of cryptos.
I believe all the developing countries or developed countries should start accepting cryptos. As we move into the future, paper currencies may be replaced with digital currencies!
