Today as we modernize some of the aspects in the economy like in the production wherein pneumatic machinery are being introduce. Thus, innovation has already prove its efficiency in the production which lowered the production cost. In the areas of transportation, there are cars also being introduced that run by a battery and efficient also and economy in terms of expenses maintenance compared to gasoline powered cars. Other than that there are already other inventions that promote the comfort of living in life. Thus, digital currency is another innovations. Could you consider bitcoin as the new innovations for fiat money? The answer will be used in my research term paper for the adaptation of unified digital currency that could be used by the people around the world.
In General, of course cryptocurrency and bitcoin itself is a huge step forward in the development of the financial industry. But there is one key difference: solar panels and other similar innovations do not use oil or gas for their work. They are completely Autonomous from their old predecessors. And bitcoin, in turn, is tied to the cost of Fiat money and thus depends on them directly. Perhaps in the future the situation will change, but so far it is not quite the development in the usual sense of the word.