Re: Cryptocurrency: The Future of Finance in a New World Order?
In 2009, the first cryptocurrency -Bitcoin-, officially launched and since then has continued to roll into a snowball effect that poses a serious threat to the existence of conventional finance. As much money as the restless World Central Bank, the government seems helpless and dragged into the vortex of the evolution of the world's financial system. The Covid-19 pandemic has become a catalyst for forcing the entry of all financial and banking industry sectors into the digitalization era. Imagine a concept of a world without physical currency. It is strange, but real. Money will be removed and replaced with a digital currency system.
Sadly, governments and central banks will have greater control over people's lives as they make use of crypto/Blockchain tech for their own benefit. The advent of Bitcoin has encouraged banks to launch digital currencies of their own. Without paper money, governments can easily track and trace every transaction performed by everyday people. This means greater surveillance, and the end of the "privacy era". COVID-19 has accelerated the adoption of digital payments, making us one step closer towards a "New World Order".
The longer it takes to end the pandemic, the closer we'll be towards a cashless society. Our economy will never look the same as it was before COVID-19. Crypto will survive because of its decentralized and censorship-resistant design. But adoption will decline as governments prevent people from using it as much as possible. We should enjoy our privacy while it lasts before it's too late. Who knows how the world will look like in the future? Just my opinion
