Economics is the most effective weapon for the 21st-century; Sanctions, trade tariffs and Freezing properties are more beneficial than Bombs and Tanks. All weapon cause misery, trade wars leads to inflation, fuel price hike, and so many negative impacts on daily life in such an undemocratic manner. On this occasion, the rise of the parallel digital world is fascinating; mysterious currencies are more advanced to develop as Alternatives to Central Banking, by forming an economy worth 2 trillion dollars.
Yes, the Third-Generation internet is ascending.
Cryptocurrency is a digital currency that has decentralised nature, driven by complex mathematical formulated blockchains and known as a database-driven public ledger. In 2019, The world’s first cryptocurrency-Bitcoin was introduced, which helped people to create, evaluate and transact money. Etherium entered in 2015 the open-source network gave more credibility, transparency and protocol compared with still not origin-figured bitcoin.
The Crypto world is now on behalf of Decentralised Finance (Defi), a more advanced form than the traditional banking system.
The first decade of young technology was not received well by people. Techies, gamble-lovers and optimists had more desire for this new opportunity. Lack of knowledge and authority leads to scams and a bad reputation. Criminals, corrupted politicians, and business tycoons skillfully used this situation which caused headlines on mainstream media that fumed doubts about the crypto world.
However, when covid anxieties, job losses and hatred of the government elevated, there was a flow of investment in the crypto world.
Governments and Corporates eventually sensed the trends. Major economies are now looking passionate about digital money and assets. China’s digital yuan is a trend follower.
Digitalised and Decentralised world is the future. How will it become democratic?. A lot of things are covered by politicians when making economic decisions. Sometimes that is not even directly related to the economy. Authority decides all. This behaviour of authority occasionally causes people’s life miserable. We saw how trade wars, sanctions, banning of bank notes, and un-understandable interest rates affect citizen’s life pathetically. In this circumstance, the idea of decentralised money is noteworthy. When cryptos are moving from the definition of digital currency to decentralised finance, there are plenty of risks, and the government will not entertain a unified economy. However, this is the future.