Not wanting to be negative, nor wishing to turn investors against me, there could be hope with algorithmic stablecoin known as UST which has been developed by Singapore-based Terraform Labs (See full article).
Bitcoin peaked on November 8 at US$67,582 per share (coin) last year, and today, exactly six-months later has dropped by over 50% to US$32,929.60. I was skeptical about crypto when writing a blog almost five months ago, and in fairness haven’t changed my tune though the world’s richest man, Elon Musk is a keen enthusiast of cryptocurrency. The Tesla owner made an initial $1.5 billion investment in bitcoin in early 2021. He has often tweeted about his support for the top crypto as well as for other smaller, meme currencies such as dogecoin.
Once a far-fetched idea to create Cryptocurrency, Bitcoin has shown incredible potential as digital money. Often known as crypto, cryptocurrency is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don't have a central issuing or regulating authority, instead using a decentralized system to record transactions and issue new units.
Like PIX in Brazil the FedNow Service in the USA is a new instant payment service that the Federal Reserve Banks are developing to enable financial institutions of every size, and in every community across the U.S., to provide safe and efficient instant payment services in real time, around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments conveniently, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments.
These systems aren't yet available to work internationally, however, if the IMF sanctioned a central banking cryptography mechanism, then one international payment system could be installed to facilitate speedy transactions worldwide. Neverthless, conventional credit cards are an efficient payment technology to entertain the average persons needs for making purchases worldwide.
If Bitcoin and the other emerging firms are allowed to operate main stream it encourages a decentralized payment structure that authorities would have no control over. It promotes tax evasion, criminals to make smuggler payments off the radar, and financial lawlessness in general.
Take care!
Prof. Carl Boniface
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