I have been reading posts on here about the value of cryptocurrancies and how it is the money of the future and will replace paper money. I have also been reading online that whilst that might eventually happen it is too far into the future and something that I will proberbly never see in my life time -so what is the truth ?? What am I meant to believe
From what I have been reading Japan has become a fore runner in believing in cryptocurrancies and their government have recognised Bitcoin as legal tender and they have approved a few companies as operators of cryptocurrency exchanges. That being said the Bank of Japan have also said they do not believe that the blockchain that underpins Bitcoin was not mature enough to power the worlds largest payment systems - I have to ask why they have recognised it as legal tender if they don't believe it is mature enough.
I then read another article in which Christine Lagarde head of the International Monetary Fund said that she believes that " for now, virtual Currancies such as Bitcoin pose little or no challenge to the existing order of fiat currencies and central banks because they are too volatile, too risky and too energy intensive and the technologies are not yet scalable. " in the next sentence she said " I think it would be wise not to dismiss virtual Currancies - double talk at its finest ??
I do understand that the banks are scared, Bitcoin will belong to the people and not the banks, that in turn has them worried as they will lose the ability to control the economy. They will no longer be able to print money to help them with their view of what the Economy should look like, they will not control who gets to borrow money and who lends it as it will not be down to one person or companies as Bitcoin will belong to people not banks.
So many conflicting information with so many different views and ideas - all I can do is keep reading and learning and hope that one day I will be in a position to say to my grandchildren " I remember when we used to use paper to buy things "
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