Bitcoin’s threat to the potentially endangered global financial system (part 1)

by Salman Khan

By 2020, the cryptocurrency dream may be dead. This does not mean that cryptocurrencies will disappear. But in the last decade, all the financial romantics that have reached the heights of bitcoin and different currencies have been taken into account. Whether you like the idea of ​​a world free of central banks and other corporate giants.

This does not mean that currencies have no position in the future. Unified blockchain technology, which denies them, is very difficult for governments to manage, therefore it is impossible to eliminate them. However, it has a legitimate role to play in geopolitical security, such as the recent rise in bitcoins and cryptocurrencies and the recent tensions between the United States and Iran.

However, 11 years after the massive introduction of the bitcoin, cryptocurrencies have come a long way in securing the financial system. The total value of all bitcoins in circulation is 133 billion dollars or 102 billion euros. In contrast, the global gold market is about 8 trillion dollars and the total value of the world’s major currencies is the same.

No expectations

When the selected currency enters the top league, the so-called bitcoin awaits the longest day. In May, the expected “half-turn” of the bitcoin will take place every four years, every four years, as the number of new coins entering the network is halved and the next event that raises prices.

However, the long-term future of bitcoin and other cryptocurrencies is beyond the scope of the financial system. The future of new bitcoins is fading: it’s been a few years since ethereum became a major competitor before the price of some bitcoins fell to a certain level.

Bitcoin and altcoins

More importantly, the current system is under serious threat at the moment, which testifies to efforts to remove digital currency from the Facebook library. JP Morgan has launched JPM coin for large corporate clients, and many other large banks have decided to do the same. There are rumors that other tech companies such as Amazon, Google, and Apple are also considering selling rival currencies.

Their model is equivalent to a fixed coin that resides on a laptop but is a hybrid version of the main currency. But it will reduce tensions and oppose sovereign multinational money. They want to avoid a flexible system that requires customers to pay and delay international payments while offering customers more attractive alternatives.

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