The Future Of Digital Currencies

The Future Of Digital Currencies

"Ah nevertheless it's Digital now". "Digital" a word whose origins lie within the latin digitalis, from digitus ("finger, toe"); now it's use is synonymous with computer systems and televisions, cameras, music players, watches, and so on, and many others, etc. However what of digital cash or even digital democracy?

The printing press caused a revolution in its time, hailed as a democratic pressure for good by many. Books available to the plenty was indeed a revolution; and now we even have e-books crypto currency and technological devices to read them with. The truth that the original words have been encoded into a numerical type and decoded back to words electronically does not mean we belief less the words we are reading, but we may still prefer the aesthetics of a bodily book than a chunk of high-tech plastic which needs to have its battery charged to keep working. Can digital currencies similar to bitcoin really present a contribution to positive social change in as spectacular a means?

To reply this we must ask what of money, how are we to grasp it, use it and incorporate it right into a sustainable mannequin of a 'better world for all?' Money, unlike every other form of property, is exclusive in that it may be used for anything prior to an occasion even occurring. It implies nothing, yet can be used for nice good or nice evil, and yet it is just what it is despite its many manifestations and consequences. It is a unique however a lot misunderstood and misused commodity. Money has the simplicity of facilitating shopping for and promoting, and a mathematical complexity as demonstrated by the monetary markets; and but it has no notion of egalitarianism, moral or ethical choice making. It acts as an autonomous entity, yet it's each endogenous and exogenous to the worldwide community. It has no personality and is well replaceable, but it is handled as a finite useful resource within the global context, its progress ruled by a set of advanced guidelines which determine the best way in which it could behave. Yet regardless of this the outcomes are never utterly predictable and, furthermore; a commitment to social justice and an aversion to ethical turpitude is just not a requirement of its use.

In order for a foreign money to effectively perform the monetary features required of it, the intrinsic-value of cash must be a commonly held perception by those that use it. In November 2013 the US Senate Committee on Homeland Security & Governmental Affairs acknowledged that digital currencies are a reputable means of payment, an example of such is Bitcoin. Because of the very low transaction fees charged by the 'Bitcoin network' it affords a very real solution to enable the switch of funds from migrant staff sending money back to their households without having to pay high transfer charges at the moment charged by companies. A European Commission calculated that if the worldwide common remittance of 10% have been reduced to 5% (the '5x5' initiative endorsed by the G20 in 2011), this could end in an additional US$ 17 billion flowing into creating nations; the usage of the blockchain would reduce these fees close to to zero. These cash switch corporations who extract wealth from the system may develop into dis-intermediated by the use of such an infrastructure.