Cryptocurrency: Embracing the new digital economy
I would like to begin with explaining to readers that this isn’t how BITCOIN or any other ALTCOIN is made. The following will be my opinion on implications to a digital economy.
Cryptocurrency is here to stay. Crypto has fast transactions and most are designed in their inception to increase over time and usage. Although, these aren’t the only advantages with crypto its easy to identify the appeal for individuals wanting to invest. This is becoming clear with the adoption both by reputable businesses and reputable investors. Businesses like PayPal, overstock and individuals like Robert Kiyosaki and George Soros are able to see the value of Cryptocurrency. The list goes on.
The question then becomes, who will lead?
Although, each country around the globe have varying policies regarding crypto, the usage itself is astounding. In part to the ability to subvert government policies and part take in the digital economy. It doesn’t come as a surprise that some countries with the most usage are also in turmoil. With infighting, war and economic collapse criminals and regular civilians alike are looking for an alternative.
The resistance from countries to adopt is understandable considering some “private coins” are designed not to be traced and can in some cases be used to avoid taxes or contribute to a thriving criminal enterprise. Regulation for a digital economy that has been gaining momentum for years is the only logical response.
With regulation and proper marketing people will feel more comfortable with investing and contributing. This would mean more U.S. capital in the digital economic realm. However, with specific countries such as Russia and China at the forefront of development and adoption, it may shift economic power. The longer the U.S. waits, the more of an advantage other countries will have. Considering the design of crypto that would mean the benefits would go to them. Their individual citizens will have a larger stake of this new virtual economy.
The only solution is to embrace this change and lead in the new digital economy. Continue to find real use cases for cryptocurrency and regulate it so that more business can feel protected during the transition.
