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Cryptocurrencies right now play a role of complementing the current money transmitter payments system. Banks are tightly regulated and they take up the money creator role. Banks are the source of money creation along with the Federal reserve and Treasury department through Government bonds. So, naturally you frame this question in your mind : Is Crypto the future of money? Yes, even banks think that cryptocurrencies can become the future of money when they take up the money creator role along with increased privacy and security.
Bitcoin and other cryptocurrencies already have the sound money values like fungibility, divisibility and store of value. So, it’s not far that Crypto will become the future of money with it’s faster, immutable and decentralized money transfers. The next decade developments in Cryptocurrencies will make it a much more compelling asset class to invest into and transact in.
Deutsche Bank, one of the largest banks in the world, predicts that number of crypto consumers will expand 4 times more in the next 10 years, growing to a staggering 200 million users.
Money is a medium of exchange, and the physical component of itself does not have any value. That is, it is the value that external users such as people and businesses place on it. Money serves two functions:
The concept of money was first actually, the ‘Barter’ system. It was more than 3000 years ago. People may exchange physical items for procuring another item/service such that it provides value to both the buyer and the seller. You may see evolution in money from mammoth skins to salt to gold, if you read history.
Cut to 770 BC Chinese invented the first ‘coins’ that had a slight semblance to today’s coins. The need for it was to prevent people from facing the inconvenience of producing the actual commodity during a transaction. Instead, these coins are replicas of those objects in the form of a circle.
At around 700 BC, the Chinese first produced paper currency with various denominations. They also had the initial ‘laws’ for counterfeiting wherein they imposed strict fines for those who indulged in it.
Late during the 1500s to 1600s, Europe took up paper currency for getting goods and services.
The early 21st century saw a digital currency boom with the increasing usage of the Internet. This form of money is still in development, with virtual payment apps coming up almost every year. These link to bank accounts and help transact with a click of a button.
After the 2010s, virtual currency such as Bitcoin came to the fore. Bitcoin is a unit of currency of the larger ‘cryptocurrency’ form of monetary asset. It is a digitalized currency developed and valued by a network. You can own it, trade with it, and store it for the long-term as an investment.
In the 2020s decade, there is no doubt that digital currency is going to play an integral role in moving value faster and secure and trustless fashion. We may avoid centralization and move to decentralization gradually.
In the long term in 21st century, we may see that the world will move towards a single world currency rather than one fiat currency for each country. Is Crypto still a future currency? Yes, obviously. So, the globalization and trade can prosper in this environment. Also, there will be one or a few central banks rather than one central bank for every country.
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With crypto smarts and not-so-crypto-savvy, many retail investors are coming to Markethive and supporting the social media and digital marketing network. Why? Because they are looking for a platform that promotes freedom and sovereignty. A place where entrepreneurs can flourish professionally, artistically, and financially, away from the pressures of the legacy Web 2 tech giants.
Never before has a blockchain crypto project been attempted at this scale, but given the distributed data technology Markethive is integrating, it’s the next step in the evolution of multi-dimensional social media, marketing, and advertising.
Markethive’s Hivecoin is one of the select altcoins that will rise and empower the retail investor. Its use case is the pinnacle and essential for this fungible asset coin to become very valuable to any user in the social media, marketing, and digital media industry.
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The various ways to earn Hivecoin, including airdrops, bounties, and staking capabilities, make it easy to accumulate and grow your portfolio. The added advantage of Markethive’s decentralized exchange and wallet soon to be released creates a robust, thriving ecosystem for the average Jack and Jill - The aspiring entrepreneur and retail investor.
To Join Markethive for Free, click HERE
Andries Van Tonder
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Serial Entrepreneur/investor since 2013.
South Africa.
