China considering a switch from paper money and to cryptocurrencies, is this what we want?
In the interesting article I reference below, the pro crypto possibilities are exciting as China certainly is a driver in shaping this new and growing world of crypto currencies. The whispers out of many countries are getting louder concerning the elimination of paper money. Personally, I would embrace a world of universal crypto acceptance, but a world without paper money at all does not really thrill me. I think people should be able to use what they are comfortable with, what they choose to use should include both crypto and paper money. Paper money still offers a privacy and simplicity especially at a local level that will appeal to many , at least for a generation I would suspect. Regulating it out of existence should upset the ideals of even the staunchest crypto supporter. I believe the market should determine what people use for transacting, not some government's bureaucrat.
There will be others still resisting the emergence of cryptos and would want only paper money as the basis, essentially status quo. I would simply ask them, when will there be a way to wire money as cheaply and quickly as the crypto's offer with paper money and without someone's permission, like from a bank? In the end, I think they will have to figure out what I had to at one point not long ago as I considered this new paradigm. Am I going to stop it? Might as well try to profit from it by being in early and taking a chance, even though I did not fully understand it when I bought my first bitcoin. I am still learning and figuring things out but the one thing I think is certain for those on the fence about making their first purchase of crypto currencies, get on board or get out of the way!
http://www.ibtimes.com/china-warms-blockchain-currency-may-ditch-paper-money-altogether-2537707
MOTOWNGOLD!
The fight we are seeing play out is between the dominant fiat currencies like USD, EURO, JPY, etc and their lack of actual value. The central banks of the world are printing these currencies into a massive bubble, to the point of the making the biggest debt bubble in recorded history. China, Russia, and a few others like Iran, India, the Philippines, are making a move to shed the dominance of the fiat currencies and their central banks. There is a massive "correction" coming and these countries are getting a head start on the solution: ridding themselves of their reliance on fiat currency.
Currently, China and Russia are leading the way in terms of revolutionizing currency adoption. They have been stockpiling precious metals faster than the world can produce it. They literally are buying everything coming out of the ground. They are discussing making a new currency, backed by gold and/or silver, and potentially using blockchain technology, which will become the world's trade currency once the "One Road, One Belt" trade agreement/infrastructure takes hold.
We are seeing a shift in power and wealth from the West to the East, and it's not the East's fault. It's the West's central banks fault, which basically forced their hand, else suffer like the rest of us. China is one of the biggest sources of cryptocurrency miners in the world, and growing. Other countries will soon adopt crypto mining as a state sanctioned industry to keep their countries from going completely bankrupt once the West "corrects". Crypto and blockchain will be a huge part of the future, but there will be many scams as well, trying to lure in new investors.
Paper money once was an IOU for something else, gold, silver, something that required labor to produce. It is now fiat, meaning derived from nothing of value, or intrinsically worthless. China and Russia know this and are taking steps to step aside from the fiat collapse and continue on.
Great comment, you are absolutely correct. I have been a metals advocate for years and your points are spot on.
Ye, I been hearing a lot about this a over youtube. I was able to obtain an article right from the original source on this. That is so messed up. I mean I knew things were moving forward with stuff like this. But I didn't know it was moving that quick. Hey man listen. Great great article. thanks for posting and sharing. If you hear anything else like any updates post and ill be your biggest fan.
Thank you for the reply. I am new writing on Steemit and I appreciate letting me know the article was of value you to you. Things are moving SUPER fast and I just hope we have enough of a chance to help shape this new world in a way that is beneficial for everyone. I have been watching the price of Ripple just skyrocket the past few days, so it is obvious to me that big players are embracing this new technology quicker than I thought they would, probably in an effort to get control of it at some level.
your welcome.
china launched their own cryptocurrency read