Money failing
Everybody is talking about cryptos. You and I, we are mainly talking about how cryptocurrencies have reshaped the world finances and how they will change the game even more in the future. The outsiders, or no-coiners, as some like to call them, they look at cryptocurrencies from a totally different vantage point. Some with envy, hoping it won't success and make their neighbours rich, some with caution, staying out hesitantly, some with clear hatred, since it has rocked their world and changed the finance game.
How Bitcoin and its siblings will fail, is always the talk of the town. But do you really have your eyes open? See the following chart:
BitcoinHomer via twitter.com/Blockchainlife
The chart lists 152 failed currencies (ok, all of them didnt fit on the pic) of the world and their lifespan in years. While some, for example, the Mexican Peso and the Peru Sol, rock very solid lifespans, they still have failed. There is a time for everything and if that time runs out, in comes the new.
Take, for example the Afghanistan Afghani. Originally introduced to replace the Afghan rupee in 1925, after the civil war of 1992-1996, foreing poweres and forgets and perhaps even your neighbours, started creating their own afghanis. Serial numbers were not honoured. Everybody printed. Until Taliban's central bank declared most of the notes worthless in '96 and US invasion to Afghanistan in 2001 dealing a death blow to the currency. Bye-bye, Afghanistan afghani. Lets not cry over spilt milk. In 2002, new standards and rules were introduced, to replace the old crap-afghani with the new one.
img credz: pixabay.com
Looking behind the "top performers" in the failed currencies list - there have been much worse currencies in existence.
Germany Papiermark, Argentina Peso, Zimbabwe Dollar and Chile Escudo, all are victims of economic policies, war, endless printing and inflation. Whereas most top cryptocurrencies solve many of these issues. The market caps are set, all you have to do is own some and barter.Fiat money will not die, but currencies of many single countries will and rotate over and over again. Venezuela has already introduced their own cryptocurrency, the Petro, which hasn't yet shown the necessary progress, but they keep trying - what choice do they have, with their ailing currency - and it's a matter of time, when all major de-centralized cryptocurrencies go mainstream as a form of trade everywhere.
Lets end this post with a humorous warning to all cryptocurrency traders:
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Title image from pixabay
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Great post. Currencies can come and go. By taking a look at the fundamentals of why they become unstable, we can see how certain attributes of crypto-currencies are resistant. That does not mean they will succeed, but rather they have some foundations which are strong. Well written blog.
The people who hate crypto because they don't want to see other people get rich are kind of sick. I don't want to see anyone's investments fail, why are they cheering the demise of my investment?
Hi,
I appreciate your article. The way your mind thinks. We required people like you who think positive.
Every currency in the world may come down. But until digital world exist there is no harm to digital currency (Crypto Currency). It will stand still just like a solid hard rock.
Now entire world is under the influence of digitalization. So the next generation and long lasting mode of transaction is crypto currency.
What every may people say or think. One day they are bound to be a part of crypto world for existence.
Yes, it seems many 'economists' seem to conveniently forget these facts. right now We are seeing a number of currencies under serious pressure in South America and Europe, however they are never described as "crashing" when they decline significantly. There is an inherent bias in analysis and reporting of cryptocurrencies, especially bitcoin.