The Advantages And Disadvantages Of Cryptocurrency Becoming The Only Currency In The World

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Quietly in the hearts of many who are into crypto is a daily yearning for a day that crypto will become the official currency of the world, such that every other currency would be done away with.

I have had that wish too multiple times as well. While writing this post, I was pondering on the kind of privileges we would enjoy if crypto became the only acceptable currency and one of the things that came into my mind was decentralization.

If I tell you how unsatisfied I am with banks watching over our resources, knowing our net worth and even deciding how to release our resources according to certain policies, you would think as if I am an enemy of centralization.

Now, imagine a world where all you have is not overseen by the government, with no policies controlling a dime in your account. You can access your token anytime, any day depending on how you set it.

You become the governor and the lord of all your assets, no one will question your wealth and threaten to freeze your account.

Even in the case of death, where people die and have their money eaten by banks due to no one coming to make claims or the family of the deceased being unable to meet the demands of banks to withdraw the money. In crypto, as long as you write your seed phrase, and your password and save it somewhere, allowing your next of kin to have knowledge of something like that, your asset can't be gone even if you are no more and the process of having access to it won't be difficult.

There are a lot of advantages attached to crypto. Should we talk about fast and feeless transactions? In some platforms like Hive, transactions are free no matter the quantity.

Do you even know why most people call tokens assets? Crypto is just like our physical assets like land, just that it is online. The tokens have the ability to grow over time even while they are kept in the wallet without you necessarily doing anything.

But you must also know that it can depreciate, of course, some assets depreciate in value too depending on the nature of the market.

Imagine having money and it is increasing on its own without you doing anything. Isn't that a plus?

However, crypto also has its setbacks, there is also theft in crypto, assets can easily be lost without refund and it requires knowledge to operate.

Some of our parents might not be able to adapt to this system and even if they eventually do, I am sure they would have definitely lost so much before then.

This is where fiat has the advantage, it is very easy to handle, and anyone, whether educated or can easily transact with physical money. Except if we would have cryptocurrencies printed like cash, if not this idea might lead to the downfall of some people.

And if it is printed, then there won't be any difference between crypto and the currency we have now.

To the question of whether the world can run on crypto alone, my answer is yes. Crypto is a form of currency on its own. It can be used for exchange of goods and services.

I remember a time when people bought things with a PI token in some places in China before its launch. The experience was beautiful. Even on Hive Blockchain, I have read posts of people who used HBD and Hive for shopping in some places.

There are so many advantages attached to using crypto, although those who are receiving the token, that is those into business who receive these tokens would be at an advantage because these tokens can rise ten or more times overnight.

Crypto is more of an asset, that is why If not for circumstances, I prefer to always hold them rather than to sell them.

Now talking about the bad side of that initiative, first of all, I think circulation of tokens might be scarce. We would be at the mercy of the whales to receive tokens. The price of crypto would no doubt be very high as those whales would do anything possible to ensure they make bigger returns from the people.

The rate of theft, cybercrime, and murder might increase. The naive ones would be scammed and taken advantage of.

Photo by RDNE Stock project

People would embezzle money and yet not be traced, they can use any reason to cover up and since no one is watching over their accounts, they can do anything.

I love crypto so much but I don't think making it the only currency would be the best option. Instead, it should be in action alongside other currencies.

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