Bitcoin opinions. TheJakartaPost
The year was in the United States.
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The 44 allied countries met in Bretton Woods in order to confer on moving towards fixing and backing the US dollar, along with other currencies, with gold, thus starting an era when currencies were fixed or to gold. For the next 26 years, this standard remained and the US dollar became the de facto reserve currency of the world. All of that borrowing will have to be paid back one day. Therefore, the dollar is no longer pegged to gold and it devalued against gold and other currencies.
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During this period, the US and all countries went into a free-floating currency era where the value of each currency was not backed by a particular asset but remained relative in value to other asset classes.
The move to a fiat monetary system gave the Bitcoin opinions Reserve and other central banks the ability to print dollar-denominated money and credit, which led to the inflationary during the s.
During this period, there was a flight from dollars and dollar-denominated debt to goods, services, and inflation-hedge assets such as gold which many considered to be a good store of wealth. During this period we moved from asset-backed money towards a floating fiat currency not backed by assets.
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And for the next 50 years, this worked fine. Ininterest rates hit the lowest levels during the economic recession and the US government decided to initiate quantitative easing by printing more money and buying financial assets. But something unexpected happened.
The coronavirus triggered the economic and market downturns all over the world, which created holes in incomes and balance sheets, especially for indebted entities whose incomes bitcoin opinions been affected by the downturn. This was essentially the same move that Roosevelt made in However skeptics point out that the hope for growth, created by the debt printed by the Fed, is not reflected by the productivity gains from businesses around the world.
Bitcoin, the most popular cryptocurrency, and others like it have no real physical existence. They exist only in the digital world. Their value is defined by a blockchain or complex code that can be shared among multiple computers but is completely anonymous and independent of any government issuer.
This scenario tends to lead to inflation. If we looked back historically, these periods tend conditional option be characterized by people converting assets to those that are not inflationary in nature, such as gold or assets that have a fixed amount or a scarcity quality to it.
InSatoshi Nakamoto created Bitcoin with the idea of building an alternative currency as a response to the financial recession of and the burgeoning debt around the US dollar. The idea behind bitcoin is simple. In the backdrop of what is going on in the world today, many believe that bitcoin can be the next global reserve currency and become the safe have asset.
We have already seen Bitcoin being used more in countries where its national currency goes bitcoin opinions massive inflation such as Argentina, Brazil, Venezuela, Zimbabwe.
Bitcoin is set to go through its scheduled halving on May 11, This means that it will technically be two times as hard to mine new bitcoins, forcing miners to sell their bitcoins at a higher price in order to cover the operational cost.
This will change the supply and demand dynamics with many predicting the price to continue going up. The next few months will be an exciting time for bitcoin, as the macro-economic bitcoin opinions in the world set up the stage for a good testing ground for Bitcoin to prove itself.
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May the force be with you. The original article was published in Medium.
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