Bitcoin has reached another record landmark in the month of August. Not only did the cryptocurrency reach the value of $3,500, but on the 13th Bitcoin stocks reached 4k. This is an unprecedented value for a currency that is not represented in a physical form. But what do these records open the door for?
The Potential Value
At one point Bitcoin was not forerunner in growth for cryptocurrency. Etherium stock nearly surpassed that of Bitcoin in May of 2017. This occurrence is commonly called “the flippening” by followers of the cryptocurrency market. But is this competition between the two cryptocurrency signify the true battle of supremacy? Maybe not; with the constant increase in the market of Bitcoin, fiat currencies may become out of the “norm”.
Unlike fiat currencies, the value of cryptocurrencies is easier to control. Cryptocurrencies seek to follow the rules of a UBI, or a universal basic income. Fiat currencies value is all relative to each other, for example the value of the dollar versus the euro. As a UBI they would seek to eventually be able to provide the basic needs of anyone. Ucoin and Cicade currently use cryptocurrencies as a UBI.
The power of Cryptocurrency
With the increase of automation involved in payments; including credit cards, cryptocurrencies would remove the middleman. When the flippening occurs between fiat currency and cryptocurrencies happens a massive power swing will occur. Something that governments may seek to prevent. But why? Printing money is how countries governments regulate the value of its currency. Minting serves to decrease the overall value of the currency. Without being able to print more currency, governments will lose most of their control. Cryptocurrencies such as bitcoin encompass many nations, many of whom us different fiat currencies.
The potential of cryptocurrencies becoming a global currency is very high. And it will change the world when it finally does happen. And Bitcoin is leading the charge towards this occurrence.
