We as a world are navigating a very difficult time.
The world economy is under strain
The world economy is already under a lot of strain and after the Covid 19 pandemic it had only started to move. Not that it was doing great even before that however due to a number of artificial stimuli in some part of the world which primarily involved the developed economies in one part and lack of stimulus in developing economies things have got even more complicated.
If this was not enough war broke out between Russia and Ukraine. War is never good for anyone and the citizens suffer on both sides. This had a ripple effect as it caused food inflation to rise in far off places. Countries that imported grain and food from the involved warring parties had to pay a price of an unrelated war in a far off land.
The food grain prices went to the sky leading to unmeasurable hardships.
The war around the world still wages on
The war in the middle east is only getting more intense and there is little hope that things will simmer down or improve in the near future.
What does this mean for the world in general?
The global economy is connected like never before. A recession in a developed economy like USA can cause trouble in far off and weaker economies as everything is connected in one way or the other in the fiat world economy.
The governments and central banks are free to print as much paper money as they wish to and this does little to help the economic state of the citizens.
The citizens need something of value
Something of value to hold and use is what the citizens of different countries need, however almost most economies have currencies that are backed by nothing much than a promise to pay.
If the national economy is strong and your currency is strong with substantial buying power and the inflation is under check then fiat currency is something one may live with.
insulate national economies from global stress
Fiat currency driven economies are far from insulated from global economic stresses.
However, to countries that were wise enough to use Bitcoin, the proof of work backed decentralized crypto currency as their currency may have a better opportunity to survive and navigate these stressful times.
BTC as a global currency
Think of Btc as a global currency that people from any part of the world can use both as a means of storage of value as well as a currency to buy food and conduct the business of life.
This means truly decentralized crypto can easily become a global currency in the current times.
Bitcoin has global reach and a universal appeal however the things that could be hard to handle are the volatility and the high networld fee.
Imagine trying to buy bread and having to pay a huge network fee.
Perhaps this part can be sorted out by using a lightning network to handle the transfers as payments.
Perhaps we can widen the circle of crypto and involve stable coins. The stable coins can be the perfect way to counter the price volatility of btc.
Some may argue that the cost of network fee would have to be borne by the users.
In this regard one token that comes to mind is the hive backed dollar or HBD.
This is the stable coin used in the hive ecosystem.
A zero transaction fee and superfast transactions can make HBD the trusted global currency.
It can all start with a free hive account with inleo
Currently inleo is offering the opportunity to start your web3 and blockchain life by creating a free account on the hive blockchain using the link
Use your existing x.com or google account to create your hive blockchain account using the above link.
Once you have signed up for the account not only can you access your hive wallet but can also use your creative skills to create content and earn crypto rewards with it.
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Posted Using InLeo Alpha