As it becomes a mainstream recently, it shook the balance of this planet we currently live in. It may only exists in the virtual world, but now they worth a fortune. Unfortunately, the existence of cryptocurrency has eventually affected the balance of eveything in this world.
A lot of investors had turn their attention to an investment which exists in the digital world. There are no rules binding this new trend which make investors free to trade anytime from person to person. You don’t need the bank or any middleman. Everything about this digital money is fast and breezy.
The success of this digital currency has resulted to a great impact in the economy, government and industry. Not only in the terms of money but as well as safety of people. Also, I have heard that it also affected the gold industry.
It becomes a challenge now to the government on how to monitor this system. Yes, it may have a lot of advantages than the paper money we have now, but I can say that there will be consequences also if it there are no limitations. The increase of freedom in terms of exchange will kill cash soon and may effect the economy, including bank.
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Well. Gold is speculative. I personally see gold as a copout asset for the 'real' money reserves. I mean, other than rings and certain very expensive electronic equipment, that can be made using another material, what can it be used for?
Cryptos running on the same principle is doomed to fail. Something tangible and useful should back up crypto to be better than the money system.
@roseville
One of the biggest threats to your financial well being is the fact that it is monitored by government institutions. A breakaway will only increase you wealth.
Money is not the paper you are use to and it has not been for a long time. The paper system is currently not backed by anything other than people's belief in the system. If there is a shift in thought it can make everything tumble down like a house of cards.
Crypto, although not monitored strictly enough is a better system than the fiat currency system which we call money. Billions of extra fiat is printed all over the world every day (called quantitative easing) which is blatant theft from us all in the form of dilution and no one seems to give a damn.
Government moved away from the gold standard because there is no cunning tricks when it comes to gold and this is easily explained. GOLD CANNOT BE PRINTED COPIED OR GENERATED FROM NOTHING.