Cryptocurrency has become
a global trend in recent years, although much remains to be learned about this
evolving technology. There are many fears and anxieties surrounding this
technology and its ability to disrupt the traditional financial system.
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The truth about trustless systems
Proponents
of bitcoin and other cryptocurrencies claim that these financial platforms are
inherently unreliable systems - that is, they are not directly linked to any
nation, state, government or body. He would argue that cryptocurrency is better
than traditional physical currencies because, for example, it is not dependent
on the US federal government.
Granfest notes that regardless of whether you
think it's a good thing or a bad thing, it's definitely not right.
Cryptocurrencies are not really reliable at all. They still rely on basic
infrastructure powering cryptocurrencies, such as bitcoins, most of which are
located in China. The Chinese government could theoretically make changes to
cryptocurrencies at the grassroots level by imposing its will on data miners.
Libra : Not all it’s cracked up to be
Facebook's contribution to the cryptocurrency world - Libra - has been hyped in some quarters in response to a number of financial issues. Specifically, the platform was developed to facilitate international payments and eliminate unnecessary transaction costs and fees.
Professor Groundfist admits that
it is commendable, but he does not believe it is a serious mistake. He does not
see the introduction of any more cryptocurrencies to reduce payments
transactions, and he seeks to completely undermine the traditional banking
system for which Facebook's efforts cannot be reconciled. ۔ ۔
Professor Groundfist argued that
the best way to build a bank is to use the basic natural environment for
people. The company focuses on shaping, strengthening and reducing costs for
each nation or letter of the banking system. Once they are in place, there is
public confidence
, Then it makes sense to connect everyone to
create a global network.
What is the answer to a stable coin?
The popularity of fixed coins has grown as a
way for cryptocurrency to return with such assets, as the US currency used to
have on gold standards. Really anything, those assets can be of other
currencies or commodities.
From this point of view, Ground Fest has a
couple of problems. On the one hand, it basically rebuilds a system that
already exists. Another concern is that it can make it easier for people to
commit fraud because it is not as easy to audit and monitor as traditional
currencies.
Professor Groundfist closed the
webinar, which covers some of the strongest applications for cryptocurrency.
For example, people living in countries with weaker currencies may be better
off investing in bitcoin than buying better stocks and bonds.
The future of cryptocurrency is still in
question. Supporters see unlimited potential, while critics see nothing but
danger. Professor Groundfest remains a grievance, but he acknowledges that
there are some applications where cryptocurrency is a viable solution.
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