International Currency is it Possible
In a world of internet transactions it only makes sense that a dollar in the United States is a dollar in the international market, but how can we feasibly make that possible? The answer is a cryptocurrency about a year ago everyone was talking about bitcoin because it was making millions of dollars for people who paid pennies for it, but what real world applications does it have? Bitcoin is probably the most well known cryptocurrency in todays market and the drawing piece of it is the fact that a bitcoin in the USA will buy you the same amount of product as a bitcoin in Europe or any international market.
Cryptocurrency is a unique form of currency that is very complex in nature but really simple in idea. I could explain for days how it works because of the unique and intricate parts, and after combing through multiple articles deciphering the topic there was no simple definition or explanation of how the system worked so I thought it best to do it myself. Cryptocurrency is essentially based off from supply and demand and is very similar to the gold market there is a finite amount of gold available on this planet just like there is a limited amount of cryptocurrency available. This creates the job of a miner to extract the gold or in our case the Bitcoin you set your computer to search for a set of numbers that will grant you access to a bitcoin from this bitcoin you will exchange it for currency and someone will use it on the web to purchase items or exchange it for services across any content with no need to exchange currency.
What does this mean for the global economy, well in the case of international business trade can happen faster and theres less risk in a foreign investment. The investments we make abroad carry two risks the risk of the company failing and the risk or the currency failing and our investment becoming essentially worthless. when it carries so many risks it can influence investors to stay away if we were to promote a currency that was the same through out all countries we could limit the risks and encourage investment in under developed countries. We would also increase the turnaround time of our investments because the online economy moves in seconds not days. We could help turn around a country in a year that would take decade all by making there currency move valuable to incentives forign investment all things being the same the pros out weigh the cons. If we can change the way our economy works shifting all the weight off our same country and onto all the countries at once a more balanced economy is sure to follow pushing the global economy upwards to prosperity.
Mills, B., Baines, H., Rosic, A., Ov Mirza @ovmirza, Gillette, C., Jones, S., . . . Nirmalya Sengupta. (1968, January 01). What is Cryptocurrency: Everything You Need To Know [Ultimate Guide]. Retrieved September 30, 2018, from https://blockgeeks.com/guides/what-is-cryptocurrency/
F. (n.d.). How Does Cryptocurrency Work? Retrieved September 30, 2018, from https://cryptocurrencyfacts.com/how-does-cryptocurrency-work-2/
