Participation 1

This article talks about how the future of money is going to change from what it is today to cryptocurrencies. The article points out that human beings use currency of their country or other countries because it is backed by their central government. They do so because they have trust and surety from their government that their money is valid and they can use that in exchange for goods and services. Currently with cryptocurrencies that is not the case. Even though bitcoin uses block chain to function and reduce the risk of manipulation it is still created by an unknown identity which cannot be trusted. Instead this article suggests that the technology used to create bitcoin is fine but if this is done by a centralized government or a recognized world organization then it will have more credibility and people will be willing to switch to cryptocurrencies. I am unsure if it is still completely safe as bitcoin users are hacked everyday. If the world has to go completely digital, then Information systems would need to be more secure and definitely be formed by an authority that can be trusted by common man.

 

https://magazine.fintechweekly.com/articles/the-future-digital-currency-may-not-be-the-bitcoin?utm_medium=email&utm_source=fintechweeklycom