The era of a world currency is on the horizon

There are three distinct perspectives to consider when looking at Bitcoin: the pessimistic view, viewing it as an old blockchain, and considering it as hard money.

I'm not going to talk about naysayers because they know nothing about the financial system and the world order they are in. The real problem lies with tech-savvy blockchain enthusiasts. They perceive Bitcoin as an obsolete blockchain, one that needs to be cleared away to make room for the new. It's challenging for them to accept the reality that a museum piece like Bitcoin accounts for half of the market capitalization in crypto. Technologically, they are not wrong. Bitcoin is relatively slow, its block size is too small, and the transaction fee is too high.

Satoshi Nakamoto designed it this way because Bitcoin is an ultimate weapon to fight against hostile governments. It needs to be simple and strong to survive against all odds. It's nice to drive a Ferrari top-down when the sun is shining, but would it be wise to do so in a blinding sandstorm or torrential rain? No, you need a sturdier vehicle like an SUV or a Jeep. Fancier and faster blockchains are great since there are some segments that those base layers are needed. Bitcoin, however, was born to be a king or beheaded. There is no middle ground, and we have seen Bitcoin keep proving itself time and time again, which means it is going to sit on the throne. If you are foolish enough to believe that Bitcoin is something to go away, you need to wake up.

Bitcoin has another facet: being hard money. As the Ethereum blockchain platform and Ether, its governance coin, are different, you need to differentiate Bitcoin blockchain, the technology that facilitates the decentralized ledger, and Bitcoin, its native cryptocurrency. Those who call Bitcoin an old technology are only looking at the Bitcoin blockchain. We need to focus more on Bitcoin being hard money.

Bitcoin is often called digital gold, which is not entirely wrong. In most cases, gold is not used as a means of transactions. Nevertheless, it has been used as a store of value for centuries. Why? It's because of its long history. As time went by, even some lucky ones who had obtained gold for free or at low cost disappeared. Now, no one can get gold significantly more cheaply than others. Bitcoin is going through the early stages that gold had undergone and has the potential to be a world currency.

Whether Donald Trump gets elected or not in the next US presidential election, a shift toward a Jacksonian approach in U.S. foreign policy is highly likely. The US will adopt protectionist trade policies, seeking to reduce trade deficits and prioritize domestic industries. The dollar's role as a key currency will be seriously threatened and cause chaos in the global financial system. What will fill the vacuum, the euro, or Chinese renminbi? I highly doubt that.

Ben Bernanke, a former Chairman of the Federal Reserve, once said, 'Credit has the ability to build a modern economy, but lack of credit has the power to destroy it, swiftly and absolutely.' A decline in the global use of the U.S. dollar would lead to increased volatility in currency exchange rates. The value of other currencies, such as the euro, Chinese renminbi, or Japanese yen, will experience severe fluctuations. Local financial markets, including stocks, bonds, and commodities, will face uncertainty, which might lead to a major economic depression. Transitioning away from the U.S. dollar would require a significant adjustment period for countries, businesses, and financial institutions, and average citizens would have a hard time during those periods.

A key currency needs to be trusted by the majority of people, and Bitcoin is nowhere near that status now. However, a decade-long financial pandemonium would make people long for an asset without a single controller, a trustworthy asset that has limited supply. Bitcoin might be adopted by the general public more than any other currency. 

What can the BTCMobick project do in the anticipated transition and turmoil? It needs to be acquired and used by established companies. Those businesses can turn ideas into practice right away, which Ethereum has failed to achieve. By partnering with Google or Samsung, it can verify one's identity within a second. With countless users of their mobile gadgets, they can set up lightning nodes and become a financial hub in each country. It will be a matter of time to grow bigger than most commercial banks. The sooner they enter and expand the market, the more people will gather because it is a winner-takes-all business. If BTCMobick can pull that off, it will start to be considered as a global asset like Bitcoin. Since Mobick has no Patoshi coin issue or Chinese influence, it could be considered an even better blockchain network than Bitcoin.

There has been no single world currency in human history, and it is likely to remain so in the future. Just as silver, diamonds, and local currencies were used alongside gold, Bitcoin will be used alongside other means of transactions that are easier to use. Can Ethereum become the digital silver in the new world order? Considering the current trajectory, BTCMobick will put the name to the test in a few years. 

The future is not set. It would be foolish not to do anything watching a storm coming. It's time to act before it's too late.

#AndrewJackson #DonaldTrump #Bitcoin #BTCMobick #LightningNetwork