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One World, One Currency. Bitcoin.

Do you still dial telephone numbers on a physical keypad or do you tap the numbers on a smooth smartphone screen? Do you type your letters using a clunky computer keyboard or do you use a sleek notebook? Do you still use an actual radio to listen to your favourite station or do you use an app on your phone? These questions serve to demonstrate the pace and dynamics of technological developments.

Modern technologies have long been shaping our 21st-century world, even down to the level of interpersonal relationships. Who still sends paper letters in an age when you can speak to someone face-to-face in a video call? Nowadays, some companies communicate solely via email. Even diplomatic relations have come to be maintained over social media channels.

In a way, digitization is the lubricant in a world growing ever closer together. Everything is possible – anywhere, anytime. It’s even simplified making payments. We now transfer money cashlessly and purchase goods with a swipe of our fingers. Apps and plastic now complement notes and coins. Nevertheless, the monetary system remains inherently analogue. 

Central banks determine the money stock circulating in national economies at any given time. They print notes and mint coins. Commercial banks create book money because they lend money they don’t physically possess – which can, in some instances, lead to financial crises and currency depreciation. The latter can have fatal consequences such as hyperinflation, particularly in the case of politically unstable systems.

A Digital Currency for the Whole World

So, why don’t we digitise the monetary system? It would be just the same as moving from a typewriter to a laptop, from letters to emails, or from paper maps to Google Maps. A digital currency accepted anywhere on earth. Used by everyone, everywhere. Add to that an account for each user, with no charges and accessible from your smartphone. 

A payment system for the entire world, allowing anyone to send any amount they like to anyone else – replacing foreign transfers that can take days, even weeks, before being reviewed, approved and entered. A digital payment system without notes or coins that are susceptible to forgery. An innovation to transform, even revolutionize the financial system as we know it.

What would a universal financial system without banks actually look like? Well, it would work 24 hours a day, 365 days a year – instead of opening on Monday morning and closing on Friday afternoon. A system created and operated by society, for society. A system which already processes between 300,000 and 400,000 transactions around the world every single day.

A financial system programmed with a controlled supply of 21 million units, of which about 18 million are already stored in virtual wallets. A payment system made tamper-proof by digital encryption. A digital currency that connects us and brings us together. One world, one currency. Bitcoin.

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References

Antonopoulos, A. M. (2017). Mastering Bitcoin: Programming the Open Blockchain (2nd ed.). Sebastopol: O’Reilly Media.

Bitcoin Wiki. (2019). Bitcoin. Retrieved January 17, 2019, from https://en.bitcoin.it/wiki/Main_Page

Blockchain Luxembourg S.A. (2017). Blockchain Charts. Retrieved February 27, 2019, from https://www.blockchain.com/de/charts

Cryptolist. (2019). Was ist Bitcoin? Retrieved January 21, 2019, from https://www.cryptolist.de/bitcoin

Khan Academy. (2019). Bitcoin: Was ist das? Retrieved January 18, 2019, from https://de.khanacademy.org/economics-finance-domain/core-finance/money-and-banking/bitcoin/v/bitcoin-what-is-it

Narayanan, A., Bonneau, J., Felten, E., Miller, A., & Goldfeder, S. (2016). Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction. Princeton, New Jersey: Princeton University Press.

Northern Bitcoin AG. (2018). Half-Year-Report. Frankfurt am Main. Retrieved from https://northernbitcoin.com/wp-content/uploads/2019/01/Northern-Bitcoin-Half-Year-Report-2018.pdf

SINUS-Institut Heidelberg. (2017). Wenn es um vertrauliche Informationen geht: Brief oder E-Mail? Hamburg. Retrieved from https://www.divsi.de/wp-content/uploads/2018/01/brief-mail.pdf