Is it true that cryptocurrency will destroy an established financial order. Or vice versa, cryptocurrency is a system that corrects damaged and closed finances under the control of central banks. Many large cases involve the authorities and central banks which result in losses to a country. Banks gave a bail out while the liquidity fund was corrupted from a leak in the current system. The lack of transparency in the financial system of the central bank and the bank receiving bailout funds provided an opportunity for white collar criminals to steal the money.
Pic ; https://pixabay.com/photos/fbi-police-force-surveillance-3026206/
Cryptocurrency provides a transparency solution. However, many parties refuse and say cryptocurrency is a money laundering tool.The resistance of high-ranking financial institutions to bitcoin in particular and cryptocurrency in general is like a panic. The officials of traditional financial institutions always argue that crypto money is not backed by anything while fiat money is backed by the government. The big question is, how do people trust a government that is corrupt and not transparent. They print money for their short interests. Then, should we just nod our heads?
Satoshi Nakamoto created bitcoin as a form of head shake against the existing financial system. He didn't nod his head. At the beginning of the discovery of bitcoin, many large institutions refused but now things are turning around. Paypal, Jp morgan, Dow Jones started accepting bitcoin. Maybe we should laugh at them. It turns out that crypto money is valuable. This is of course due to the weakening of fiat which continues to be injected with excessive printing of money. Hyperinflation may not be avoided. Meanwhile, many cryptocurrency assets are fixed and have a good decentralized inflation control system. The news about Tesla buying bitcoin shocked many investors that it kept the bitcoin price up. If so, what is the current bitcoin back up? Bitcoin is backed up by trust. Big companies believe in bitcoin not in the government. Even though none of the countries has backed up bitcoin, bitcoin is the most sought after digital asset.
BITCOIN AND CORRUPTION
There is no news or a little bit of multibillion dollar corruption news involving bitcoin, but so much corruption news involving government officials, banks, or banking officials.so accusing bitcoin as a criminal tool is something that is made up or exaggerated. Blockchain technology provides the ability to track corruption if states are willing to implement it. Developers can create non anonymous cryptocurrencies that can be used to manage the budgeting of a country. By non anonymous cryptocurrency, public or appointed accountant are able to track the flow of fund and monitor the violations. This is a breakthrough in this tech but who will use this tech? Why do not governments respond quickly? You know the answer. So it is clear that cryptocurrency is a new financial system that can make effective management in finance, minimize corruption and other violations. Some criminal cases in cryptocurrency is just about hacking , ransoming, and scamming crypto investors. I think we need old government officers to retire to get cryptocurrency adoption for clean government.
