Our
entry into the era of digitization has contributed to thinking about the
digitization of currency…America, as it is rumored, invented the (Bitcoin)
currency, or (BTC) as it is referred to, as the first cryptocurrency in the world.
The purpose of this invention is to lure the owners of suspicious funds,
monitor who deals in the black market and survey public opinion on creating a
digital currency.
It is rumored
that (Satoshi Nakamoto), whether referring to one person or many, invented
(Bitcoin) and no one knows who he is or who they are! Why did (Bitcoin) occupy
the world, what did they benefit from, and does it have a future?
I
mentioned the acceleration in the world’s desire to switch to digitization and
smart living in two books, the first entitled The Brave Knowledge World,
which is concerned with the Fourth Industrial Revolution, and the second
entitled The Inevitable Digital Future, completing the first by
discussing the move to establish smart cities, which seems to have become a
reality, in a time when events are accelerating towards winning AI rankings for
a happier life.
The Bitcoin abolished the (bureaucracy) in place when
transferring funds; from opening a bank account, certifying the sender of the
funds, and proving the identity of the transferee, all of which is not
required! But are there any problems caused by digital currency? Yes, most
notably companies not being subject to the tax system, not knowing the sources
of funds, the identity of their owners, and who they will be transferred
to…After all this, do we still consider (Bitcoin) a trading currency?
I think it is so, if America has agreed to its use, as
the country with the most powerful trading currency in the world, that is, it
agreed to the use of bitcoins instead of dollars in digital commercial
transactions, and this is an acceptable assumption. But, is there anyone who
can compete with America? Yes, there is China. It provided the grounds for
commercial dealings in digital currency and invented various forms of it, the
most important of which (the digital yuan) and in 2019 four out of five people
in China used digital currency, meaning that they deal through digital
financial institutions in their trade exchanges.
So, it
is a Chinese dream to be liberated from America's control and its dollars…It
planned for this long ago when it imposed a condition to only use its currency
and not dollars if the World Trade Organization wanted it to join.
Since
that time, the economic war has not been extinguished between the two
giants…America, on the one hand, imposed the pricing of oil in dollars and
signed its international agreements on that basis, and China, on the other
hand, imposed itself through the volume of its huge financial circulation on
the global scene, and now stands face to face with America, which may pave the
way for the rug to be pulled from under the latter, and thus from under the
currency from which it derives its power.
Finally,
the first, and the most popular, and widespread digital currency in the world
is still (Bitcoin), which is under the cloak of America and its dollar, which
will not be granted life unless America wants it, and therefore the Chinese
dream will die.
Moreover,
digitally dealing with Bitcoin carries a high risk, as there are no guarantees
for the numbers entering the wallets, nor those leaving them. Closing any
digital trading platform will close with it the numbers traded through it
without any guarantee! There is no reserve for Bitcoin, no governing policies,
laws, or references. The era of guaranteeing the currency with the gold reserve
that supports it is over, and gold is no longer a reserve material and a
guarantee for currencies. We are in a new era…The tables have been turned!