For instance, today, every Nation in the world except Myanmar, Liberia and the USA have not adopted the International System of Units ( Metric System ). This fact means that out of almost 7.6 Billion members of the Human Family, only about 360 million do not use the Metric System.
The Metric System was first implemented, by law, in France in 1801. It has now been applied, by law, worldwide, except in those Nations previously mentioned. These three Nations use the Imperial System of Weights and Measures first implemented in England in the 1800’s, as well. So what does this have to do with Bitcoin and Cryptocurrency?
More than 60 % of the population of the world is under 35 and connected to the global internet via cell phones and computers. Almost half the world — over three billion people — live on less than $2.50 a day. (Many still find a way to have a cell phone.) At least 80% of humanity lives on less than $10 a day. More than 80 percent of the world's population lives in countries where income ( Wealth and Poverty) differentials are widening. This situation is a direct result of the lack of integrity, fairness, and justice of our current Global Economic System.
Most of our younger generations and some my age realize that our old, outworn, unjust, Global Economic System is in the process of collapse. Bitcoin and other cryptocurrencies are in their infancy, just like the Metric System in France in 1801. But the speed of implementation of new, more innovative technologies today, compared to 1801, are like slow walking compared to traveling faster than the speed of sound.
It is primarily our younger generations who are driving the creation, implementation, and use of Cryptocurrency and Blockchain technologies. The digital ease of using Bitcoin and other emerging Cryptocurrencies fit into our younger generation's expanding digital world. A world of rapidly developing digital technologies and a myriad of applications that are becoming a part of every dimension of their lives.
Even today, January 17, when some Cryptocurrencies lost 40% and more, of their value, after Bitcoin hit almost $20,000 per coin, Billionaire Mark Cuban says the Dallas Mavericks will accept Bitcoin and Ethereum next season, even at their concessions. Despite being very volatile, it appears we will see more and more Cryptocurrency replace Fiat currency, eventually replacing our Fiat Currency System, altogether!
My untutored conclusion is that Bitcoin and other emerging cryptocurrencies are here to stay. They will slowly but surely, and sometimes dramatically, replace our current global system of Fiat Currency. Especially, since the existing Fiat Currency System is corrupt, outdated, and purposely skewed for the rich to get richer and the poor to get poorer.
Our Fiat Currency System allows the current banking system, for instance, to create $ 8.00, out of thin air, for every $1.00 deposited. Cryptocurrency, on the other hand, is based on Blockchain technology that permanently records every transaction. As well, cryptocurrency today is like the Model T Ford. It won’t be long before a Tesla emerges. From this perspective, I believe our current Fiat System is in the process of eventually being replaced by digital currency.
At the same time, we need to walk the spiritual path with practical feet! If we want to explore investing in cryptocurrency, we need to proceed with great caution. We each need to independently investigate the truth for ourselves, and be as sure, as possible, if we choose to invest, our investment is fully informed and not just about greed and short-term gain.
While I am not in anyway a cryptocurrency or blockchain expert, at 73 winters I have some common sense, intuitive insight and a little bit of wisdom. Again with the caveat that sometimes you think your dead right, but you are dead wrong, I believe at least 90 - 95 % of current cryptocurrency will not endure. Many will end up shutting shut down just Bitconnect. There will scam and the crypto market will continue to make dramatic shifts. But these dramatic changes are occurring within an overall upward trend.
As my father always used to tell me, “Son, all life has a rhythm. The waves come in and go out, and there are high tides and low tides. This rhythm is the nature of the world we live in together. Son, learn to gracefully and prayerfully ride the waves in rhythm, but do not go into the deep, unknown water until you know you know how to swim!”
Dead right, dead wrong or somewhere in between, I have faith that this all will become clear in time, sooner than later!