Litecoin is one of the first open-source altcoins based on the original Bitcoin code. It was initially a strong competitor to the first cryptocurrency. However, as the cryptocurrency market expanded, Litecoin’s popularity gradually declined.
The digital future is inevitable. The Impact of COVID-19 on the Global Economy and the Cryptocurrency Industry
Almost every one of us at least once used the phrase “My life will never be the same” as a joke. Today, this phrase has played a cruel joke on the global economy and views on the world of cryptocurrencies, because indeed, neither the first nor the second will ever be the same. The impact of the COVID-19 pandemic on global stock and cryptocurrency exchanges has shaken the already fragile system of global settlements. Humanity has realized that the digitization of money is indeed inevitable.
Even ardent skeptics and opponents of cryptocurrencies began to talk about events that have already happened. China digitized the yuan faster than the US did it with the dollar. Many states around the world began to legalize the exchange of cryptocurrencies. Some of the countries have even begun to implement AML directives.
People always deny what makes them change their usual views of the world. Back in the days of opinions that the Sun revolves around the Earth, and not vice versa, the limited worldview and the denial of the unusual made progress wait in the wings. Something similar can be observed in the modern world economy. The future belongs to the blockchain, and this can no longer be denied.
Most of all, each person is afraid of the unknown, unpredictable and new. The whole world was faced with this most unknown, when a new strain of the virus made literally everyone feel that the world would no longer be the same. The fiction about the indestructibility of the superpowers and the eternal dollar is over. The time has come to search for a new, stable and reliable system of the world economy, which will not depend on micron shudders of stock exchanges or the issuance of banknotes of one state. All raw materials and minerals on the planet are valued and measured in US dollars. If the United States prints too much money to monetize its national debt, and this state has the largest debt on the planet, then inflation of this currency will simply burn out its purpose. To understand this, it is enough to understand the basic course of the world economy and know a little about money as a means of payment.
In view of this, it is time to create a new model of the world economy, built on the blockchain, using digital money, because very soon the dollar will reach its apogee. Many skeptics say that there is nothing more reliable than gold. How much the world has already tried to come up with alternatives, how many attempts have already been made to replace this precious metal, and yet it remains the regulator of any of the invented alternative systems. But just imagine – you go home with all your savings in the form of a bag of gold …
The theory that the dollar will soon come to its logical conclusion implies a period of 5 to 50 years. While the US has already laid the groundwork for digitizing the dollar, China, for example, took five years to make it a reality. As conceived by the Chinese government, the release of the cryptocurrency will fully transfer the yuan to the digital plane and displace the dollar from the electronic payment market, which will prevent the further dominance of the American currency.
Summarizing the above – it’s time to look for an alternative for investments and deposits of personal capital already yesterday. The dollar can no longer withstand the pressure of the crypto industry, and against the backdrop of the global coronavirus pandemic, while the US superpower is solving the problem with medical masks, China is launching a revolutionary technology.
