When Is The Bitcoin Becoming The New Euro- Part 1

Where Is Euro Positioned?

It has been around for a decade and dubbed the single currency as Euro was in the works before it entered circulation in 2002. While it was seen as something revolutionary, a bold initiative that has failed multiple times along the way. The truth is that even if it hasn’t become the universal currency, there is the European central bank testing the boundaries of the euro where Bitcoin could be the surprising and beautifully designed world cryptocurrency taking the euro’s dreams to the next level. 

Bitcoin Is The True Single Currency

With a few reasons, the euro will always stay limited in scope as read in 1992’s Maastrict Treaty whereby the euro is termed a stable and single currency with nothing fancier than that. The creation mechanisms, in other words, are similar to those of any other modern currency with the central bank coming with interest rates. While it is political in stating that the euro is a stable currency referring to Germany’s old traumatism of hyperinflation whereas at all times the euro has to avoid inflation. Probably the most important way the European Central Bank differs from the US Federal Reserve is the price stability that comes first in Europe. The political and monetary policies even though are supposed to be separate which prove that it isn’t the case.

As everyone watches the economic troubles faced by Greece, these days, the only adjustment variable is jobs where Eurozone country is no longer as competitive as the neighbors with prices staying the same as consumption falls and the unemployment rate rises whereas to fight unemployment may have to accept pay cuts with European governments rather creating a giant help fund more than endangering the euro’s stability. The euro for all these reasons is just another traditional currency used in a few countries sharing all the same weak points. Bitcoin is apolitical by definition which is the greatest strength as well as weakness. 

Where Bitcoin is nothing like that, the idea evolved that nobody could regulate it instead of having a central bank with bitcoins being just a chain of characters defined by algorithmic rules where anybody can try to find new bitcoins as anybody can verify if it's indeed a real Bitcoin or not. By handling all of this as open-source Bitcoin application as well as few proprietary variants. You can make transactions in Bitcoins as long as you have access to the right technological tools as the economy thrives or stagnates as Bitcoin will have its separate trend. Whereas it is still early to see significant mainstream Bitcoin use cases which is the story of the new currency being a fascinating one.

The excitement is on to reveal that a panel is being held with Shakil Khan (CoinDesk) Pamir Gelenbe (st-ART/Bitcoin London) and Nejc Kodric (Bitstamp). Whereas Khan is an expert as it comes to Bitcoin news Gelenbe has successfully organized the Bitcoin London Conference and finally, Kodric is the co-founder and CEO of the largest European Bitcoin Exchange as well as the second one in the world behind Mt. Gox with interesting thoughts shared on the future of Bitcoin its caveats and more. 

Bitcoin’s Weaknesses

Whereas what is happening when the Bitcoin wallet value in euros falls by 50 percent in a day? The company paying you in bitcoins takes it as bad news where the future of Bitcoin as a mainstream currency is unclear that makes no mistake that euro remains the dominant currency in the Eurozone for now. It is better to avoid disastrous news like that as many countries including the US and Germany trying to regulate bitcoins as you want to use Bitcoins proving that you’re ready to handle the financial risks. 

Concluding Thoughts To Sum Up The Discussion

Bitcoins are at the forefront as the global currency idea is being evolved in a matter of a few years and then they are sure to be reckoned as the one language that all financial and monetary transactions speak about. This way the world helps to become a single financial playground where all the currencies play together on one digital platform. There is more to this than anything that anyone can imagine. Make sure you get the whole idea behind the global currency being churned out from amongst the currencies world over including the euro and other universal digital currencies. The discussion is continued in the following post throwing some light over the current situation in Bitcoin becoming the single global currency. Stay tuned for more from us.