How can cryptocurrencies be a future of conflict?
Bitcoin was made in 2009, and since then, due to the pivotal creation of bitcoin, other cryptocurrencies have also come into existence. In today’s modern world, cryptocurrencies are prevalent and are owned by millions of people worldwide. The people who are a part of the financial sector of the whole world are also a part of the bitcoin economy nowadays. Many people make billions of dollars out of the usage of cryptocurrencies nowadays, and therefore, it is the modern-day medium of making a profit. It shows that bitcoins will stay in the digital age, travelling nowadays. Due to the global revenues of the digital payments of up to $1.9 trillion according to the data given in 2019, it is very well known that cryptocurrencies will remain in existence for a very long period from now.
The growth of cryptocurrencies shows that they will significantly impact the global economy. Also, they can even go to the real aim of war if they keep on extending to such a large extent. The traditional kinetic battlefield, which has involved cryptocurrencies, will also be significantly prolonged. There will be a complex and multifaceted economy in the world, and it has the chance of forming a ball pair in the whole world. There will be economic conflicts, and therefore, we can never ignore the digital currency and the conflict which may arise due to the widespread popularity of cryptocurrencies and the digital tokens on https://bulwarkcrypto.com .
State-wise digital currency
Different governments worldwide are proposing their bills to launch their cryptocurrencies. They are physically existing assets back in the digital currency they launched. Some prominent nations include the United States, Russia, and China, which are willing to launch their cryptocurrency in the market to take over the influence of physically existing commodities. The specific countries have specific rules and regulations to maintain the flow of digital coins in the economy. China has been an active participant in the whole digital space. However, it has been developing and working continuously on the concept of digital Yuan since early 2014. The initial tests on the digital you on work done in 2016 and the middle of 2017, the People’s Bank of China says that the digital currency is in between the research stage.
Russia has never been left behind when advancing its technology involved and payment options. It also tried to enter the cryptocurrency market recently, just like China. In 2017, the President of Russia was essential to enter the cryptocurrency market as it is growing like fire. Therefore, it introduced CryptoRuble, a cryptocurrency controlled by the central bank official.
Cryptocurrencies as future of conflicts!
The active participation of China, America, and Russia has made a significant portion of the global cryptocurrency market. However, along with this, it is essential to consider that the individual currencies launched by different nations will have a massive play in the security, political, and economic stability of the whole world and will further endorse the conflicts. First, the digital Yuan, dollar, and other digital currencies of different nations will have a competitive trade advantage. Also, they can lead the world to watch about where we are the weapons or not arms but digital coins and trade mediums. Also, the nature of cryptocurrencies is completely interconnected, and therefore, one nation’s failure to implement them correctly will affect the other nation’s capacity.
A preeminent threat that every nation can see is that if there is a state-backed cryptocurrency, it will be used in illegal activities on behalf of the state itself. Let us take the example of Iran. The use of the digital currency of Iran has a trade sanction from the United States of America also. With such a sanction with Iran and the United States of America, it also includes military imports and the development of infrastructure. Therefore, cryptocurrencies have very well the potential of being used as warfare. The private Blockchain system developed by different nations can lead to massive power development, and hence, there will be a global threat of war. A recent study conducted by blockchain analysis in 2018 says that 95% of the total illegally laundered coins are on the dark web like Silk Road and AlphaBay.
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