by Lorenzo Maria Pacini, Strategic Culture:
The transformation of society also passes through certain experiments. In economic matters, something interesting is happening in the U.S. that deserves to be understood.
Bitcoins were the first experiment
To be honest, it must be admitted that when cryptocurrencies were launched more than 10 years ago, probably no one imagined that they would be a real success. Today, on the other hand, they are within everyone’s reach, are used by almost everyone and are also entering the systems of the public administration of states.
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Certainly the best known and most discussed cryptocurrency is Bitcoin.
Bitcoins are a form of decentralised digital currency, created in 2009 by an individual or group known by the pseudonym Satoshi Nakamoto. Unlike traditional currencies, they do not exist in physical form and are not issued or regulated by any central bank or government. They work through a technology called blockchain, a distributed digital ledger that keeps track of all transactions in a transparent and secure manner.
The blockchain consists of a series of interconnected blocks, each of which contains a list of transactions. Such a structure ensures that information is immutable and accessible to all participants in the network. Transactions are verified by so-called ‘miners’, i.e. individuals or groups who use powerful computers to solve complex mathematical problems.
Bitcoins can be used to buy goods and services, transfer money quickly and anonymously, or as an investment. Their quantity is limited to 21 million, making them a finite and theoretically inflation-resistant resource.
Those who are familiar with cryptos know very well that their weight in the global market is anything but marginal and that there is a direct connection to politics and geopolitics: as events change, crypto prices change immediately. Observing crypto trends allows some analysts to guess profitable trades, but also to read global transformations well in advance of their occurrence.
Bitcoins have proven not only to be the first peer in the world of cryptocurrencies, but also to have decision-making weight in the economic policies of some countries and to be able to move huge amounts of money around the world. A recent case in point is that of the American elections, in which Donald Trump’s victory caused the value of Bitcoins to soar to a new record high.
It is curious that little attention is paid to a very significant detail of Bitcoins: as long as they are used as a ‘game’ by ordinary citizens, little changes; but when they begin to be used as an alternative currency by a state, it means that something important is happening.
A cryptocurrency, in fact, makes it possible to decentralise a certain amount of capital. This means being able to ‘take’ from the banks and control it directly, outside the ‘traditional’ circuit.
This is a fundamental political step. By understanding this, we will understand some of the next likely moves that will take place in various countries around the world.
We saw something similar when the BRICS+ proposed and experimented with Brics Pay, circumventing the complex SWIFT system with just a few clicks. This is by no means a small act.
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Originally Posted at https://www.sgtreport.com