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Started in 20019, as a peer-to-peer trading medium of exchange, cryptocurrency is fast gaining momentum. This might have taken some time to reach this point as the currency suffered credibility issues. At last, the world population is ready to embrace the crypto economy.

Here is what you need to understand about the crypto anarchy from the last ten years.

High Adoption Rate

No anarchy would ever happen without people joining in. For the last ten years, ten cryptos had been facing credibility challenges. That is different now, with more people accepting the role of crypto in the new economy. Most businesses are already accepting the coins as a means of payment. As time goes by, it is becoming more evident that the fiat currency is under threat.

With only over 10 million users in 2016, the numbers in 2020 are almost hitting 50 million. While these figures seem negligible compared to the number of fiat currency users, the growth shows better prospects.

Crypto also looks to solve the money problems for the significant population that cannot access the traditional banks. It looks to liberate the whole world by providing a level commercial playground for both the developed and developing countries.

The Role of National Governments

Any anarchy must have casualties. In this case, the governments of the various countries seem to be the major casualty. Being the controller of taxes and the economy, it is the government to lose sources of income and other control measures. Cryptocurrency does not require any central bank monitoring.

Unsurprisingly, different countries have had varied reactions to crypto. While the likes of the US and other European nations' governments have been corporative, it is not the same in other countries. Countries like India have made it quite challenging to trade in the coins. Such governments keep making rules, just short of banning the whole crypto.

The governments ban crypto coins due to its ability to be used for crime. The lack of regulation means it can be used to finance terrorism and for money laundering. The crypto coins also don't need cross border exchange, hence eliminating foreign exchange fees income.

Some of the countries that have banned bitcoin are China, Russia, Vietnam, and Colombia.

Other Fields Improving

One of the concerns that a newer tool or operation has is its ability to join with the older systems. Even though the current economic system was not built with electronic money in mind, technological implosion makes crypto viable more than any other time before.

The current developments in artificial intelligence, the internet of things, and the sharing economy make crypto more applicable. These technologies are having anarchy of their own. Uber has already revolutionized the taxi industry, followed by other shared technology like Airbnb.

The new technology systems can readily embrace blockchain systems.

Bottom Line

Started in 2009, to facilitate faster payments, cryptocurrency by now seems the most imminent anarchy in the world. With an ever-increasing acquisition, the world appears headed to a full cryptocurrency world. While it would drastically reduce the revenue streams for most governments, it comes with multiple benefits.

Till then, keep following this page for every development in the crypto world.

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