Cryptocurrency is the currency of the Future

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Blockonomics is a decentralized and permissionless bitcoin payment solution

While there are endless ways the future of money can come, Prasad predicts a combination of cryptocurrency, stable currencies, digital banking funds (CBDCs), and other digital payment systems that will lead to “physical [financial] equity.”
However, he emphasizes that one technology will not pass.“Cryptocurrencies themselves will not. Stable coins have a better gun, but they may have limited access, “he explains.

Digital bank Funds (CBDCs)

CBDC (Central Bank Digital Currency) is a digital currency issued by a major bank. Many central banks are trying the CBDCs, although most of them are in the early stages, Prasad said.
China, Japan, Sweden, and Nigeria have already started testing the CBDC, while the Bank of England and the European Central Bank are preparing their own tests. The US Federal Reserve remains skeptical about starting a possible development for the CBDC, but Chairman Jerome Powell said the central bank was investigating whether it was possible.

Stable Coins

Stable currencies are cryptocurrencies that are intended to be traded for fixed assets, such as gold or U.S. dollars but are not issued by a major bank. “The issue of a stable currency business is that it offers affordable and easily accessible digital payments within and outside national borders,” he said.
In fact, Biden’s management recently told Congress that under the law, stable currencies could “support faster, more efficient and integrated payment options.”
But stable currencies have caught the eye of American lawmakers as a potentially dangerous threat to financial stability, many in the midst of controversy. In another example, critics have questioned whether a so-called stable coin tether has enough dollars to recoup its currency, as the tether should be included in the dollar.

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Cryptocurrency

Common cryptocurrencies, such as bitcoin, are classified. And unlike stable currencies, these other cryptocurrencies are not supported by any fixed asset. Most of the time, their value is found in supply and demand.
Bitcoin, for example, was introduced in 2009 with the aim of serving as a peer-to-peer financial system. Its blockchain is carefully designed and has a well-thought-out ecosystem. Bitcoin also has a limited supply, which allows for built-in shortcomings in design. As a result, it is considered a value store by its owners.

Payments work very well

One reason cryptocurrencies can make payments more efficient is that they can allow for faster and more transparent transactions across the border, Prasad said. That can be helpful in most cases, especially for those who need to send money to families overseas.

It is very flexible

However, many cryptocurrencies are highly volatile, which could hinder their long-term success as trading methods, Prasad said. Because of this instability, cryptocurrencies will probably not be used in everyday activities.

Cashless Downsides

Although Prasad says he is confident that the future of money will be free, he admits that relying on digital payments will not lead to a complete system.
Although he sees digital payments as a way to make money in a democracy, they can contribute to income inequality and wealth, he said.

Economic Discrimination

A small economy can see its big banks and their funds swept or mismanaged, he says. This could put more economic and financial power in the hands of larger economies.
Cash flow. Portable cash also has a number of benefits, including financial secrecy and confidentiality, he says.
That is why he believes that the future of money should be carefully decided.

Blockonomics is a decentralized and permissionless bitcoin payment solution

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