Digibyte (DGB): In the last one month, several countries have seen their currencies get hit hard, by political decisions in the global geopolitical landscape. Russia, Iran, and Turkey have all seen their currencies drop as a result of decisions made in the U.S. This seems to have triggered them to look towards blockchain technology. However, while the idea is great, and may gain traction all across the world, the approach taken may not be the best. That’s because as has been seen with Iran and Venezuela, these countries are looking to state backed cryptos.
This will fail because it still requires users of such a currency to trust the state, which makes such cryptos similar to fiat, albeit on the blockchain. Such currencies will find it hard to gain adoption and acceptance by the global community, as seen by the failure by Venezuela’s petro crypto to gain adoption. Even the citizens of this country who are facing economic hardships are turning to decentralized non-state cryptos such as Digibyte (DGB) and Dash (Dash).
The solution lies in currencies that are decentralized, and cannot be controlled by any state, while at the same time having the practicality to be used as currency. Turkey seems to be hinting at such an option after their technology and industry minister touched on the need for “apolitical money.”
In case nations bow to the power of decentralization and begin to use decentralized cryptocurrencies, which crypto stands to gain the most? Well, someone might think bitcoin (BTC) would be the first choice, right? Unfortunately, bitcoin has a few problems that would make its adoption as a currency challenging. First, bitcoin has some serious scaling issues, which makes it not only slow, but also makes its transaction costs impractical for everyday business.
The proposed scaling solutions don’t offer any hope at a state level too. For instance, the lightening network can lead to centralization, which might not augur well with countries looking to move away from external control of money. Secondly, most of bitcoin’s mining is done in China, which means that China could use its systems to exalt some sort of control over it. As such, Bitcoin (BTC) may emerge as a digital store of value, but it cannot be a viable currency, in its current format.
The other option would be, which is fast, scalable, and cheap. The challenge with XRP is that it’s heavily Americcentric, due to its affiliation with ripple. This is quite visible in the manner in which, its price is to some extent held back by an impending decision by U.S regulators on whether it is a security or not.
Ethereum, which is perfect for executing smart contracts that can be used in financial transactions, also has scaling problems that make it challenging for it to be used as an everyday currency. The only other truly decentralized coin that fits the bill of an everyday currency is none other than Digibyte (DGB). The fact that it was a community from the very beginning makes it a truly apolitical crypto, with no links to any state.
Besides, its decentralization, Digibyte (DGB) is also fast, scalable, and has some of the lowest transaction costs in crypto. It without a doubt fits the bill for an apolitical currency that can be used global for international trade.