Anyone keen on the global economy would realize that an interesting trend is emerging. Fiat currencies are increasingly shaky, and traditional monetary and fiscal policies are no longer working in salvaging them. So far the currencies of Argentina, Turkey, and Venezuela have lost sizeable chunks of their valuations. More will follow in coming months, as the U.S tightens up its monetary policies in order to shore up the dollar. But unlike in the past when citizens of a failing economy had few options, they now have an option to go for cryptocurrencies.
This is a pointer that the global economy is in transition from fiat to digital currencies. Some countries will adopt the new system willingly, as is the case with Japan and South Korea, which are very pro-crypto, while others will be forced by circumstances. Venezuela is a perfect example of how circumstances are forcing nations into the new economy driven by cryptocurrencies.
But even as this new world takes shape, not all cryptos will win. Many of them don’t meet the requirements that would draw in people to adopt them as currencies. They are either centralized, or not secure enough for people to use them for daily transactions, or as a store of value. One of the cryptos that fits the standards of a digital currency that can gain mass adoption is Digibyte (DGB). Digibyte (DGB) is the more practical and useable version of bitcoin (BTC). This makes it perfect not just for holding value when fiat is falling, but also as an everyday transactional currency.
One of Digibyte (DGB)’s key strengths is its security. It is a true UTXO blockchain, and is secured by 5 mining algorithms. This makes it a safe bet because users are always sure that there will never come a time when Digibyte (DGB) will disappear from the market due to a hack, as has happened with several cryptos in the last few months.
The fact that Digibyte has seen an upsurge in volumes in countries with volatile currencies is not a fluke. It’s a sign that people are appreciating its capabilities. As structural changes in the global economy continue to make weak fiat currencies volatile, Digibyte will continue to gain in adoption, and its long-term value will grow.
With such prospects, short-term fluctuations in value should not make investors lose sight of the bigger picture. The short-term fluctuations will subside over time, as the tech becomes more entrenched in society. All new systems in history have gone through turmoil before they stabilized and took over the world. Just remember that at some point in history, the telephone was dismissed as having too many shortcomings to ever be used as a form of communication. Cryptos are no different. They are the future, and for great ones like Digibyte, the future is shining bright.