One of the most discussed issues in the coronavirus struggle, which deeply shakes the whole world and seriously affects the economic markets, is the issue of crypto money, which is likely to replace paper money. Paper money withdrawn from bank branches or ATMs causes various concerns about hygiene and the spread of the virus, as it passes from hand to hand in cash exchanges. Crypto coins, which have been in our lives for about 8-9 years, seem to be an alternative way to protect against viruses and bacteria in paper money because they are one of the contactless and untouched payment methods. On the other hand, the fluctuations in the exchange rate and the increase in the value of the dollar and euro currencies in this period we are in have started to worry everyone. In this case, I believe that it would not be wrong to say that the new world order to be established after the end of the pandemic can bring the economy to a new form. Let’s take a closer look at the crypto money issue, which has become more popular with the advancement of technology.
The term “cryptocurrency”, which is formed by combining the words cyrpto and currency, basically means crypto money. Cryptocurrency; refers to the virtual currency used through the internet, which is not connected to any central authority or brokerage firm. Individuals and institutions can spend or accept these monies like real money. Cryptocurrencies do not exist in printed form and tangible form like other known currencies.
Bitcoin, the most well-known cryptocurrency and known to have been founded by Satoshi Nakamoto; It is defined as a digital currency consisting of open source software that can perform money transfers without the need for any financial institution. Since it is completely digital, it does not need physical representation. Crypto coins such as Bitcoin are becoming increasingly popular due to the fact that transaction costs are very low, can be used globally and are a safe and valuable tool with the increasing area of use day by day. Bitcoin can be exchanged for other currencies at any time.
Cryptocurrency Credibility and Blockchain:
Since they are not managed by any institution or organization, it is possible to say that crypto coins are safe. However, since it is basically located on a software system, the fact that the existing crypto money has not been transferred to a virtual wallet or the possibility of hacking the computer where these software is located poses a serious threat to security. The basis of the security of crypto coins; It is based on blockchain technology, the Turkish name of the blockchain. In particular, the blockchain system, which is the basic building block of Bitcoin, is a technological database where all transactions are recorded. In blockchain technology, money transfers can be carried out without the need for any third party and without paying high commission fees. In transfers, the digital signature system is activated and each transfer is protected by a digital signature.
Compared to other countries, these practices are less interested in Turkey and there is no legal regulation on the subject. Nevertheless, it is known that there are crypto money users and that some people and institutions operate in this way. On the other hand, the most basic way to combat the virus is to establish a “contactless world” and to adapt all contact-based systems such as cash flow to this exchange process. From this point of view, crypto coins in the new world that will emerge at the end of this process can be one of the pioneers of this contactless universe and can covet the throne of paper money.
Stay with Health and Love, #evdekal