A change for our financial systems

[emma.lee1890]

In the last fifty years we have seen the following changes in our financial systems:
 The removal of the Gold Standard - Gold Standard was monetary system that directly links a currency’s value to that of gold. In 1971 the U.S. completely severed the link between gold and the dollar. The U.S. now has a fiat money system, meaning the dollar’s value is not linked to any specific asset. Fractional Lending – this is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. Eg: if you deposit $1000 into your bank account the bank will hold $100 and loan out $900 which goes out into circulation and back into a different bank, this time $90 is held by the new bank and $810 is lent out and the cycle continues, making money out of thin air

[zenbook]

The cryptocurrencies will become our new financial system but it will take time because people will not easily adopt cryptocurrencies. It takes time for them to understand what it is and its function in our economy.

[aji678]

Revolutioning the financial transactions in our modern world is the track cryptocurrency has to take. This is the future of cryptocurrency. Though, the development is slow nowadays, for sure when important technical issues such as adoption and security have been resolved, expect the accelaration in terms of usage.