Home Crypto Understanding the ever-widening path of the cryptoverse

Understanding the ever-widening path of the cryptoverse

Understanding the ever-widening path of the cryptoverse


Understanding the ever-widening path of the cryptoverse


When I began this journey just over a year ago, I said that digital currency is the future of currency. Bitcoin created the path — like a jungle foot trail — that has grown into a two-way road headed for a four-lane highway.

The digital age has entered the financial arena. Last year I mentioned that China, Russia, Sweden, and India (to name a few) are weighing the feasibility of adopting some form of digital currency. Last year the country of El Salvador announced Bitcoin as a legal tender.

Congress has introduced a bill calling for the Treasury Department to create a digital dollar. They estimate that the U.S. Treasury Department, not the Federal Reserve, takes charge of bringing the United States into the digital currency.

The currency will be token-based — using Treasury-developed software — and held in a digital wallet. There will not be a bank holding the funds — although a bank account is needed to convert the tokens — which means, in that sense, it will be decentralized.

If the wallet is lost or stolen, the tokens are gone and not replaced by the issuing bank. It is like cryptocurrency putting you in charge of your money, not the bank. An assistant consulting professor at Willamette University, Rohan Grey, “They would have to acquire the e-cash dollars via a bank account, peer-to-peer transactions or a store, but could then do whatever they liked with it.”

Once you have converted your money, you have the autonomy to do with the tokens what you wish, which is the same as drawing cash out of the bank.

The primary difference between the e-cash token and cryptocurrency is the government’s control to regulate the dollar. You could argue that crypto fluctuates in price, which is true, but the fluctuation is due to supply and demand rather than government manipulation.

Several members of Congress have introduced bills to regulate cryptocurrencies. Some believe them to be securities, while others see crypto as a commodity.

What it means for everyday people

The point is that cryptocurrency is here to stay, and the prudent investor is getting vetted in the space before it arrives.

(This story is a rewrite of an earlier story)

The cryptoverse is for you. Follow along as I learn; maybe you, too, will learn; and perhaps, together, we can explore the cryptoverse.

Disclaimer: I am an avid student of all things crypto. The cryptoverse caught my attention when COVID-19 captured the world and locked down the global economy. Since then, I have dedicated a portion of my time to learning about this currency — the currency of the future — and international business. As a writer, I have determined to journal my discoveries. I have chosen to write them in short, bite-sized articles to help anyone interested in learning about this space. These articles are not written in cryptoese or investments but are easy-to-understand articles. I am not offering advice, simply the information I discovered on my unexpected journey into the cryptoverse. There could be something for the seasoned investor to glean from reading, but my focus is on the crypto-curious.

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