{"id":10330,"date":"2021-03-25T08:00:25","date_gmt":"2021-03-25T14:00:25","guid":{"rendered":"https:\/\/gemstatepatriot.com\/blog\/?p=10330"},"modified":"2024-09-23T23:02:51","modified_gmt":"2024-09-24T05:02:51","slug":"digital-currency-economic-transformation","status":"publish","type":"post","link":"https:\/\/gemstatepatriot.com\/blog\/digital-currency-economic-transformation\/","title":{"rendered":"Digital Currency & Economic Transformation"},"content":{"rendered":"

Perhaps many Americans really don’t understand how the U.S. or even the world economy works. However, most do recognize the massive explosion of debt the U.S. is accruing. A deeper understanding of the economy is needed to understand how our economic system will most likely collapse in order for a new monetary system to be put into place. This is a rudimentary explanation of how this may occur while alerting Idahoans to learn more about how the economy works. First, there are a couple of terms that need explaining.<\/p>\n

Digital Currency<\/h3>\n

“Digital currency is a form of currency<\/a> that is available only in digital or electronic form, and not in physical form<\/u>.” This means the only financial transactions that can occur is over the internet through a computer, smart phone, or any other device with that capability. While Bitcoin<\/a> is perhaps the most commonly recognized form of digital currency, there are<\/a> many<\/a> others<\/a>, all of which work differently from each other.<\/p>\n

Cryptocurrency<\/a> is another name used for this type of digital transaction, a “medium of exchange that is digital, encrypted, and decentralized”. The value of a cryptocurrency is distribution by users through the internet, with no centralized authority over it such as a bank. A creator<\/a> of bitcoin has not been identified and the supply<\/a> is limited.<\/p>\n

Blockchain<\/h3>\n

“A blockchain<\/a> is a network of computers that stores transactional data…across every PC (node)…in the system.” “The data is entered into the chain in intervals known as blocks. Each block is time stamped and its order and transactions verified. This method of storing data in duplicate creates a chain of transactions or in other words, a blockchain.” These blocks<\/a> store data that are then chained together, sometimes referred to as a ledger of financial information. Not only is this used in digital currency frameworks, but the blockchain term is used in many other industries that involve some type of supply chain<\/a>.<\/p>\n

In simple terms, blockchain is the “technology<\/a> that allows people to send and receive cryptocurrencies” over the internet. The blocks holding the data are verified and chained together, distributed as a transaction, then sent on, all accomplished through the internet. A digital wallet<\/a> stores user payment<\/a> information in anonymity, similar to how PayPal has a digital record of transactions. There is more to the story but this is the basics. It is thought this type of technology is more secure, hacking isn’t possible, and it is anonymous<\/a>, at least that is the belief.<\/p>\n

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One last term, bitcoin mining. Directly from Investopedia<\/a>, “Bitcoin mining is the process of creating new bitcoin by solving a computational puzzle; Bitcoin mining is necessary to maintain the ledger of transactions upon which bitcoin is based; Miners have become very sophisticated over the last several years using complex machinery to speed up mining operation”. Bitcoins are mined by computational algorithms and when an algorithm is solved the miner earns bitcoins. Understanding bitcoin mining<\/a> is only for the advanced computer technocrat.<\/p>\n

Why is there so much interest in digital currency and having a digital economy? Through Agenda 21 and Agenda 2030, the United Nations (UN) goal has always been “to intentionally<\/a> transform the economic development model”, not save the planet. Now that the World Economic Forum (WEF) has assumed the responsibility<\/a> for the implementing the agenda, the corporate powerhouse partners<\/a>, with banks and financial institutions, can make it happen. However, that agenda<\/a> is now called the Great Reset<\/a> and one platform<\/a> includes Shaping the Future of Financial and Monetary Systems. One of the ways in which the economy will be transformed is through its 4th Industrial Revolution<\/a> (5G<\/a>) and a digital currency.<\/p>\n

As explained in this WEF video<\/a>, blockchain technology will “redistribute power in society”. Public-private partnerships for its advancement are being sought for “social benefit”.<\/p>\n