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Four misunderstandings of digital currency -Part 1

Si Gyeongmin

Oct 14, 2021

Where does the currency come from? In short, it is a product of demand, supply is secondary. Technology- can change the appearance of money and improve supply, but it cannot create demand, so it is usually more secondary. The core of the currency economy is demand. Going outward is the supply, and going outward is the indispensable technology. The unity of currency, in form, is often embedded under external forces. In fact, it is still determined by demand.


Does the digital community determine the demand for digital currency?


Digital currency is a product of the digital economy, and it occurs and develops to meet the needs of the digital economy. This seemingly simple truth is often distorted in practice, making digital currency the product and service of the digital network community. In this way, community activities are equated with economic activities, and the digital community itself is equated with the digital economy. Furthermore, communities can issue digital currencies regardless of their size. If there is no community, currency can also be issued through newly established communities. As it develops, everyone can issue coins, and community coins have become popular and popular: those mega-communities are sought after and seek to issue super-large digital currencies. As a result, Facebook, with 2.7 billion users, seems to be able to realize the digital unification of global currencies in an instant by issuing a digital currency named Libra.


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