Futur

#futur A world without banks: how cryptocurrencies took over Imagine a world where banks no longer exist, where credit cards and checks are useless, where notes and coins are obsolete. A world where the entire economy is based on virtual currencies, decentralized and secured by cryptography. A world where Bitcoin is the king, and other cryptocurrencies like Ethereum, Dogecoin or Cardano compete for the throne. This world is not that far from reality. Since the 2008 financial crisis, which shook trust in traditional financial institutions, cryptocurrencies have experienced meteoric growth. Created in 2009 by a mysterious character named Satoshi Nakamoto, Bitcoin is the first and most famous cryptocurrency. It is a digital currency that operates through a network of peers, without an intermediary or central authority. Each transaction is recorded in a public register called the blockchain, which guarantees the transparency and security of the system. Bitcoin has attracted many followers, who see it as a freer, more democratic and more resilient alternative to the current monetary system. Bitcoin has also attracted the attention of speculators, who have caused its price to fluctuate wildly. In 2021, Bitcoin reached its all-time high, surpassing $60,000. In 2024, it will be worth more than $100,000, and represents more than half of the total capitalization of cryptocurrencies, which exceeds $5,000 billion. But Bitcoin is not without competitors. Other cryptocurrencies have emerged, offering different or improved functionality. Ethereum, for example, allows the creation of smart contracts, which automatically execute predefined actions based on certain conditions. Dogecoin, on the other hand, was born as a joke, but gained popularity thanks to its humorous side and support from figures like Elon Musk. Cardano, finally, aims to be more ecological and fairer than Bitcoin, by using a less energy-intensive consensus mechanism and by aiming to promote financial inclusion in developing countries. These cryptocurrencies have benefited from the bankruptcy of the system banking, which took place in 2023. Following a series of cyberattacks, corruption scandals and liquidity crises, banks have lost the trust of customers, regulators and governments. Withdrawals were limited, accounts were frozen, services were interrupted. People turned to cryptocurrencies, which offered a faster, easier, and safer solution for storing and transferring value. Companies have followed suit, accepting payments in cryptocurrencies, and even issuing their own tokens. Governments have tried to control the phenomenon, by imposing taxes, restrictions or bans, but without much success. Cryptocurrencies ended up establishing themselves as the only remaining currencies of exchange. What are the consequences of this radical change? Some see it as an opportunity to create a fairer, more transparent and more innovative world, where everyone is master of their money and their destiny. Others see a risk of creating a more chaotic, more unstable and more unequal world, where the rules are dictated by the most powerful and the most clever. Either way, it's clear that cryptocurrencies have revolutionized the world of finance, and they are here to stay.