The old system is dying

The Role of Cryptocurrencies in the End of the Old Monetary System

4 min readJun 12, 2021

The old system is dying.

The old system, where humans control the currency used by people in a given jurisdiction, is dying. In controlling the money used in a given jurisdiction, you have a situation where an arbitrary group of people make arbitrary decisions on the price of money.

In these systems, central banks are making the decisions that, in an attempt to mirror the information that an ecosystem communicates to arbitrate the price of money, utilize software and metrics, and measuring tools to try and gather as much of that native information as possible, but ultimately, the prices being set are still arbitrary, because it is not coming about from the participants of the ecosystem itself.

In this scenario, the information setting these prices emanates FROM the ecosystem, and are not injected INTO the ecosystem.

The decentralization of money and distributed networks, and crypto currencies- the further adoption of these will be taking away energy from the old systems, and as the energy is removed from these systems, the impact they have is lessened. There will be less of an impact when interest rates change. In today’s environment, the fiat currencies are the dominant currencies used within economic environments, acting effectively as a monopoly. Now we have options for what currencies we want to use. As more money and more value goes into crypto currencies, and as it is used to facilitate transactions, and it’s used it’s transfer of value, and it is adopted in the myriad of ways that currencies and money are used, the dominance of fiat currencies will decrease.

As it the dominance decreases, the impacts of the arbitrary price changes, id est, interest rates, will be lessened as well. It may realistically reach a point where fiat currencies are now competing with crypto currencies for usage. This circumstance would incentivize less manipulative, less corrupt, and less selfishly influenced behavior. It’s been said many times that good money pushes out bad money. Crypto currencies represents the opportunity to adopt money that is more sound than fiat money. This is the opportunity of crypto currencies.

People still have a mindset of centralization, and all of the outcroppings from that frame of mind: centralized bodies dictating trust; centralized bodies dictating what is legal and what isn’t; centralized bodies dictating morality; centralized bodies dictating what is sound money, regardless if the money is truly sound or not. With crypto currency and the adoption by the masses, everyone ends up in control, and the centralization of everything ceases to be. It is these things that is changing the world. Mind you, it will not be an overnight change, because it also requires a change of consciousness; a change of consciousness where responsibility, which is currently outsourced, goes through a transformation and comes back home to the hands of the sovereign individual. In this manner, crypto currencies, which are permissionless (meaning anyone and everyone can be involved,) provides that opportunity for people to participate when they are ready; no one is coerced into doing anything- it is 100% voluntary. When these networks grow, their strength is built upon this sovereign decision to participate. That is its strength. Just like the distributed networks, you can remove a node, you can remove a person, heck, you can remove an entire nation- but because these networks are distributed globally, the network will survive.

Fiat is money that is centralized, and therefore has a central point of vulnerability: corrupt the body that makes the policy of the money, and you corrupt the currency because you’ve corrupted the command center. You cannot cannot corrupt the Bitcoin network without the participants giving rise and having a say.

Cryptocurrencies are an outcropping of, and an enabler of the rising human consciousness; the return to us remembering that we are sovereign individuals and that we are creators that manifest our reality. We do not need outside beings to dictate our own individual inner reality, and because humanity is going through this trend, crypto currencies, as an outcropping and as a facilitator of this change, will not die.