Nobody can ignore that when the Dollar, Yuan, Sterling, or Ruble turns into electronic money, it will provide great conveniences in payments.
But how can we accept that there are keen differences between digital currencies and credit cards?
Bitcoin is now the official currency in El Salvador.
The fact that a small country like El Salvador is coming out of dollar dominance expresses a great revolution.
Maybe this little step is the beginning of the end of the dominance of the US dollar as the main global reserve currency.
Undoubtedly, we are living in historical days. El Salvador could be a small country in terms of economic size.
However, the fact that Bitcoin has been declared the official currency by El Salvador can have an impact far beyond its economic size.
Many countries in the world can follow this brave step taken by Salvador.
Because states and peoples no longer want a world dominated by dollars.
The FED, which has the authority to print the dollar, is directly or indirectly in control of the dollar in the world by itself.
We can clearly say that the entire world economy is under the dominance of one center, the FED.
Will the world economy be free from dollar dominance when the current dollar is fully digitalized?
Of course, Won’t!
As we return to the example of El Salvador, we see that El Salvador’s main goal was to save its economy from dollar domination.
So digital or not, the issue is the dominance of the dollar over economies.
As for cryptocurrencies, how can a centralized digital dollar compete with cryptocurrencies that emerged as a product of decentralized Blockchain technology?
The issue is not that fiat currencies are paper, wooden or digital, the problem is that fiat currencies are governed by certain centers like FED.
In the long view, the main struggle will be between digital and crypto money, the struggle will be between decentralized money and central money.
Surely, in the end, new technology will win.