Has Bitcoin led the way regarding the use of digital currencies in the world?

Greetings again my dear friends I hope you are all well, at this point in our so rich world financial history, we have no doubt that with the birth of Bitcoin and its considerable growth in relation to its appreciation, the whole world of finance turned its eyes to this type of digital currency, so much so, that today there is talk of all kinds of regulation on this type of digital crypto asset, for example, the world's largest economic power the United States, is at the forefront of the above described.

This is due to the great potential developed by cryptocurrencies and their Blockchain technology, this keeps the entire traditional financial system upside down and, before such growth in the use of cryptocurrencies in the world, these traditional entities are preparing to take over this market, but will they be able to do it? Only time will answer this question, however, I personally think that, if they will do it, they will begin to ally themselves (they have no other way) and then take over the market.

So far there are many arguments that could be used by these traditional financial institutions to try to control the cryptocurrency market, for example, in the previous year, i.e. 2022, we witnessed an increase in sanctions against companies of this type of digital asset and, consequently, a series of proposals for regulations for the entire market, it is important to note that the cryptocurrency market still has some weaknesses to control the investment of illegal capital, and this can be implemented against the current Exchanges.

We know that the creation of Bitcoin seeks to completely replace fiat money, and it is no secret that this monetary system (mentioned above) is deficient in time and, even more so where technology takes over any space of development of humanity, all this is known to international institutions such as the renowned International Monetary Fund (IMF), and of course, each central bank of the countries of the world, therefore, their big question revolves around how to maintain control of money and thus the global economy.

This has led to the creation of the so-called central bank digital currencies (CBDC), in order to make a counterweight to cryptocurrencies and their usefulness from the point of view of money or digital assets, however, the first will always be the most original, and originality will have the first option to win and get the most of the cake, the advantages of these digital currencies of central banks is that at once have legal tender in the country where they are issued.

The truth is that currently cryptocurrencies have become an escape valve for the population of many countries on the planet, where many of these people have preferred to safeguard their capital in cryptocurrencies instead of any of the CBDC, a recent example for this recent year that begins in 2023 is the inhabitants of the country of Nigeria, where, according to some financial analysts or statistical studies express that about 0.5% of these inhabitants have only used the digital currency issued by the central bank of their country, according to some financial analysts or statistical studies express as about 0.5% of these inhabitants have only used the digital currency issued by the central bank of their country, this also point out that this is due to the little confidence generated by such banking entity and political decisions in economic matters in this African nation, and on the other hand, about 35% of these inhabitants have used the Bitcoin or any other cryptocurrency.

Any demand for a particular good when it shoots up, will generate an increase in the price of the good to be acquired, regardless of whether it is digital as in the case of cryptocurrencies, and this has happened in this African country where the value, for example, of Bitcoin has been about 60% above its real market value, in this case the confidence in the cryptocurrency market is expressed and undoubtedly leads to greater adoption of these digital assets, and that is what traditional financial institutions seek to avoid.

Until another opportunity my dear friends.