Today, we can confidently say that the world has become a global village or, if you like, a global bedroom. Unlike the organization of social life in the 20th century where access to information and commerce is restricted, technological innovations has made the 21st century a smaller world than we've ever seen in modern history.
Through the Internet, for instance, it is now possible for total strangers living in different continents of the world to do business, build social relationship, and exchange cultural values. Not only that, an enviable consciousness of global citizenship has emerged among the peoples of the world - such that people are not only interested in events happening around them but in the events happening in faraway continents.
Information technology has also transformed the face of the banking industry, heralding a new era of financial evolution. In this regard, the traditional banking sector has given way to a more robust banking infrastructure that makes electronic banking and cross-border payment possible.
Nevertheless, globalization has not done much to the evolution of money as a medium of exchange. While the US dollar has become the most widely adopted currency for international trade, it is still not a legal tender for everyday transaction in sovereign nations of the world.
At the surface level, it is easy to think that the search for a global currency is needless since the USD has already gained international acceptance. However, the USD is still far from being a true global currency because adopting it as a legal tender will mean that nations of the world will have to give up their freedom to print their own money.
There is no problem with world governments giving up their power to print their own money and unanimously accepting the USD as a legal tender until they start to realize that the US can print money from thin air, distribute it to their own citizens, and then spend it lavishly in developing countries - a move that will bring prosperity to the United States while rewarding the vanquished with poverty.
This is why the only currency that best fits the enigmatic puzzle of a global currency is Bitcoin. This is no joke because Bitcoin is fully decentralized, owned and controlled by nobody. Unlike the USD or any other paper currency for that matter, Bitcoin is completely resistant to the monetary manipulations of the central banks as well as government interference.
Furthermore, unlike fiat currency, no central bank in the world can print Bitcoin from thin air. New Bitcoin can only be printed, at fixed rate, by miners who are the custodian of the Bitcoin network. This makes Bitcoin far more valuable and reliable than many fiat money on the international scene today.
Lastly, the transaction fee involved in transacting with Bitcoin is extremely cheap when compared to what it presently cost to use the USD for cross border payment. I must also not fail to mention that Bitcoin has no colour, allowing it to make more acceptance regardless of religious or ethnic beliefs and sentiments.
Although I hate to say it, the truth is that the idea of money as we know it today cannot serve the commercial life of an increasingly globalized audience. It is high time we changed the gears to Bitcoin, so that we can prepare ourselves for the most unforgiving challenges of globalization.
I am @gandhibaba, the young man who goes about carrying his magical pen, not his gun, in his pockets.
Gif courtesy of @artzanolino