In the case of previous monetary system, most of the countries around the world use the fiat monetary system(which is controlled by the central bank). Characteristics of this system are guaranteed by the countries' credit. What's more, currency is circulated by financial institutions during their business. Based on this system, countries achieve their national economic policy.
However, this economic system has effectively operated for more than 30 years after the Bretton woods system collapsing(story here). Thus many people began to doubt about such a system whether it is effective or not after the financial crisis of 2008(for more details about this financial crisis, please see the video above). Obviously, as it is the most essential part of the national rights so that it is hard to forbid over-issuing currency in reality.(Inflation usually follows by an oversupply of money in circulation for a given currency which would negatively effect the economy!). Under this circumstance, Bit coin is precisely in response to the trend of the times, came into being.
Currently, the information of Bit coin in our life everywhere, we can easily get it. Positioning as the electronic currency, Bit coin rapidly grab people's attention with its exchange price rising like a rocket.In a variety of controversy, in the view of some people, Bit coin is considered as an angel who will shake the traditional financial system soon or later. In the other hand, others holds that someone may get a new speculative tool-Bit coin as a demon friend who can help them to conduct the illegal transactions secretly. Indeed, it is a time of great uncertainty.
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