Crypto currencies may save international trade

published Jul 15, 2015 05:05   by admin ( last modified Jul 15, 2015 05:43 )

In one way we may treat the massive debts in the world lightly: We are still rich in large parts of the world, and all the stuff we have will not disappear overnight. However given the absurd size of global debt there will be deep - potentially vicious - conflicts about who should pay how much to whom. When all those agreements on debt turn out to potentially be worth nothing, we will not trust each other that much onwards with credit.

If trust is gone, why would you deliver a car to the other side of the world, not knowing if anyone will pay, or if what you were paid in is actually money? Bitcoin and other trustless crypto currencies may be the only means of international payment remaining.