Essay about "The digital currencies that matter Anonymous.The Economist; London Vol. 439, Iss. 9244, (May 8, 2021): 11."

 This review essay may contain some errors about the objective truth. Also, this review essay is completely written by myself. Therefore might have a biased opinion. Please tell me if this essay includes some errors about the objective truth. Also, I like to hear your idea about my opinion. Please leave them on the comment. 

These days, digital cryptocurrencies such as Bitcoin, Etherium are on the rise. Since banks' innovation is usually halted after the creation of the ATM, the article insists that digital cryptocurrency can solve the problems of the capital section of the world. 

Specifically, the article asserts that the coin made by the government, the gov_coin can be the alternative to the bank system of the world since the current bank system has some serious problems. 

For example, the Lehman Brothers had been bankrupted and caused worldwide problems. Also, the commission of the banking system by conventional banks is expensive compare to digital cryptocurrencies. 

The digital cryptocurrencies made by the government, gov_coin, can solve these problems. Since gov_coin is made by the government, not the private sector, the government can control the capital section. Therefore, able to solve many problems caused by the private sector. That can be the one reason that the gov_coin will prosper.

Also, there are other reasons that the gov_coin will prosper. 

Since China and U.S.A are fighting each other to gain the world's hegemony, the gov_coin can be the gamechanger of China to destroy one of the U.S.A's powerful weapons, the dollar. 

Consequently, the three reasons, the brevity, ease of control, and the power game between two giants will make the gov_coin prosper and popular worldwide is the assertion of the article. 

In my opinion, I agree with the tone of the argument of this article. I acknowledge that digital currency has high brevity, ease of control, and also China will definitely use this method to strike the U.S.A. 

But, I have some concerns about the digital cryptocurrency itself. 

First of all, the security of cryptocurrency is currently very stabilized and strong. However, if the current security system based on the prime number method is broken by a new mathematic technique or engineering technology, it will be very hard to change the whole system since the cryptocurrency's ledgers are all spread out. Even though we can solve this problem with the government ruling ledger cluster, it will harm the total benefits of the cryptocurrency. 

Second, using digital cryptocurrency usually doesn't require a traditional banking system. It means that most of the banks will be disappeared. Therefore, most of the capital systems will belong to the government.  But the government can be less competitive rather than the private sectors and can be unfriendly to the citizens since there are no rivals. Also, it is irreversible too. It means even though it has a serious problem, we can just go back to the traditional banking system. 

Finally, if the current money changes to the gov_coin because of the two countries, U.S.A and China, some government with the small economy size have to face the possibility of can't using their own money. Even today, many poor and unstabilized countries like Venezuela or Zimbabwe don't use their own money in their countries because of a lack of trust towards their money. But, with the current situation, the local government can ease that situation by banning the use of other countries' money. Also just peg the exchange rate. But, digital cryptocurrency is much hard to regulate, those weak local government might lose their power of control since their citizens will just use other countries' gov_coin. 

Therefore, I think the use of digital cryptocurrency is the mainstream which can't be stopped. But, we also have to aware of the dark side of its use and prepare for it. 

Thanks.