Modern finance and economics have its roots in systems developed over several centuries. Concepts such as the stock market and fiat currency went from localized quick solves to transforming global financial operations. Trading among dozens of countries has never been easier.
History of fiat and how the U.S. dollar became the world’s reserve currency explores the origins of paper currency and global reserve currencies, places where fiat currency badly failed, and why the U.S. dollar is considered today’s reserve currency. Both articles provide a perspective about why people are excited about cryptocurrency’s development. If you’ve heard about hyperinflation and want to know about why it happens, both articles provide an explanation.
Another reason for cryptocurrency’s rise is the excitement around global money transfers. The SWIFT system is the current powerhouse for moving money around the world. However, it’s notoriously slow and cumbersome. Plus, it’s actions are heavily influenced by U.S. policies. Not so with cryptocurrency blockchains. Here’s an article that looks at cryptocurrency vs. SWIFT.
It’s oftentimes argued that the economic principles of cryptocurrency is based on Austrian economic theories. If you’re curious about what those principles are, here’s a basic reading about cryptocurrency economic theories that are at play.