If you've seen the latest news, you'll most likely have read about the debt ceiling for the U.S. government. In simple terms, it means the government needs to raise the amount of debt it can have on-hand in order to keep functioning.
U.S. Government - A Terrible Business
If the U.S. government were a business with stock, it would be losing value and have an angry group of shareholders. You see, for a regular household in the U.S., you can't just keep racking up debt. Eventually, your creditors will come calling and request payment. If you can't, then you "default" and go bankrupt.
If the U.S. government goes bankrupt, it's a big problem because then there is no confidence in the U.S. dollar and currency system of the U.S.
Money Printing and the Federal Reserve
Most of the money printed in history has been printed in the last few years. The Federal Reserve was created as a "bank" for the U.S. government and is a separate entity. They control interest rates and the currency of the U.S. This is a big problem because they can just keep printing more and more money.
The U.S. has not had a balanced budget for a long time - not since Bill Clinton was president back from 1993-2001. He actually made it so that the U.S. didn't acquire more debt. Besides that, U.S. debt has risen regardless who has been in office.
Cryptocurrency Solution
A solution to this problem of having a human controlled entity with currency, which inevitably leads to corruption, is a currency that isn't controlled by any one person or group.
Enter, cryptocurrency. With either a finite supply, like Bitcoin, or a steady cadence of adding new currency, like Ethereum or Dogecoin, adopting cryptocurrency as a standard for commerce is a step up from what the U.S. government is doing. You can't over inflate cryptocurrency - especially Bitcoin because only a finite amount of them exist.
Pros and Cons
of course, there are pros and cons to everything. Even with cryptocurrency, there will be corruption and the use of it for things that are less than reputable - such as crime, smuggling, and more.
This will happen regardless of whether the U.S. dollar is used for currency or cryptocurrency is used.
Which solution do you think is best - it definitely isn't sustainable for the U.S. government to keep going into debt.
Online writer since 2008. I enjoy writing and have written nearly a thousand tech related articles about electric vehicles, software, tech companies, hardware, gaming, tech related products, and company developments in tech.
