Cryptocurrencies and the dollarized internationalized currency fallacy

Cryptocurrencies and the dollarized internationalized currency fallacy

How did Bitcoin, the first virtual currency in human history, come about?

Someone realized that all currencies are virtual, and for that the Bank of England created the first central bank in the world precisely to control the creation of virtual scriptural currency, so the so-called banking fit serves to control the proliferation of virtual currency between banks in current accounts .

Satochi, a mysterious unknown, according to urban legend, conceived Bitcoin based on the demultiplication capacity of the book-entry accounting medium, which creates an amount of currency without its own monetary base from the circulation of payments.

No one can explain how the dollar could be the world's currency, given that money is just a means of payment and therefore only facilitates the exchange of goods and services.

Since assuming that there could be a single world currency, the difficulty would be the same as for each country to issue its own currency, because currency issuance is not inelastic, the proof of which is that we have seen some economies of countries with excessive inflation adopt the dollar as a solution to stop internal inflation using the strongest currency in the world, the American dollar, but this resulted in complete failure, because currency is not value, nor wealth, much less a principle of economic power, when currency is issued above national wealth generation generates inflation when people have the feeling that that excess money was created to increase the currency without the corresponding wealth production ballast.

But, the opposite also creates crises in the economy when the amount of currency in circulation is less than the need to make payments for goods and services, this is what happened to countries that adopted the dollar currency in their economy replacing their own currency. local national, naturally there was a lack of money in US dollars for people and institutions in general to make their payments because the local country cannot issue and print dollars for people to meet their needs, it would be like people running to banks or ATMs to receive their payments entered in the accounts but the physical money does not exist in the physical payment boxes, causing a crisis of confidence even if this currency is the US dollar.

The adoption of the dollar as an international currency is an accounting illusion and an economic and political fiction because it means that if the country Angola, which uses its local currency issued by the government in its economic authority called the Kwanza currency, wants to import aircraft from Brazil EMBRAER the idea of the international currency being the dollar means that the Angolan government or company has to acquire dollars in the international environment to pay the Brazilian company EMBRAER in US dollars, this gives the impression to the international payment system that the Angolan is paying the purchase at the Brazilian EMBRAER in US dollars, but the reality is that the Angolan company is thinking that it is doing this and in Brazil it thinks that it is receiving US dollars.

Wonder how the Angolan got his dollars to send to Brazil?

The only way for them to do this is using Kwanzas, which is the Angolan currency, and buying American dollars with Kwanzas and sending them to Brazil.

Basically, the Angolans paid in Kwanzas, which they bought in dollars to send Kwanza-dollars to Brazil, just an unnecessary and childish exchange of currencies, naive, useless, because the only way to get dollars in Angola is to exchange Kwanzas for dollars, which in Brazil will be converted into Real, which is the local currency for EMBRAER to pay its bills in Brazil from its payroll of its employees who receive in Reais, pay for consumed electricity, water and taxes.

This whole universal currency hoax is an illusion for many reasons not mentioned here, including because banks create virtual means of payment: M2, M3, M4, M5 commerce creates currencies as demonstrated when A lends 1000 reais to B who lends 1000 reais to C who lends 1000 reais to A so there are 3000 thousand accounting and virtual reais circulating but the initial physical real currency is 1000 reais and 2000 more virtual ones are created so that everyone is paid off if they pay each other.

Roberto da Silva Rocha, professor universitário e cientista político

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