CRYPTO CURRENCY, DIGITAL CURRENCY AND FIAT CURRENCY

Have you ever had the thought that Christians talking about money or financial increase was an abomination? If yes, then think again! In Deuteronomy 8:18 God talks to us about our wealth, letting us know that He has a reason for us to get wealth, saying:

18 “And you shall remember the Lord your God, for it is He who gives you power to get wealth, that He may establish His covenant which He swore to your fathers, as it is this day.

So in the Old Testament, one of the ways that God establishes His covenant with us is by giving us HIs power to be wealthy! So here’s a real important question we should ask ourselves: If we are born again Christians, what have we done with the power He gave to us to get wealth? Have we produced wealth with it? Is it laying dormant in our spirits? Did we even know we had the power to get wealth?

We owe it to ourselves to explore avenues of creating wealth and riches, and one of those ways (for me) is by trading and investing in crypto currency. Before I get into crypto currency/Bitcoin, I want to make sure we know the difference between crypto currency, digital currency, and fiat currency.

The short version of this is that Fiat currency is money that is backed by a government, such as the US dollar or the Trinidad and Tobago dollar. Whatever the government says that the paper money is worth, then that is what it’s worth! For digital currencies however, there is digital currency backed by Central Banks (known as the Central Bank Digital Currency, CBDC). This is just the fiat currency (paper money) but in a digital form. China has a digital form of their paper currency, the European Central Bank is looking at producing a digital Euro, as well as the Bahamas and a host of other countries.

Many people refer to crypto currency as digital currency as well, but the main difference with a Central Bank issued digital currency and crypto currency is that crypto currency is NOT backed by a Central Bank or any government authority and … it is built on a blockchain.

We’ll get more into how the blockchain works and talk about Bitcoin/cryptocurrency in tomorrow’s #CryptoDevo. Until then, peace out!✌🏾

Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™ . The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestions in this post.