This is a copy and paste of a cryptocurrency news thread. Its been translated from Korean to English.

Dollar hegemony
To understand why dedollarization occurs, it is necessary to evaluate the value of $100 of
purchasing power over several years. Most countries agreed that the dollar would become a
universal currency, but frowned at how the dollar gave the United States so much power. In the
1970s, when President Nixon abolished the gold standard, which allowed the dollar to be
converted into gold, the US dollar lost its rationale for sustainable value because it had no real
collateral. has continued to hamper the value of the dollar through monetary printing.
In conclusion, despite the fact that the value of gold, which guarantees stability, is not linked,
the US dollar is used as a standard for trade settlement internationally and it is gaining infinite
trust because there is currently no substitute for the US dollar. The US keeps the value of the
dollar by printing money even though it has a huge trade deficit, that is, it is spending more
because it can print money. In today's world, fiat money is printed in vain and unreasonable quantities, borrowing so much
that it can never pay off its debts to its creditors. When the government faces a situation where
it is difficult to meet its debt by increasing its tax revenue, it eventually cunningly prints the
currency it pays in whatever way they want. that it can't People feel wealthy as money and
bank balances increase, and when stock prices rise, they think everything is going well, but in
fact, each unit is steadily depreciating in value.
Simply put, the money listed on my bank account online statement may not actually exist.
Our monetary system today is unreliable. The thought of why anyone would use a money
transfer service while paying bank fees has always been in our heads, and during the lockdown
period of the coronavirus, people stopped and started to think, even in Europe and the US to
realize that this financial system was corrupted. Because the financial system is centralized,
that power is given to institutions and can decide whether money can be transferred and how
much to charge.
In poorer countries where they don't have access to a bank account or have to travel more than
three hours to a nearby city to withdraw money, a lot of money is already lost in the process,
with more than millions of dollars spent on remittances in 2017 alone. do. This tells us that we
don't have more control over our finances than we think.

Cryptocurrency future
People are being controlled with no say. Nigeria is considered a gold mine for oil, but about
120 million of its 200 million people live below the poverty line, millions of dollars are spent on
remittances, and millions of people do not have access to banking. The US dollar has been the
world standard for too long.
Of course, the US dollar isn't a big deal, but unfortunately people always look for the blame,
and the spotlight is on the US dollar.
It is believed that Russia's de-dollarization initiative started about seven years ago. In
particular, as Western economic sanctions against Russia began in 2014, Russia began to spur
the de-dollarization policy as a policy. The target of Russia's dedollarization belongs to general
trade activities such as international trade, federal and local foreign debt, foreign exchange
reserves, and the foreign exchange exchange (FX). In 2014, it was reported that the share of the
dollar in Russia's international trade and financial settlement currency in 2019 decreased by
15-20%. Although Russia prefers the euro as a currency that can replace the dollar, the
exchange rate fluctuations against the dollar continued from 2013 to 2019, so it seems
impossible to play a perfect replacement currency for the time being.
Until now, the currency war over the status of the world's key currency was a battle between
the dollar, which held hegemony, and the yuan and euro that challenged it, but cryptocurrency
shook the existing currency war structure. This is because cryptocurrency denies not only the The blockchain technology that underpins Bitcoin is peer-to-peer validating transactions and
allowing the blockchain to persist are individuals in the network and no intermediaries are
required. No matter how many or millions of dollars you spend, anyone can send
cryptocurrency anywhere in the world that is processed the same way and at the same speed,
there is no such thing as priority or privilege.
As the dollar declines and cryptocurrencies rise, governments fear losing control and start
digging into cryptocurrencies. India is pursuing the introduction of a central bank digital
currency (CBDC) following China, and the central government around the world is showing
consistent movements with varying degrees of regulation of cryptocurrencies. In particular,
several countries, including Korea, are trying to add taxes to cryptocurrencies.
While there is an opinion that blockchain-based cryptocurrency should be re-evaluated as a
means of providing 'new technology' like the Internet rather than a means of transaction,
attention is focused on what kind of change Bitcoin will take in the future.