Blog / Articles / Are the Euro and the Bitcoin alike? Why?

Are the Euro and the Bitcoin alike? Why?

Are the Euro and the Bitcoin alike? Why?

When asked about this, chances are that most economic analysts will point out that there’s no coin which is similar to Bitcoin, but most of them may be forgetting about the Euro.

Bitcoin

Yes, that’s right. The cryptocurrency and the official currency of Europe are actually more alike than you may think, mostly thanks to the fact that they are both international currencies and that people have desperately wanted both to succeed. Very much like Bitcoin, the Euro was created at a moment in time when the countries of the European Union already had their financial systems set up and a national coin, but this did not discourage the adopting of the currency.

To put things better into perspective, the process of crafting the Euro began after a treaty where the members of the European Union came to an agreement, stating that the introduction of a Union-wide currency would be essential for the prosperity of the EU. Initially, the currency was designed for use between countries, banks and the stock market, but a few years later, it was adopted as actual money, that would later be used by people from all around the world. To increase the economic ties between the member countries, most of them agreed to take on the Euro and thus forget about their national currency. While there are a few member states that have not adhered to the Euro-zone, chances are that they will do the same shortly.

To compare the Euro with Bitcoin, it would be wise to point out that the cryptocurrency also came at a time when all countries already had their own currency set up, but it was still welcomed with an open-mind. While the current economic system may be stable, to increase financial activity and to improve the overall economy of our nations, a decentralized currency like Bitcoin is needed, which is exactly what people had in mind with the Euro.

Another similarity may be that when it was first introduced, the value of the Euro was quite small and it fluctuated for quite a long period of time, before gaining value and settling down at a certain amount. Chances are that this is exactly what’s happening with Bitcoin at this moment, which brings us to see even more similarities between the two currencies, which, together with the U.S. dollar have great influences in the world finance and a lot more potential to come in the future.

Based on everything that has been outlined so far, people desperately wanted the Euro to succeed and this is exactly what’s happening with Bitcoin at this moment as well. With a bit more hope and if we try harder, chances are that the cryptocurrency will become mainstream before it is expected, thus making sure that a decentralized currency system which isn’t government-controlled will be born, thus improving the overall state of the world’s financial system.

⏴ Back to Blog

Loading...