Cryptocurrency is an Answer to World Currency Failures to Preserve Your Wealth

Cryptocurrency awareness has risen across the globe in such a deluge-like manner that there are several options to answer to the need of anyone who wants wealth preservation. Away from the pump and dump schemes that come with ICOs, cryptocurrency offers a stable means to preserve your wealth.

Here are some currency failures that reminds you of what it means to have a stable store of value.

1. Belorussian Ruble
Belarus left the Soviet Union but the manner of its separation was wrong; its currency was mass printed from 1993 to 2003, leading to the destruction of the country’s productivity and the effect of price controls was the addition of three zeros to its currency. Belarus, however, avoided the Zimbabwean plague by introducing a new currency before inflation could spiral into quintillion percentages.

2. Yugoslavian Dinar
Yugoslavia virtually destroyed, introduced and re-destroyed the variations of its currency the “dinar” from 1992 to 1995. Some governments act irresponsibly when they treat money as a number to assign to prices as if productivity and stability isn’t a function of purchasing power, and Yugoslavia was a real reflection of this misplaced mindset.

At the height of hyperinflation, price increases shot beyond the 100th percentile daily and exceeded the quadrillion percent mark in two years. Realizing that economic failure lurked at the corner, the government moved in January 1995 to adopt the German Mark.

3. Angolan Kwanza
Angola was afflicted by the effects of civil war and uncontrolled money printing for the decades between 1970 and early in 2000.The drooping economic productivity and mounting debts, the “Kwanza” was readjusted and introduced in 1995. In 1999, with the “Kwanza” failing, a New “Kwanza” was introduced. The use of barter and fiat currencies gained grounds across Angola with the New Kwanza converting to more than 1,000,000,000 of the old Kwanza.

4. Peruvian Sol and Inti
In Peru, there was a rather interesting dimension, as there was neither war or known social upheaval.The government had embarked on a massive public works project which succeeded in destroying one or two currencies as debt payments were shoved out of the window in the midst of huge deficit spending in the early 1990s.

This development petrified foreign investors who afraid of possible monumental default in the wake of the upsurge in paper money; exited the country, thereby drying up Foreign Direct Investment in the process. As hyperinflation set in, Peru replaced the Sol with a new currency- Inti- in 1986. There was, however, no change in policies and with inflation pursuing the 400 percentile mark, the Nueva Sol was introduced by the government in 1991. The Nueva Sol converted for 1,000,000,000 of the old Sol.

There are some cryptocurrencies that will stay above the fray and help investors store their wealth in a stable fashion. What do you think of Naga coin, Stellar, Ripple, IOTA,BNK etc?