What is Oil Bitcoin (What does Oil Currency Mean)?

What is Oil Bitcoin? Oil Bitcoin is a new type of cryptocurrency based on blockchain technology, which has different attributes from traditional financial assets such as the US dollar. According to data from coinmarketcap, the global cryptocurrency market value grew by more than 235% from January to December 2017, and since March 2019, the trading price of such tokens has also risen significantly (reaching $50,000 at the time of writing). In early 2018, CoinMarketCap data showed that the United States and Brazil had over 3 million Bitcoin trading pairs respectively. This has led many investors to believe that Oil Bitcoin is a good investment target. However, as more and more institutions enter this field and use these encryption technologies to protect their assets from inflation, the hype about it continues to expand and people’s attitudes towards it are becoming increasingly negative.

According to reports, the Venezuelan government raised funds by issuing oil bonds and providing oil as a payment method to users, so that its citizens can buy or sell goods and services with oil, thus realizing “borderless” trade financing business.

What does Oil Currency Mean

Oil currency is a type of digital currency supported by a new and fixed-value asset reserve. According to data from the International Finance Students Association (IFSA), nearly $5 billion is currently in circulation worldwide, and it has been used as a means of purchasing or exchanging goods and services in conjunction with the US dollar to promote the development of this industry.

Although oil and gold are said to be the same, they have no relation because they are both currencies issued by national economic systems. In fact, the fierce competition between oil and other major countries occurs because different countries are adopting different currency forms. (Note: The difference between oil and money depends on the level of economic development of these countries and the tools they possess.)

However, oil currency is not a new concept, and its emergence has brought some confusion to people, such as why so many people are willing to invest in cryptocurrencies like Bitcoin if they cannot understand this change completely. In fact, this problem can be solved in two ways: 1. Replace physical cash with traditional fiat currency; 2. Realize “electronic currency” through blockchain technology.