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Cryptocurrency is fast changing the world economic system. Now more than ever it's time to think about cryptocurrencies; everyone is so excited about its potential. It is not surprising that cryptocurrencies are exciting, on the whole, because they are decentralized (without banks!), anonymous, electric, they have the potential to change the world as we are already witnessing. One good thing about cryptocurrency is that no single indivdual or government has full control of it. It highly decenralized.
Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is defined when the system is created and which is publicly known. In centralized banking and economic systems such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units of fiat moneyor demanding additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto. As of May 2018, over 1,800 cryptocurrency specifications existed…. Wikipedia.orgThe Copious Benefits Of Cryptocurrency Cannot Be Overemphasized
There are over 2.1 billion individuals with access to the Internet or cell phones that currently do not have access to traditional exchange, these people are rooted in the cryptocurrency market. Cryptocurrency is readily available to the public. Almost anyone can use it. It is a decentralized operation and investors from all over the world have easy access to them. You can find various projects that try to raise money through cryptocurrency. Almost everyone who can make online funds transfers can become part of such projects.
Making payments via cryptocurrency is very simple. You can do it within a few seconds. It's very fast because you do not need to enter many details or information. The only thing you need for transaction is the address of the person/company you wish to pay. At the other end, it is not necessary to wait a couple of days for your company to receive the money. The amount must be credited within a few seconds or minutes depending on the encryption. The cryptocurrency-based technology, the blockchain removes delays, tax payments and a number of other third party approvals that may have caused delay. The ease of transfer and low transaction fees make it very desirable.
The encryption contracts have been designed to eliminate bottlenecks that have come to characterize the traditional settlement. Traditional businesses often go with bottlenecks due to the number of brokers you have to cut. For instance, the purchase of property like real estate usually involves some third parties (lawyers, notary), delay and payment of taxes. In many ways, crytocurrrency through blockchain which is like a "large database of property rights and can be designed and applied to eliminate or add third party approvals, external factual references, or be completed on a future date or term of a fraction of the expenditure and the time required to complete traditional asset transfers. Cryptocurrency transactions therefore has provided a quick solution because the peer-to-peer nature of the network structure eliminates the intermediary.
It could be painful to view monthly statements from your bank. You will often be shocked by the number of taxes collected. Transferring money using any other online forum or bank gateway is costly as they collect considerable commissions for the transaction. Credit card processing companies charge high fees. But this is not the case of cryptocurrency because the costs are null or negligible. With credit cards or debit cards, the seller is the one who pays a fee but for the crypt, it is the buyer who pays the small fee. The problem with these taxes is that they often accumulate and could accumulate quickly. Transaction fees are minimal and only the buyer is affected by this. Since the cryptocurrency is not bound by exchange rates, interest rates, transaction costs or other charges of any country, it can be used internationally without problems. This in no less measures helps to save a lot of time and money from any activity that is otherwise spent in transferring money from one country to another. Cryptocurrency works universally and therefore easy transactions.
It is not necessary to share your identity or place of stay or the details of the transactions between you and the beneficiary. No information is required to be shared with the government and the bank regarding the agreement. It is truly decentralized. All transactions will be secure because it uses encryption created by the NSA. It is almost impossible for any person other than the account owner to make any payments from the wallet, unless they have been hacked. However, your crypto account is always save and secure as you have the private key and the corresponding public key that constitutes the cryptocurrency address. No one can temper with it, unless you lose it alone, or host it with a web-based wallet service that loses it for you.
Among the advantages of using cryptocurrency is the protection of your online identity. Some coins can help you stay anonymous but contrary to popular beliefs, not everyone can do it. Some cryptocurrencies are pseudonym, which means people will not know exactly who you are on the blockchain but can get some information from it. No one can steal your personal information from merchants, which guarantees the confidentiality of your sensitive data. By creating a proxy ID, you can make sure no one knows anything about you. Using the old fiat method, you need to provide credit card information to a merchant who accesses all the details through the "pull" base where the card will extract the details before debiting the account. With cryptocurrency transactions, it's almost impossible to find or hack your private key. The transaction history can be viewed but only if someone has your public key. Cryptocurrency transactions are also unique each time you make them even when the parts are similar. The exchange of information uses a "push base" which means that you can decide the information you want to send to the receiver unlike the "starting point" of traditional exchange systems.
Cryptocurrencies are digital and cannot be counterfeited or arbitrarily reversed by the sender, as in the case of credit card recharges. Once the payment is made, the chargeback cannot be made. This considerably reduces the chances of fraud. Once the transaction is done or completed, it cannot be canceled. No one can present a chargeback as you can on credit cards.
It is worthy to note that cryptocurrency is taken over the traditional system of the world economy which has done more harm than good.
References
1 Ameer Rosic (2017) https://www.huffingtonpost.com
2 https://coinpupil.com
3 Wikipedia.org
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