Is Bitcoin the future’s currency? Is cryptocurrencies the way of the future?
People who have lately been exposed to the digital currency industry have asked these questions a plethora of times. Those of us who have been here long enough know that this is correct. With a high possibility, rather than perfect assurance.
Because it is intrinsically superior to the existing financial systems we use today, cryptocurrency is the internet’s future, or at least its next stage.
Middlemen are a waste of money.
As stated in the Bitcoin whitepaper and live cryptocurrency news more than a decade ago, this is one of the key selling features of crypto. It was primarily created to facilitate online transactions without the usage of third-party payment processors.
Third-parties, as we all know, take a share of every transaction that passes through them. Nonetheless, they are so embedded in the global environment that we tend to believe they are necessary for trade.
Financial institutions continue to fail.
Unless you live in a cave, you are aware that you, whether directly or indirectly, participate in traditional financial systems. Even if you don’t have a bank account, you’re a part of it if you buy things with government-issued money.
We unintentionally offer our faith to central banks through our relationship with fiat money. We also hope and pray that they don’t debase the currency we use every day. Nonetheless, they do.
We’ve seen it before, and we’re sure to see it again. Quantitative easing, sometimes known as printing more money to create more debt, is an economic disaster. Nonetheless, it is a frequent practice.
We allow commercial banks to hold our money electronically, but they only keep a percentage of it in reserve and loan it out in waves. Throughout history, this has resulted in numerous economic bubbles.
It gives ordinary people more power.
The majority of crypto supporters believe that the technology’s biggest usefulness to the world is in banking the unbanked and serving the underserved. In this regard, it has greater uses in developing countries than it does in developed countries.
Bangladesh, Thailand, the Philippines, India, the majority of African countries, and many others. These countries have the greatest need for cryptocurrency.
So, how can cryptocurrency assist?
- Inclusion in the Financial System
2. Costs of international payments are being reduced.
3. Anti-corruption efforts
All of these remedies are applicable to practically every country on the planet, albeit those under oppressive governments will profit the most.
People are more concerned than ever before about their privacy.
There was a time when we were more careless when exploring the web. However, the digital world has recently become an insecure environment for us. Those from developed countries have sensitive personal and financial data, in particular.
That’s not all, though. The Facebook Cambridge Analytica data breach has made us realise the dangers of entrusting our personal information to social media platforms.
This was worsened by whistleblower Edward Snowden’s release of highly classified information from the National Security Agency, revealing that the NSA and the Five Eyes Intelligence Alliance have been spying on everyone across the world.