Cryptocurrency has become popular recently because of the perks it gives to its users. Over time, many self-made cyber millionaires have been claiming its reliability since they own virtual tokens, which are worth millions of dollars in the real world, that are also convertible to cash.It sounds interesting, right?
Cryptocurrency: A Disruptive and Radical Tool
Cryptocurrency refers to virtual currency that is in a form of tokens. These tokens are used to buy goods and services online which provides convenience to the crypto holders. Cryptocurrency is popularly used by people nowadays for two reasons:
- It is a good investment tool.
It can be bought and sold at a different price which is common to people who are just starting. It can also be used to hide your cyber wealth away from the eyes of the government.So, you spared from taxes.
- Transparency is the core value of cryptos.
This is made possible through blockchains which keeps a record of any transactions once it is confirmed by both parties.
For this reason, cryptocurrency is not that welcomed by the government and few other individuals because it is a disruptive tool, which can shake the finance and law sector, and the government has no authority over it. But for its developers, it is a radical tool that can immensely change the conventional way of money handling around the globe.
Global Impacts of Cryptocurrency
Since its debut, cryptocurrency has gained both praises and criticisms from different people which are inevitable. But cryptocurrency has proven its worth to be more than just a convenient transaction instrument. Below is a list of world problems that cryptocurrency can resolve.
Since it is not controlled by a central authority like the government, cryptocurrency is inflation-proof. The developers made sure that there is a sufficient supply of cryptos to sustain the system.
- Digital Voting
Because of its state-of-the-art encryption, cryptocurrency can hold an election with excellent transparency.
- No more middleman
Due to the employment of secured encryption within the system, digital currency can now be transferred from one user to another with ease and is free of charge. (See Cardano Exchange for more information.)
- Avoidance of another Global Financial Crisis
Since there is no middleman (the bank) in the money transaction, the virtual currency is solely managed by the crypto holder and the act of lending is not practice.
- Financial transparency
Cryptocurrency blockchain made it possible to track any money that is donated or transacted. So, illegal activities are mitigated in this platform.
- Increase economic opportunities
Many early users of this system have now become cyber millionaires which encourages developers to make blockchains that could cater the newcomers and resolve underlying issues.
- Empowering e-commerce
Since many businesses have gone online, entrepreneurs can now invest, purchase, and receive payments with ease and without deductions charged bythirdparties.
Cryptocurrency can make earth-shattering changes in almost all aspects of the government, finance, economy, and law.