Why do we need cryptocurrency?
Does the world really need cryptocurrency, or shall we ask ourselves if we need a uniform currency?
Another compelling debate?
Let us ask ourselves, why is the current mode of currency not worth it.
There are certainly a lot of points to draw a line initially. But here are some that are blindly being inserted in the present scenario of transacting money.
The Unnecessary Middlemen
There is always a need for a third party to complete one transaction from peer one to peer two. It seems like it is a peer-to-peer transaction (P2P), but some entity is in between that takes a churn out of the whole meal.
That is what a middle-man would be doing away with a monetary transaction.
Now if the transaction goes through multiple merchants, every out of it is taking a part of the services and platforms they have to offer. Right from the ATM machines, wallet and security charges to services and duties levied upon it, we are paying endless extra money.
But… Cryptocurrencies are often related to scams
Every revolution has got a problem before the solution is designed. Maybe that is the costs every technology or the revolution has to pay before being a useful variant of the said.
Count on weapons and drones. Were they designed for mass-murders and spying on someone inside their bedrooms in a fly-sized drone with a mic and camera built onto the board? The answer is obviously based on someone’s conscience and ability to use something for so-called good’s and bad’s.
The answer to the above-asked question still remains a cliff-hanger. There is a huge river between the ability to understand the community standards. It stops one from coming onto a concrete conclusion over a debate.
There is one more gap between the fact regarding cryptocurrencies and masses. It is the lack of proper news of something great happening with the use of cryptocurrency and blockchain technology. Surely there are multiple sites that are writing about them, but again the contradiction between good’s and bad’s come out.
Human beings have always been keen to see the cons before even knowing about the pros. Call it the power of judgment.
Scams even took place when there was no physical currency, they took place when we had exchanges, they are taking place now. Scams would take place somehow.
Cryptocurrency As A Pill Of Solution
Cryptocurrencies such as Bitcoins, Ethereum and multiple Altcoins are developed, being thoughtful to solve fundamental conflicts. The conflicts are present in the aging fiat economy for obvious. We’ve accepted to live with the same conflicts in our daily lives, without thinking why we need cryptocurrencies in place
Thanks to the habit of complaining and finding faults in everything, we must question ourselves if there are some greater ways to fund and allow global trade as a cakewalk.
When the financial crisis takes place in the already-here-future. We might need the help of some sort that helps to let the financial transactions take place
There are certain benefits due to which cryptocurrencies are rating out the fiat currencies from the league. The use of blockchain in the ever-evolving tech-savvy world, has got great security to offer. Everything gets stored in a ledger that allows every node to be tracked on a certain level with the ability to trace it later.
There are multiple benefits of cryptocurrencies are endless. Primary benefit includes reduction of the third-parties that make a living out of the commission-or-the-services-charges. Talking about security, cryptocurrencies are totally safe and there are certainly more algorithms that are being developed to prevent any misuse of the same.
We would surely write upon the benefits of cryptocurrencies and the reasons why they are better than fiats. Also, we would surely opine upon how cryptocurrency would be changing the way we deal with funds. And somewhere it certainly is!