How after Crypto Currency the world won’t be the same
Crypto currency is becoming well known and more popular throughout the entire space. However, it’s time to learn how crypto currency will make the world a better place.
Crypto currency is electronic money stored in e-wallets or computer files. Also, crypto currency is transferred and tracked by using block chain technology. This technology tracks every update or transfer in a chronological manner. Later, it stores the information cryptically so that anyone can see it. However, existing data cannot be changed.
Bitcoin is one of the famous crypto currencies out there. Additionally, there are thousands of different crypto currencies available. Not all crypto currencies serve the same purpose. While some are for general use, others solve specific problems or serve specific industries. Block chain is the technology that underlies Bitcoin and all other crypto currencies. The technology is intended to provide a secure, unalterable record of ownership. It has been used for a variety of uses outside of new currencies.
Well you’ll think what will be the status of crypto currency till 2025? Here are few of the ways that proves that crypto will make world a better place.
1. Risk of Fraud: Fraud is one of the biggest concerns when it comes to almost anything relating to money, which is obvious. Whether it be transferring funds or simply using a credit card on an insecure site or online portal, the possibility of fraud is there and a big concern for each one of us. A victim of fraud can easily understand this. Because it is not associated with your bank account or cash and is transferred electronically and securely with the block chain recording all transactions, crypto currency will play a very crucial part in reducing fraud which will also offer less risk and a peace of mind to people.
2. Crowd funding: It is a process of funding a project or venture by raising small capital of money from large number of people. It’s an increasingly popular way for entrepreneurs to raise money for their concepts or products. Therefore, this tranquillizes risk. Without the risk, more investors want to get involved. Crypto currency will make the world a better place as it continues to positively impact crowd funding. Initial coin offerings are centered on crypto currency which is used as the source of capital for a new startup.
3. E-commerce Build up: It seems like everyone makes most of their purchases online nowadays, especially in holidays. Although it’s much more convenient than driving from store to store to find a specific item and makes window shopping a lot easier and more comfortable. Not only does the use of crypto currency reduce the risk of fraud for shoppers, but it does the same for vendors and sellers. Crypto currency transactions are permanent. In addition to the mitigation of risk, using crypto currency creates more opportunities for global business.
4. Money Transfer Process: Bank transfers are faster and more efficient. However, they still have a long way to go. It can still take some transfers a week or longer to clear and be deposited especially if the transfer is international. The transfer of crypto currency doesn’t require all of the same checks and balances processes that banks do before funds can be deposited. Whether a national or international transfer, crypto currency transfers would be instant, won’t require any fees, and can be tracked and secured in the technology.
5. Foreign money transactions become safe: In addition to reducing fraud when transferring money internationally, crypto currency can help make internal country transactions safer. When travelling to other countries carrying cash and money cards can be downright dangerous. Not only does the use of crypto currency reduce the danger of carrying cash, it will also eliminate any exchange or transaction fees. This would keep more money in consumer pockets. Plus, it would reduce the risk of robberies.
6. People can now have control on own money: Any sign of economic crisis can cause serious stress and concern about the funds we have saved up. Crypto currency allows the control of money to be transferred from the banks and back into the hands of the people. It is not subject to the rules and regulations imposed by banks and other financial institutions. Anytime that more people can get control over their own money, it’s a good sigh.
And, that’s just few reasons why crypto currency will make the world a better place.