Advantages of Cryptocurrency
The growth of technology has brought about a lot of changes in very many spheres of the world. It is worth noting that wherever the growth of technology has had its imprint, it has left a very large and positive impact. The service delivery industries, the car and vehicle assembly industry, the medical industry and the manufacturing and production industries are some of the industries that have been greatly impacted by the growth of technology. The money markets have not been left behind and when you talk about the impacts of the growth of technology, you cannot fail to talk about the money markets. When you think about crypto currency, the next thing that comes to mind is the impacts that the growth of technology has had on the money markets. Ten years ago no one would have imagined the existence of an innovation such as the crypto currency but today it has gone ahead to become a place where a good number of people running their livelihood. Crypto currency can be described as a digital currency that is created through the usage of advanced encryption techniques that are commonly known as cryptography.
Initially, cryptocurrency was just an academic concept that is being explored by students but when the bitcoin was created, cryptocurrency then ceased to be just an academic concept and became a virtual reality that has been adopted by very many people across the world. It became so massive that it caught the attention of major investors across the world. Anyone sane today cannot afford to overlook the existence and the relevance of cryptocurrency. This article shall seek to discuss some of the advantages that come with the usage and adoption of cryptocurrency.
The first advantage of using cryptocurrency is that the central government is unable to take away the currency. It is not foreign to find that sometimes governments make decisions that are unpopular and not beneficial to the general public as was in the case in Cyprus in March 2013 when the government wanted to take away a hundred thousand dollars from circulation. As for bitcoin, no one owns it so it cannot be centralized meaning that even the government can really take it away.
Another great advantage of cryptocurrencies is that they cannot be forged as is the case with physical currency. Over the course of history, governments and institutions have lost thousands worth of money, sometimes even millions, to fraudsters and people who are able to counterfeit money. This is not a risk with cryptocurrencies. Cryptocurrencies are digital in nature. This means that no one can be able to forge them or create counterfeits since they are never physically printed as it is with all other forms of currencies.