A few years back most of us were not even aware of this concept called cryptocurrency. There are a few inventions, and tech advancements in this world that have a considerable amount of impact on the lives of people and cryptocurrency is or will definitely be one among them. We need to accept the fact that most of us know only a little about cryptocurrency. In this article, we will see the advantages of using cryptocurrency.
If you think that a cryptocurrency is just a form of currency, then you are absolutely wrong. It is more of technology that involves accountability and documentation of every process that is carried out. We are actually playing safe by mentioning that it decreases fraud. There are actually good possibilities that it can completely eliminate all kinds of fraud that is happening in the finance sector. It is absolutely not possible for the cryptocurrencies to be reserved or even counterfeited.
No third party interference
We all know that there is always a third party involvement even for a transaction of a small amount. It is actually inevitable for the presence of a supervisory and a legal body. When it comes to cryptocurrency transactions the involvement of the third party is absolutely zero. This is one thing that most people have the wrong perception of cryptocurrency. Just because we are eliminating the presence or monitoring of legal bodies, it does not mean that the technology is aiding illegal transactions. As mentioned earlier every action in this tech is totally accountable. So there no need for any third party to monitor the actions.
According to the predictions made by the experts, in the near future, one in three Kenyans will have some form of cryptocurrency. Just imagine if people in an underdeveloped country try like Kenya can have a cryptocurrency, everyone in the world can have it. Even though it might take a while, for the currency being accessible to everyone is one of the important features that really make a huge difference. All it takes is a proper internet connection and smartphone which is not the case when it comes to traditional cash.
It will be decentralized
We all know for a fact that conventional currency that we are using now is centralized. The major disadvantage of cash centralization is that the predominant part of the society really finds it hard to access it. One of the positive and major impact that cryptocurrency will have is the decentralization of cash. It is because cryptocurrency is not a physical entity. It is a network that can be accessed by all.
There is absolutely no need for exchange when it comes to cryptocurrency. You can use the currency in any part of the world. There will be no such things like transaction charges and exchange rates. At the end of the day there will be one currency for the whole world.