The year 2018 has brought some huge changes in the world of finance – leading the path is the propagation of cryptocurrency. With multiple arenas terming it as ‘not the correct format of gaining money’, its positives are increasing with every passing day! In fact, gone are the days when it would be termed as unfamiliar. In today’s’ times it is rapidly gaining ground in the public eye, with its unsurpassable value in the 21st century.
Bitcoin and Ether are probably the two names that are more familiar, courtesy to their usage of Blockchain Technology. However, just for the information – there are other varieties of this cryptocurrency (Dash, Litecoin, Ripple, Peercoin, Dogecoin).
So, why has this garnered such positive reviews since its inception in 2009 by Satoshi Nakamoto (identity remains unknown)? Here are your reasons!
Cryptocurrency – Not as cryptic as it sounds
Speaking on general terms – cryptocurrency is a format of an encrypted string of data which is encoded in a unit of currency. It is strictly monitored via peer to peer internet protocol. Bitcoin is the format which catapulted cryptocurrency from a mere academic truth to the virtual reality, which it is today.
Far from the clutches of government, this is an economically safe process used for transaction of currency in the digital format. Time to explore more of it.
What does it bring to the forefront?
It is known as a respite from issues associated with payment. How? Check it out!
- Immediate settlement of transactions
When buying of real property is concerned, then bitcoins come to the fore quite like ‘large property rights database’, and within some time the whole transaction can be completed. This is specifically designed to eliminate and include certain third-party approvals.
- The concept of identity theft is not here
With cyber-crime increasing by leaps and bounds, identity theft of the concerned person is a major issue. It is well known that credit cards function on a ‘pull’ system, while cryptocurrency functions on a ‘push’ basis.
- Higher access to people
The prime cryptocurrency market targets 2.2 billion individuals (as per latest data 2018) who are not connected via the traditional system of exchange. A success story in this field is Kenya’s M-PESA format with 1/3 individuals owning a cryptocurrency wallet.
- Minimal fraudulence
In this case, the information about the concerned holder is not divulged, unlike credit card systems. They can neither be arbitrarily reversed or counterfeited. Therefore cybercrime is limited.
Quite some positives? Well, it is for these reasons that the world is genuinely investing in this format of currency!