9 Reasons Why Cryptocurrencies Can Make This World A Better One
The era of today has people from all walks of life and all sets of mind and ideologies. In times where the big cryptocurrency fancy gots a bumper, we want to publish a bullish article against all the FUD which is spread.
There are differences in every sector and cryptocurrencies are not a different one in this case. Many mainstream businesses are in the decision process of how to adopt the setup of cryptocurrencies in a way it makes sense to their market and there are still many areas where crypto has made its impact and in the coming days, it will have an even stronger impact on the world economy.
Cryptocurrencies are bound to make the world a better place to live. There is no denying the fact that the digital currency and the virtual world do go together. This is why it is possible to develop virtual reality-based collaboration platforms. If these ventures bring about promising results, then the digital currency will surely bring about a revolution in the virtual reality world.
Travelling has never been easier as it has become now. The reason is that people can pay for their flights and hotels using bitcoins. Start-ups are making use of digital currency to fund their innovative ideas.
Even the education sector is welcoming the digital currency with open arms. Many educational institutes willingly accept the digital currency as a form of payment. Many charity organizations have been struggling with fund leaks, but digital currency can bring an end to this issue also because of the blockchain technology.
All these changes point towards advancement and convenience which the traditional currency could never offer. We are very confident that cryptocurrency is here to stay. However, to make most of it, we need to dig down into the core concepts and working mechanism of digital currency. This is the perfect way to cash out on this currency of the future. Slowly and gradually digital currency will be able to remove all the loopholes in the financial world
Let's lift our mood in this hard days and see, where Crypto can improve our everyday life!
1. Providing People with More Modern Ways of Crowdfunding
Just imagine that a person wants to initiate some idea or work on a project for which he asks for crowdfunding. In case of cryptocurrency, it will be very easy and convenient for a huge number of individuals to just crowdfund the venture and invest in the business with the help of smart contracts. This is one of the major benefits where cryptocurrency will come into play. Hence the many scams that have been happening with ICOs, it is still a great way of raising funds and to push things forward.
With the help of it, we can hope that new modes of crowdfunding will emerge. This may be through the ICOs or different token sales via which the projects and startups will be able to get a wider audience or more number of potential investors. Tokenizing projects does not make sense all the time, though still there is so much potential for a huge kind of projects.
So, cryptocurrency will let you attract such a wide pool of potential investors that were not available before and perpetuate new, fresh ideas to make this world a better one.
2. Revolutionizing the Process of Money Transfer
Physical banks around the world operate the mainstream ways of transferring money. This can be via wire transfer or by the credit card.
However, so many steps are involved and wire transfer particularly takes ages to complete and for all this time, the parties cannot just remain calm in today's age. The businesses can suffer and if things are to speed up, then revolutionizing the money transfer methods, not only on an international level but also on the national level is a need of the hour.
This need will be fulfilled by the help of cryptocurrencies. They offer you such a streamlined system which will not involve much check and balance and things will work quickly. Thus, bringing forth ways of fastest international and national transfers. If you really mean to make this world a global village, then cryptocurrency will be the national currency of that village for being technologically advanced and convenient.
But not only for the everyday transactions, cryptocurrencies are useful. Examples like IOTA show us the direction how micro-transaction from machine-to-machine is possible. The base of the future is in the making and we are still on time to find the most promising projects with the biggest impact on our economy.
3. Opening Financial Control to Individuals
There are many people who are sort of reluctant to keep their hard-earned money in the banks or other financial institutions. There can be several reasons for this reluctance, i.e., tax evasion or need of privacy for all their finances or any other.
Now, since it is the money of the individual and he wants complete freedom of his money, he should be allowed to have the control of his finances. One option is to keep cash in his home, and this is definitely not a good option as is not safe and not rewarding to do so – you literally watch the value of your money melt away.
Thus, cryptocurrency comes as a savior for all such people. This is the access point of the financial world where individuals will get full control of their finances. Cryptocurrencies are for everyone, even the ones, the banks like to reject. Crypto can be a bridge to the financial systems, where banks are not interested to invest into. Microcredit projects governed by trustless smart contracts can take out dependence of the goodwill of the bankers and evaluate a financial situation in a different way, then just by checking if one lives in a good neighborhood.
Furthermore, it will not be wrong to state that the cryptocurrencies can play its role in wealth management. The banking industry experienced a crash way back in 2008 because it lacked the high security and transparency standards that are required for effective wealth management. On the contrary, when we look at cryptos, it lives up to the expectations of the wealth managers when it comes to transparency.
The assets can be identified through unique character identification due to crypto currency. Secondly, the blockchain is surely a flexibly distributed ledger. The advantage of this flexibility is that it becomes easier to onboard clients. The model portfolio management also becomes easier due to a flexible blockchain. The biggest contribution of digital currency is that the blockchain speeds up the settlement of the trades. The wealth management industry can experience improvement due to cryptocurrency.
4. Promotion of Scientific Advancements
There are a lot of secure ways by which information and data get shared across blockchain and the way it is stored there. With the help of blockchain, the barriers to science and knowledge will shrink, and the individuals will be able to get their hands on a wider pool of knowledge and share it with others. Furthermore, it will be easy to make sure that any information is verified – a point that will become very important in the upcoming years of Infowars.
Thus, with the help of this, it is expected that innovations will soon emerge in many industries and blockchain will get even more popular. Many people believe in the power of blockchain, but not in cryptocurrencies – this is OK, we will see if we move forward together, this is the evolution of things. Important is that this technology makes way for scientific advancements and the tech will open new doors for further improvements.
5. A Trustless Economy
Why we are firm believers of trust as a value in social relationships, one can see that trustless solutions are needed in the economy. e.g. when dealing with strangers. Open code where you can verify the feature of smart contracts is a paradigm shift in the world of business. A simple code audit when participating in whatever deal between two parties can make trust obsolete and guarantee that you are getting what you are searching for. Furthermore, this can eliminate scam – one example is the betting or trading niche: everyone that traded FX in the past knows the shady games brokers play with your money. The trustless economy makes business more convenient as you don't have to fix everything with contracts and fiddle around with legal stuff. However, we have to point that it all comes down to code – as you need to be able to trust it. Proper code audits will be inevitable in the future to make ultimately use of this advantage.
6. Crypto Could Become a Stable Alternative to the Unstable Fiat Currencies
Many countries have unstable currencies that suffer from various issues like fake notes and inflation or political happenings etc. In such environments, Cryptos can be a more safe way to store financial value. Cryptocurrencies are more decentralized and are accessible for most of the world. Thus, they can serve as a safer alternative in such cases. In times where the POTUS tweets stuff like the below, we will see a huge shakeup in traditional currencies. Cryptos are more independent from such major political events, though we have to fight with media FUD, therefore.
Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia, because they will be coming, nice and new and “smart!” You shouldn’t be partners with a Gas Killing Animal who kills his people and enjoys it!
— Donald J. Trump (@realDonaldTrump) April 11, 2018
7. Minimizing the Potential and Expectancy of Fraud
What makes cryptocurrency famous, more acceptable and reliable? It is the privacy and security that is the main advantage of cryptocurrency. There are lesser chances of any fraud within the space, and the security keeps on updating and evolving, thus making it even more secure. Security measures are always there for combating any cyber- attack. While I am not saying there is no scam or fraud in crypto, this would be wrong by any means, it offers you tools to store your funds secure. Which bank account offers you the option to put your equity on a paper wallet or a hardware wallet? Cryptocurrencies are not associated with any cash funds or bank accounts. They only get electronically transferred via ledger systems.
It is a matter of fact that the blockchain technology has a lot of inherent features that can be useful to prevent the fraud. The transaction data on the ledgers gets shared across every node of the network. The benefit of this practice is that the data is visible to the network users all the time and they get to know if there is a change in this data. Secondly, the transactions that exist on the network cannot be removed or modified.The reason is that the transactions are added to the network based on the mutual consensus of the users. Once the users agree that a transaction is valid, then the transaction gets time-stamped and gets added to the blockchain. This is why the blockchain can be termed as a permanent record. If you compare the blockchain with the traditional supply chain, then the supply chain does have its set of loopholes. The reason is that it takes quite long to track the supply chain.
When you deal with cryptocurrency, you will come across the permissioned blockchains. Only validated users have access to this kind of a blockchain. When a business opts for a permissioned blockchain for the digital currency, then the benefit is that an extra layer of protection is added to the blockchain.
So, even though there might be some cyber-attacks on the cryptocurrencies, the tech itself offers a huge benefit in terms of security. However, it is up to the owner to make use of the available security system and not to fall for scams. Payments through cryptocurrency can be faster, secure and private – there are several projects like PIVX, MONERO & DASH that focus on that topic.
8.Cryptocurrency paves the way for digital publishing engagement
The traditional banners have lost their relevance in the recent years, and the digital currency has stepped in to transform the engagement scenario. It can pave the way for pay per article advertising.
What the advertisers will have to do is pay for an ad that apparently seems useful to them. This ad can be placed above the relevant article. This technology can make use of the digital currency in the proprietary form. This means that the digital currency will act as an engagement token.
This will eventually help for fuelling up the engagement. The way a digital currency will fuel up the engagement is that the publishers and the audience will be able to get hold of tokens for publishing and commenting on the original content. The advertisers can purchase these tokens for acquiring an ad placement for the relevant articles.
9. Keeping Individuals and Companies Accountable
Various industries, governments and companies are known to follow corrupt and illegal practices.
As a customer and/or citizen, one would want to ensure that the companies and authorities should be reliable and run with integrity. Determining the ethics of their actual practices may be hard, but it is a need of the hour to make this world a better place. The transparency of crypto offers huge and yet untapped opportunities.
Cryptocurrency will change this process, and with the help of blockchain technology, this world might become a better place. By the help of crypto and blockchain technologies, individuals and companies can be kept accountable. Moreover, the customers will know more about the companies from which they are buying their stuff.
Let us hope that the blockchain technology continues to experience advancement and growth. This way the next generations will also get a chance to experience the security and transparency offered by the cryptocurrency.