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Author Topic: Why are Cryptocurrencies the Future of Money?  (Read 264 times)

NeerajN

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Why are Cryptocurrencies the Future of Money?
« on: August 26, 2019, 04:52:58 PM »
Why are Cryptocurrencies the Future of Money?
Crypto landscape has grown beyond leaps and bounds in the last decade. However, the last couple of years have been pivotal for the crypto spring. This unprecedented growth of cryptocurrencies or the digital currencies can be credited to potential promise of radically transforming the traditional financial systems. Its most ardent advocates tout it as the “future of money.” They have a ton of good reasons to make that claim.

Here are the five reasons why cryptocurrencies are the future of money.

Full Control of Funds
In the present financial system, the government entities usually control the banks and other financial institutions. They also have the authority to introduce regulations. The actual fund owners have no say in the regulations or the transaction process and have very less control over their money. The cryptocurrencies on the other hand, offer fund owners complete autonomy and full control of their funds. There is no centralized regulatory authority overseeing the trading. The fund owners’ wealth is stored in a decentralized store of value, and the money is directly transferred from the owner to the recipient.

Faster Transaction
Transparency Market Research’s recent report predicted that the market for cryptocurrencies was set to explode in the coming years due to a “consolidated landscape” and “rapid transaction capabilities.” The popular cryptocurrencies have faster transaction speeds in comparison to the mainstream payment methods. It is all due to their networks’ advanced processing capabilities. In the near future, these capabilities are going to improve further making the digital currency more viable for the transaction than the fiat currency.

Secure and Safe Technology
In recent years, people are increasingly adopting electronic payment methods. This has led to an increase in fraudulent transactions as the technology used to run them may not be tamper-proof; such payment methods can be an easy target for cybercriminals. They however, cannot manipulate or tamper with blockchain, the technology that enables cryptocurrencies. Blockchain is a time-stamped series of blocks that record data in hash functions which makes it difficult to overwrite data. As the data is immutable, and there are no centralized points to manipulate as well, the cryptocurrency payment methods are very secure and safe.

Peer-to-Peer Cryptocurrency Exchanges
The peer-to-peer cryptocurrency exchanges eliminate the need for a centralized authority, offering complete financial freedom to the fund owner. Only the sender and the receiver are involved in the transaction process, and as there is no third-party involved, there is no amount of friction between them.

Low Transaction Cost
Cryptocurrency payment can be sent and received at a nominal transaction fee as the exchange happens between person-to-person just like a cash transaction. There are no financial intermediaries involved, and the miners who verify and add transactions to the digital ledger, are compensated by the network. The users do not have to pay any transaction fee that financial institutions usually charge if they use credit cards or other electronic payment methods. A proper research can lead you cryptocurrency exchanges that offer zero trading fees.
https://www.digitalticks.com/blogs/Why-are-Cryptocurrencies-the-Future-of-Money.html

twinkle

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Re: Why are Cryptocurrencies the Future of Money?
« Reply #1 on: December 19, 2019, 12:07:01 PM »
Central banks are mandated to ensure financial stability by the efficient use of their monetary policy. National cryptocurrencies only make it easier for central banks to achieve this because monetary policy will directly be transmitted to firms and households.

As the blockchain technology continues to improve, it only means that national cryptocurrencies will continue to solve the current constraints of the conventional monetary system.

jenica

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Re: Why are Cryptocurrencies the Future of Money?
« Reply #2 on: December 19, 2019, 03:24:45 PM »
In this case, cryptocurency will facilitate bank transactions, where all the transactions we will be able to see in detail without any data manipulation

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AnnJann

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Re: Why are Cryptocurrencies the Future of Money?
« Reply #3 on: December 21, 2019, 10:23:18 AM »
cryptocurrencies and full-consensus digital ledgers represent an exciting advancement in technology. However, this technology is still in its infancy. Investing in cryptos can be dangerous, as the markets are highly volatile.

Our view remains that the safest and most reliable investment is in precious metals. Gold and silver have stood the test of time for thousands of years as a reliable store of value over time. No other medium of exchange can say that.

jenica

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Re: Why are Cryptocurrencies the Future of Money?
« Reply #4 on: December 21, 2019, 02:25:54 PM »
~snip~
The most important thing is to always be vigilant and check prices every chance. And don't invest in crypto with all your real assets

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and 6% is reserved for Best Traders
project or IQ ecosystem (DAO)

   

tranduong123

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Re: Why are Cryptocurrencies the Future of Money?
« Reply #5 on: December 23, 2019, 03:16:54 PM »
I also believe that cryptocurrencies will replace fiat money, but that will happen in the distant future. Currently, cryptocurrencies are in the early stages and are facing many difficulties.

 

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