Cryptocurrency has seen both rises and downfalls over the past few years. However, it has remained popular after the 2017 boom. In fact, we have already started to see significant changes as a result of countries accepting this digital currency. In this article, we’ll discuss how cryptocurrency is beginning to change the world. Let’s get started.
Faster and safer worldwide transfers
Cryptocurrencies offer quick and safe online transfers, as there is no need for a middleman such as a bank or government authority. The funds go straight from one individual to another, taking minutes instead of days. Blockchain technology is also very safe, and while there are some risks, they are significantly reduced.
Control over individuals’ finances
One of the best advantages of digital currency is that you have ultimate control over it. You no longer need to consider third parties, and as mentioned above, the transfers are much quicker. For example, you can buy bitcoin in Chile and trade it with someone across the globe.
Less need for banks
With more and more individuals choosing to use digital currency instead of regular currency, some experts are speculating the end of banking altogether. Since everything is done online, via the blockchain, these middlemen might become obsolete. However, there is no sign of this happening quite yet, and with the high volatility of cryptocurrency, things can always change.
Reduced risk of fraud
As cryptocurrency is not connected to your bank account in any way and can be used anonymously, there is a significantly reduced risk of fraud. There is virtually no way for identity theft to occur, which can offer peace of mind to many investors. Blockchain also records all transactions securely, which adds on another layer of protection.
Having an extra payment method of e-commerce businesses is a fantastic option and can greatly strengthen the online community. Since transactions are permanent, fraud is also reduced for sellers across the world. This, combined with quicker transactions? What’s not to love! While it is not wildly accepted yet, more and more venders are allowing it to be used. In a few year’s time, we might see it as an option almost everywhere.
The increased online criminal activity
While anonymity can be an asset to many individuals, it has also increased the number of illegal online activities significantly. Criminals can easily purchase goods on the black market with cryptocurrency, so that thing can’t be traced back to them. Things like monetizing ransomware, money scams, terrorist attacks, and the buying of illicit goods are all real problems the entire world is facing.
While the future of cryptocurrency can’t be predicted fully, with the number of continuing investors, it certainly won’t be going anywhere soon. However, some countries still hold bans on digital currency and have not shown any signs of changing their opinions. Will this stop it from progressing? Or will we be able to continue exploring the advancements of blockchain technology? Only time will tell.