Do you know what you have to go through most times before sending money from somewhere in Africa to Europe?
For example, you have to visit a bank, make a request via Western Union, and finally wait for more than 48 hours before your transaction is processed.
It’s no news that this world’s current financial system is not favourable in terms of global monetary standards; some parts of the world seem to enjoy it more than others.
Finally, the issue of transparency, imagine leaving your money to the US federal reserve to make a mess of it by printing unlimited FIAT cash without control; you know how that has messed the global economy.
This is why cryptocurrencies were created to solve the issues with this present financial system.
You are also talking about Blockchain, the technology behind cryptocurrencies. Do you know that every transaction you make appears in your financial statement in your traditional bank? The problem is that these data can be altered at any time.
Blockchain was created to solve these issues of duplication and fraud. A blockchain is a database that cannot be tampered with when data is entered.
Putting all together, cryptocurrency solves two main issues number one is remittances, and the second is data safety.
A cryptocurrency is a digital currency utterly decentralised from any form of government or bank control. Meaning it is a global tender used for transactions without the government or bank’s influence and approval.
In layman’s terms, Cryptocurrencies can be simply called internet money. Each cryptocurrency’s decentralised control works through distributed ledger technology, called a blockchain. A blockchain serves merely as a public financial transaction database.
Have you ever wondered about the current state and future of cryptocurrencies? These statistics should guide you.
A post about Cryptocurrency surfaces every 3 seconds on social media.
The price of Bitcoin skyrocketed by 2,000% in 2017.
The market cap for cryptocurrencies was over $209.2 billion in 2018.
There are over 65 million bitcoin wallet addresses in total.
There are 2k + cryptocurrencies in the world.
Bitcoin accounts for over $7 billion in transactions daily.
There are over 5k+ Bitcoin ATMs available worldwide.
Turkey is the only country with the highest approval of cryptocurrency.
Ecuador became the first country to launch its cryptocurrency in 2015.
The U.S Dollar is the most traded national currency for Bitcoin.
Cryptocurrencies were created to abstract all the dangerous and volatile features of fiat currencies held and controlled by the federal reserve and government reserve of any country worldwide. Here are some fantastic benefits you enjoy when you intend to start trading cryptocurrency to expand your knowledge.
There’s paperwork, brokerage fees, commissions, and any number of other special conditions which may apply when dealing with a traditional transaction using our banking systems.
But not in cryptocurrency, Cryptocurrency is free to use and does not require a middle man. All transaction costs are free and do not attract any commission.
By their very nature, cryptocurrencies are not subject to exchange rates, interest rates, transaction fees or other charges imposed by a particular country.
And using blockchain technology’s peer-to-peer mechanism, cross-border transfers and transactions can be done without complications over currency exchange fluctuations and the like.
Once a transfer of crypto-currency is authorised, it can not be reversed, as in the case of “charge-back” transaction fees allowed by credit card companies.
Check out the link to the article below to learn more.