10 WAYS CRYPTOCURRENCY WILL MAKE THE WORLD A BETTER PLACE

The concept of cryptocurrencies can be easily understood with its characteristic features and the ways it makes daily life easier, uncomplicated and tension-free. This blog lists ten ways of how cryptos are better to make payments and other amazing features that comes along with it.

Minimize fraud

We are always told to handle money safe to avoid sharp practice. However, everyone is prone to it in spite of putting best efforts to make secure transactions. Cryptocurrencies curb the risks of fraud to a great extent by keeping the transactions transparent. Every transaction that takes place get permanently recorded on the ledger, and it can’t be reversed.

Quicker process

When making an international or national transaction, to make the payment reach at the earliest, you may be required to pay some fees. But with cryptocurrencies, all the transfers are instant and doesn’t require any fee. The transactions are secure and stored in the blockchain.

Fundraising

Startup leaders are relying on cryptocurrencies instead of going with the conventional ways like depending on venture capital firms, getting money in cash through events etc. This is because it's easy to track the payer and payee and the ledger can’t be tampered.

Increase accountability

We are all aware of at least a few organisations and institutions that have been involved in illegal and unethical practices like money laundering. With the use of cryptocurrency, blockchain will become predominant. In blockchain, it is easy to trace the original user and the payments will be recorded permanently. This will result in less fraudulent transactions and records.

Offer scalability.

Many companies start with one product or service and then increase and diversify it later. Eventually, the geographical location, customers and everything related to the company will grow. Cryptocurrencies will help deal with the scalability.

A stable economy

There is no standard value for various currencies we have all over the world and the currencies will face inflation, devaluation, and depreciation. Cryptocurrency could improve the financial certainty universally.

Power to the people

People never totally trust banks and financial institutions. With situations like economic crises, theft and scams the trust keeps deteriorating. This is where cryptocurrencies come as an alternative. All the transactions are digital and it doesn’t need a centralised body’s (eg. a bank) approval. This process makes only the user accountable for the transaction he/she makes.

Recognition at universal level:

Since cryptocurrency is not bound by any country, bank, repo rate, exchange rates, interest rates, transactions charges or other charges of any country; it can be used at an international level. This makes transactions easy and saves a lot of time which is spent on converting currency and gaining knowledge about the rules in other countries.

The world of advertising to see a change

Blockchain will impact marketing and advertising as it can remove the middleman in digital advertising and everything will be validated. The transactions will become transparent between the publisher and advertiser and thus reduce conflicts.

Privacy

From as trivial as demographic details to details about our collaterals, banks have it all. Every time we swipe a debit or credit card, some of our information goes into the banks’ database. We never know, these details might be used against us as well. To maintain privacy and still make secure transactions cryptocurrencies are the best till date.

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