Cryptocurrency: scam or savior?

by Everus World EVERUS: THE BLOCKCHAIN FINTECH COMPANY

Over the years, more people come across topics regarding “digital cash”, “virtual money” or cryptocurrency, as they are generically called. Asthey get increasingly curious, many ponder upon the validity of cryptocurrency - is it a scamand fraudulent scheme or savior?

If one is to revisit the history of money, humanity began using barter trade and in time moved to using coins made from precious metals such as gold and silver. As carrying coins in bulk became less feasible, the precious metals would be deposited to gold and silver merchants or banks, which would issue receipts of the deposit made. Over time, these receipts were accepted as mode of payment, thus becoming paper based currency.

Similarly, cryptocurrencies are digital assets of value, designed to work as a medium of exchange and payment.They are built on a platform of technology called the blockchain; a continuously growing list of records, called blocks, which are permanently linked and secured using cryptography on a distributed computing system. They are just as reliable (possibly even more secure and robust) as the ATMs and banking websites which we may confidently check our account balance.

As cryptocurrency is just like money; they do not have minds of their own, therefore, they can be used in manners benefiting people or manipulated inappropriately.This has prompted governments around the world to begin regulating how cryptocurrency may be used, akin to how money laundering and anti-terrorism financing laws exist.

On a positive note, most jurisdictions view cryptocurrencies akin to precious metals, therefore viewing them as commodities which may not be regulated. Some authoritieson the other hand view them asproperties or assets and impose taxes on individuals owning or miningthem as an income or capital gain.

Everus Technologies, a young blockchain fintech startup, is looking to accelerate mainstream adoption of cryptocurrencies by focusing on the development of cryptocurrency commerce (C-Commerce) and streamlining their merchant onboarding processes.

Everus, which is co-founded by Srinivas Oddati and Alexander Johnson, conceptualized theEverus World – an integrated, multi-vertical commercial and financial ecosystem that offers its users services such as remittance, payments, online shopping, location-based services, peer-to-peer microfinance and trading.

References:

https://en.wikipedia.org/wiki/Initial_coin_offering

https://www.cryptocoinsnews.com/everus-maintains-focus-c-commerce-merchant-onboarding/

http://www.thestar.com.my/business/business-news/2017/09/20/guidelines-on-cryptocurrencies/

https://en.wikipedia.org/wiki/Cryptocurrency

https://en.wikipedia.org/wiki/Money