Let us find out the story behind crypto currencies.
Like everything that is considered valuable, crypto currencies represent a story of value as well. Money is a way of collecting points that can be monitored by the banks and financial institutions on our behalf. What happens when a situation arises that the bank decided to steal your money? What if the database of the bank gets stolen or destroyed? There are so many questions with a doubt. But the answer to all the questions is based on a single aspect, we refer as “trust”.
There could be a possibility that there is absolutely no one who can be trusted in the integrity of the database. This is the story behind crypto or virtual currencies. It is an intangible currency that resides on the internet. Majority of the money resides on the servers of financial institutions and banks. Customers deposit money which gets reflected on the account.
Why are we so positive about crypto or digital currencies?
Crypto currencies doesn’t just represent the potential to transfer money to others with ease and convenience. But, it reflects the future where we all are responsible for each other’s financial well being and health. The advent of crypto currencies is a revolution because it has totally transformed the way we exchange money between governments, business ventures, people and more. In a way, it can be said that crypto currencies challenge the traditional or the conventional norms of exchanging money.
In the present era, we trust the banks and institutions as a safeguarded store of our money. In fact, we are made to believe in it. We are positive and optimistic about digital or crypto currencies because the way we communicate and interact with each other is amazingly progressive. With the presence of the crypto currency, the entire financial system is getting redefined.
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