Advantages of Cryptocurrency
The speed of money is an extremely important factor in the way we do business with each other. Cryptocurrency allows for transactions to always go from party A to party B without middlemen stepping in to collect a fee.
Security is often one of the first questions raised when dealing with transfers of value. Blockchain’s use of cryptography and public and private keys make the system what many experts call “virtually unhackable”. Because all transactions using cryptocurrencies are irreversible, scams like chargeback fraud where fund transfers can be blocked or cancelled after the fact can be eliminated. Consumers and small and big businesses alike will all benefit from the secure nature of blockchain.
Cryptocurrency can actually provide more privacy for consumers because wallet addresses are not tied to a person’s identity while also promoting transparency between businesses. As for their customers and governments, everything is recorded and readable on the blockchain. This means by making visible peer-to-peer, or party A directly to party B transactions the norm in society, a new level of accountability can be reached. Anyone could access the blockchain and audit a business’s transactions.
Aside from small transfers of money for normal everyday purchases, the use of cryptocurrency can also make it substantially easier to undergo transactions of assets with enormous value such as the transfer of ownership land, and homes. With just a few clicks someone can send millions of dollars and the transfer will be complete within minutes.
Furthermore, there are no barriers to overcome when sending money across international borders. The extra fees that people face when sending money abroad are non-existent when it comes to Bitcoin and altcoins because the peer-to-peer protocol that powers blockchain and cryptocurrency can interact freely with any other address with access to the ledger. The protocol only recognizes addresses and does not make determinations on location.
Decentralization was the ultimate goal in mind when Bitcoin was originally conceived. Separating from the powerful institutions that control the economies of the world was considered imperative for people all over to be truly economically free for the first time in history. Possibly the final frontier of the worldwide decentralization movement will be to decentralize cryptocurrency exchanges and other asset markets. Bithemoth is a startup that encompasses the decentralization movement. Centrally controlled exchanges stand against what cryptocurrency was intended for and the coming wave of decentralized exchanges, led by Bithemoth, will help to fulfill the original task set forward by Satoshi himself when the mysterious developer thought up Bitcoin.
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