Technology is revolutionizing humanity. It influences almost every domain of life. The influence is widespread across the transport sector, communication, health, agriculture, security, and business. The list is inexhaustible. Banking is another critical area that modern tech is shaping respect to the high levels of vulnerabilities that make financial institutions susceptible to massive financial loses. The desire for efficiency led to the invention of cryptocurrency following a series of attempts to establish an online currency.
Cryptocurrency emerged in 2008 after a mysterious people going by the name Satoshi Nakamoto established a Peer to Peer Electronic Cash system using the currency they coined Bitcoin that became publicly available in 2009. Since then, the development of cryptocurrency is rapid, with several rivals joining the market — this is enough evidence that cryptocurrency is here to stay. Cryptocurrency is a digital currency without intrusion from any central authority yet facilitates secure transactions with minimal interferences from other parties like hackers; it uses private and public keys enhancing privacy and security making it easier to carry out monetary transactions.
When cryptocurrency began surfacing in 2009, it never made sense to most people because it was a new idea in the financial market. Moreover, people were well accustomed to cash transactions — so telling them that they can use online transactions was not convincing. However, cryptocurrency has stands the test of time. Cryptocurrency is gradually invading our lives. Check out the following three ways cryptocurrency will change your life in the near future.
Cryptocurrency assures you of your privacy
Do you care about the security of your credit card details whenever you engage in a financial transaction? Exchanging and storing cash is an option people have, but the trend today indicates the preference for cryptocurrencies such as Bitcoin over cash. It is not an accident; neither is it circumstantial. Cryptocurrency is more secure though some people might say it is their choice because of comfort.
It is not heroic to trend on media outlets as a victim of privacy infringement, especially when the issue at hand involves money. If sensitive data like credit card details get into the wrong hands, without timely intervention, users can lose all amount in the cards.
Every user longs for privacy. With rising online platforms that at one time, require users to enter their credit card personal information to get a service or purchase a product, believing in 100% security of the databases storing credit card information will be self-deception. Cryptocurrency is a unique type of cash that serves the same function as credit cards with secure protection of user data.
You will have a better way to control your finances
As a depositor, you expect your bank or financial institution to fulfill its obligations to you. How likely is this deal? History records cases in which banks failed to meet their duties to depositors. Many Americans suffered from the Great Depression when the bad economy hit their banks, prompting them to withdraw their funds because of declining trust. It was more disappointing when they realized that the banks lost their liquidity and did not balances available for withdrawal.
Insufficient liquidity ratio potentially lowers the ability of banks and other financial institutions to meet higher cash demands of their customers. One of the most recent cases involving liquidity ratios involved Greece running on a cash-based society. The banks had low liquidity ratios allowing only for a withdrawal of a maximum of 60 Euros to its clients per day. Lower limit withdrawal provision hurts bankers with heavy cash uses. Such limits are not necessary in a world with advanced technology. The banks with their smaller liquidity ratios, operate with the notion that bankers deposit their cash with the intent of coming for it later.
Cryptocurrency is the antidote to poor liquidity ratios. You have the guarantee of receiving your finances from any source. Cryptocurrency gives you total control of your funds. You don’t have to worry about liquidity ratios — you don’t have to dread over economic depression. Stealing cryptocurrency is very difficult — those cash seizures by law enforcement agencies. For instance, unless you tell someone that you have bitcoin, it is not easy for someone to know you are holding bitcoins unless you decide to let them know.
Prepare for more control over your wealth with cryptocurrency. Governments will issue you with lots of documents when handling your cash — you might find this practice disgusting. Cryptocurrency will make your life easier by making your cash portable, saving you from the stresses that might arise by when society calls you a suspect for holding too much money. Those government suspicions will not catch up with you because you will be safely sailing in the safety of cryptocurrency.
Prepare to forget Middlemen
Are you aware that sometimes back Western Union charged a whopping $14.99 to send $20? Well, that is how inconsiderate middlemen can be when they are profit oriented and care less about their clients. Nobody would settle for a service that charges them a transaction fee of more than 70 percent of the cash they want to send.
Almost everything we do today has middlemen more so in the finance industry. It can be a hell on earth having third parties to approve or deny your transactions. In other words, the fate of your transaction lies at the mercies of third parties. The service always comes with a price, and you have to part away with some bucks whenever you initiate a transaction. A third party makes think of transactional costs, extra duties, and withdrawal fees potentially scaling down your earnings.
Some remittance costs are obnoxious draining needy people of their surviving dollars even when they transact a small amount. There was no option for customers to avoid third parties until technology gave birth to cryptocurrency.
Cryptocurrency is one of the man’s groundbreaking invention in finance, offering beneficial alternative avenues to the people who have limited access and benefit from what society presents. The rapid changes in cryptocurrency open an ample room for many possibilities in the near future. Expect cryptocurrency to be part of your life. It is steadily spreading its roots and will change human life in the near future.