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Cryptocurrencies offer an alternative infrastructure to our current financial system, making it faster, cheaper and less controlled by central authorities. Many people see crypto as an opportunity to make money, which it is, but what are the real-world advantages that crypto offers?
Crypto technology improves a lot of the flaws in our current system. Huge amounts of money can be sent easier than ever before; blockchain visibility means finances are more accessible; crypto technology fits a decentralised system - so there’s no need for third-party overseers. In general, crypto means less chance of human mistakes as blockchain technology removes the need for human intervention; this is where the future is headed.
*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.
1. decentralisation
Cryptocurrencies provide a peer-to-peer payment (P2P) system without overseeing centralised third parties like banks or credit card companies. This means that sending and receiving money is faster and cheaper and removes any single point of failure in the system. For example, if a centralised bank with millions of accounts were to experience a problem, then those millions of people, who have accounts with this bank, would experience issues reaching their money.
2. cross border transfers
Crypto can act as an intermediate currency for transferring funds between different fiat currencies. For example, 100,000 USD can be converted into Bitcoin (BTC), which gets sent to the receiver in Europe. They convert the BTC into euros, thus completing the transfer of 100,000 USD into euros. The current system for doing this relies on central authorities; crypto offers a much-streamlined cross border transfer process.
3. traceability
Thanks to blockchain technology, all crypto transfers are recorded and available to view. Transactions are timestamped and completely uneditable, so any BTC transfer since its inception in 2009 is viewable on the blockchain. This means that all money sent via crypto is traceable. For example, every cent of $55 million worth of BTC donation to Ukraine is traceable to ensure the funds were sent to the promised location.
*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.
Cryptocurrencies offer an alternative infrastructure to our current financial system, making it faster, cheaper and less controlled by central authorities. Many people see crypto as an opportunity to make money, which it is, but what are the real-world advantages that crypto offers?
Crypto technology improves a lot of the flaws in our current system. Huge amounts of money can be sent easier than ever before; blockchain visibility means finances are more accessible; crypto technology fits a decentralised system - so there’s no need for third-party overseers. In general, crypto means less chance of human mistakes as blockchain technology removes the need for human intervention; this is where the future is headed.
1. decentralisation
Cryptocurrencies provide a peer-to-peer payment (P2P) system without overseeing centralised third parties like banks or credit card companies. This means that sending and receiving money is faster and cheaper and removes any single point of failure in the system. For example, if a centralised bank with millions of accounts were to experience a problem, then those millions of people, who have accounts with this bank, would experience issues reaching their money.
2. cross border transfers
Crypto can act as an intermediate currency for transferring funds between different fiat currencies. For example, 100,000 USD can be converted into Bitcoin (BTC), which gets sent to the receiver in Europe. They convert the BTC into euros, thus completing the transfer of 100,000 USD into euros. The current system for doing this relies on central authorities; crypto offers a much-streamlined cross border transfer process.
3. traceability
Thanks to blockchain technology, all crypto transfers are recorded and available to view. Transactions are timestamped and completely uneditable, so any BTC transfer since its inception in 2009 is viewable on the blockchain. This means that all money sent via crypto is traceable. For example, every cent of $55 million worth of BTC donation to Ukraine is traceable to ensure the funds were sent to the promised location.
*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.
