The Benefits of Using Cryptocurrency
In very many aspects of life, the growth of technology has caused quite a significant amount of change and revolution. It is worth noting that wherever the growth of technology has had its imprint, it has left a very large and positive impact. Some of the areas that have been positively impacted by the growth of technology include the medical industry, the vehicle and car industry, manufacturing and production industry and also the service delivery industries. The money markets are another example of an area in life that has been greatly impacted by the growth of technology. When you think about crypto currency, the next thing that comes to mind is the impacts that the growth of technology has had on the money markets. Ten years ago no one would have imagined the existence of an innovation such as the crypto currency but today it has gone ahead to become a place where a good number of people running their livelihood. Crypto currency can be described as a digital currency that is created through the usage of advanced encryption techniques that are commonly known as cryptography.
Initially, cryptocurrency was just an academic concept that is being explored by students but when the bitcoin was created, cryptocurrency then ceased to be just an academic concept and became a virtual reality that has been adopted by very many people across the world. The bitcoin became so popular that it gained the attention of very serious and big investors across the world who decided to invest in the concept. Anyone sane today cannot afford to overlook the existence and the relevance of cryptocurrency. This article shall seek to discuss some of the advantages that come with the usage and adoption of cryptocurrency.
The first advantage of using cryptocurrency is that the central government is unable to take away the currency. Sometimes, governments make decisions that are not beneficial to the general public and very unpopular such as the Cyprus government in the year 2013 the month of March and they decided to take away $100, 000 of currency that was yet to be put into circulation. Bitcoins and other forms of cryptocurrencies are very hard for governments to control because they are majorly decentralized, meaning that no one particular party has control over the currency.
One other great benefit why should consider using cryptocurrencies that they cannot be forged or counterfeited. Over the course of history, governments and institutions have lost thousands worth of money, sometimes even millions, to fraudsters and people who are able to counterfeit money. This is not a risk with cryptocurrencies. Given that the cryptocurrencies are digital in nature, it makes it literally and virtually impossible for anyone to try and forge them or counterfeited them.