Today we are going to talk about Cryptocurrency is the future of finance.
Cryptocurrency It’s widely regarded that cryptocurrency is a growing ecosystem that has slowly been making headways into the world’s traditional financial systems. According to statistics, the number of users of various cryptocurrencies has grown by 66 million between 2018 and the last quarter of 2020. Furthermore, both private and public sectors are warming up to the idea of adopting cryptocurrencies in their financial dealings such as making payments, value storage, and as an investment. The history of cryptocurrency goes back decades ago when cryptography started making digital advances. This is the technology that has helped develop and evolve the variety of encryption techniques that make cryptocurrency networks secure and reliable to take on different transactions. Now with over 5,000 cryptocurrencies and growing, look at these four reasons as to why cryptocurrency is the future of finance.
Varied Values Of Cryptocurrency. While cryptocurrency doesn’t have an intrinsic value, it holds value in the following ways:
- Payments: It can be used to make transactions such as buy goods or services without requiring a trusted third party to complete possible.
- Value Storage: Since the total supply of most cryptocurrencies is limited, the shortage influences their value.
- Stable coins: Cryptocurrency can be attached to commodities such as gold or oil or currencies, such as the USD.
- Privacy: The technology that cryptocurrency is built on security that can allow users and owners to remain anonymous during transactions.
- Digital Access and Ownership: Even people who have no access to traditional banks can enter the financial system with the help of cryptocurrency.
- Digital Gold: Cryptocurrencies and gold share attributes comparable to money. Both can be used as a medium of exchange, has a store of value, and possesses a unit of account.
