Benefits of cryptocurrency At the transaction level
Irreversible: After a transaction has been confirmed, it can not be revoked. By no one. Once sent, always sent. Thus the recipient is always sure that he will receive the transaction. Of course, there is also a catch, because if you are in a situation where you have transferred money to another address, for example, that of a scammer, there is, unfortunately, no safety net to catch this.
Anonymous: Neither transactions nor accounts can be linked to a name or a specific identity. If you want to send a cryptocurrency, for example, Bitcoin (BTC) to a receiver, you only need his or her BTC address, consisting of 30 randomly generated characters.
Fast and global: Transactions are executed almost immediately, worldwide. It does not matter if I transfer money to a friend who is sitting next to me or someone on the other side of the world, the transactions will go smoothly.
Safe: Thanks to the cryptography principles it is impossible to intercept or prevent a transaction.
Free to use by everyone: You do not have to ask permission from anyone to use cryptocurrency. You do not have to be 18, and you do not have to pay at 25 to create a new address. Everyone can work for free. Once you have an address, you can receive and send digital money.
Benefits At the monetary level
Limited and controlled: This is perhaps one of the most important differences with the currencies as we know them. An unlimited number of euros or dollars can be added, with all known consequences. While crypto coins limit the available number (supply) of tokens. At Bitcoin, there will never be more than 21 million bitcoins available. We can say that the value of a cryptocurrency is mainly based on supply and demand.
No debt: The money that is in our bank is created by debt. It can be seen as a system of IOUs. The bank owes us the numbers in our account. A cryptocurrency, on the other hand, does not represent a debt. They represent themselves. You own the coins, and no one can own them at the same time.
To really get a grip on the revolutionary impact of the digital coins you have to consider both properties. Bitcoin as an anonymous, irreversible and decentralized payment method is a stroke in the face of banks and governments. They may not (or can) prevent anyone from using crypto. They are powerless.
The Future of Cryptocurrency
The cryptocurrency market is evolving at a rapid pace and has no mercy. New cryptocurrencies are added almost daily, while others disappear. Every crypto coin’s values come with a great promise that will change the world. Only a few will survive the first few months. To keep quiet about ‘pumps & dumps’ and market manipulation.
Just like with companies, nobody can really predict which coins will survive. We do know for sure that blockchain and cryptocurrency will continue to exist, develop further and change the world. We are already seeing it happening in principle. People around the world are buying Bitcoin or another cryptocurrency to protect themselves against the devaluation of their national currencies.
Especially in Asia, crypto is experiencing a rapid (r) evolution. Also, more and more companies are seeing the added value of smart contracts. The first real applications of blockchain and virtual coins in everyday life continue to grow.
More and more institutional money is also flowing to cryptocurrency. Banks and governments realize that this invention has the potential to drive away the centralized principles as we know them. Cryptocurrency will change the world step by step. It is up to you to watch along the sidelines – or you can become part of the future.