The world of money or currency is changing.
2019 has brought upon the down of digital technology’s new way of accepting payments without the requirement of any real money or the need to negotiate with a bank.
The blockchain technology and cryptocurrency have taken over the traditional methods and are being touted as the new norm. You just need to perform a simple Google search and it will yield innumerable results, confirming the impact it is having in the current society. As more and more people become aware of this latest technology, it is imperative that you learn more about how they will change the world for the better.
What is Cryptocurrency?
Cryptocurrency is nothing but digital money that is created from a code, mainly an encrypted chain of data. This form of currency is free from governmental oversight and is monitored by peer-to-peer internet protocol. At present, over 1400 digital currencies exist in the market and Bitcoin is leading the way in terms of market capitalization.
With a growing interest revolving around the blockchain technology and cryptocurrency, it has become easier to predict where the changes will take place. Here are some of the benefits of blockchain technology and cryptocurrency –
High potential for profit
As cryptocurrency is volatile, it is a highly profitable investment. The return on the investment for cryptocurrency is unparalleled for percentage gain. However, you should always seek professional help as one wrong move where you place your money on the wrong coins can end with you with equally huge losses.
Impossible to counterfeit
All the transactions get recorded by the network of computers. It is impossible to change the transactions on the history of other’s computers. It is possible to change it locally if you try but the overall network consensus will refuse it once it doesn’t agree with their copy.
Every cryptocurrency is an asset that cannot adhere to counterfeit and reversal schemes. As a sender, you will not be able to reverse a payment once sent and you will have no chances of chargeback. Holders should store their assets in secure digital wallets that are impenetrable by hacking attempts.
In a universal world, the transactions are done universally. Long processes may lead to delays or increased fees but not with a digital currency. Using blockchain technology and cryptocurrency, the transaction will take place immediately.
Cryptocurrency is facilitated by blockchain technology using its end-to-end encryption. This allows the cryptocurrency to work faster with lesser fees and without any requirement for third-party approvals, unlike traditional asset transfers.