Why is cryptocurrency the future?
The cryptocurrencies are all set to replace the national currencies by the year 2030 is one underrated statement. There are several facts and incidents to prove why and how cryptocurrency is touted to be the future.
More or less like share market
Just like how share markets are very unpredictable, the same applies to cryptocurrencies. The coins are very volatile in nature. You can never predict when the value will boost or fall down. The cryptocurrencies market poses a stiff competition to the share market. There is no need for an intermediate person as it is in share markets. The person can trade individually. This means enjoying all the profits by themselves.
More cryptocurrencies, more value
It all started with one or two cryptocurrencies. But the number of cryptocurrencies grew to more than 1000 in the past few years. When the types of cryptocurrencies keep growing in the years, then it is a blessing in disguise for the investors as they can get the best rates in the market.
The cryptocurrencies are unregulated in nature. The presence of banks is what plays a major role in deciding the value one can obtain by possessing the currencies. When the concept of a bank is removed, then the people can decide the value on their own.
The digital wallet makes sure your coins are safe. Unlike the other currencies which can be stolen or misused, there are very fewer chances of these digital currencies getting stolen. The cryptocurrencies cannot be destroyed. You cannot carry a lot of cash in your pockets. But, these cryptocurrencies can be carried in your mobile phone applications secured with a password. In case, you miss out your mobile phone somewhere, your account cannot be accessed without your authentication.
As the cryptocurrencies are decentralized in nature, they are very safe. The hackers cannot hamper the system as there is no one particular place of storage of amount like how it is in banks. When there is so much digital intervention in our lives, the concept of decentralization is very vital. The working methodology and flow of the cryptocurrencies are based on the architecture of blockchain. The blockchain architecture facilitates the access of any common person. This means no one holds the key to your money except you. People were very much excited by this idea. This is one of the major reasons why you can say cryptocurrencies are the future.
Chargeback option is nullified
This is one of the biggest problems suffered by the businessmen. When people are not happy with the services they get, they ask for a chargeback. But this is not possible with cryptocurrencies. The cash once transacted cannot be retrieved back. This is one of the biggest advantages when people are transacting money from one nation to another nation.
Owing to all the above statements, one can say for sure that the cryptocurrencies are here to stay and would occupy a major portion of the future’s currency needs.