Cryptocurrencies have steadily made headways as investors continue to flock the markets, in the months since the COVID-19’s first visibility, probing for high returns, and the warm adoption as a form of payment coming to pass. The growing interest directed towards cryptocurrency has amassed it a reputation, especially in these troubled times, of becoming the new standard for the future of payment transactions.
Despite its popularity, however, governments are keen on repressing the spike of digital currency on the grounds of it becoming a threat to major regulatory firms and national security. Its decentralized nature, having no central authority the way governments reign over currencies, has drawn in sceptics from numerous administrative bodies.
In spite of the uproar it has generated and the apprehension concerning cryptocurrency, the escalation of users shows its great appeal and efficiency, garnering investors hence who expect more from cryptocurrencies in general and the potential they store.
Cryptocurrency education company Luno CEO Marcus Swanepoel relates in an interview with FOX Business that “the benefits of cryptocurrency are many and profound.” He mentions the potential of cryptocurrencies in helping solve problems present in the current financial system, allowing for this industry to firmly imprint a reputation for its effectiveness and integrity.
The Absence of a Middle Man
Cryptocurrency companies do not employ middlemen to facilitate transactions. Instead, they let users negotiate for themselves. This ensures an easier and faster transaction without the loom of transaction fees. Experts, however, believe that the absence of a middleman does more than just benefit cryptocurrency users. Eliminating the current structures existing in society and challenging systems that forcefully incapacitate individuals is a power that is granted to people through cryptocurrency.
Each unique transaction between any two parties that transpire through cryptocurrencies is covered by terms that safeguard users from issues that may arise regarding privacy. The nature of Blockchain being a decentralized body ensures that no one is able to reign control over it, with policies being hardcoded in. Manipulation is, therefore, avoided ensuring transparency and maintaining public trust.
Helping the Unbanked
Cryptocurrency is lauded for its potential to become the solution to eliminating corruption, hoisting in the possibilities for individuals who have yet been banked and opens the opportunity for the disadvantaged to set up their own credit.
Taking into consideration that people are more likely to have access to the internet than to banks or other systems made purposely for exchanges opens an option for the much less fortunate to reach out to cryptocurrencies.
Made Easier International Exchanges
Opportunities for one on one exchanges online employed by international business individuals are made possible through cryptocurrencies. Complications that may emerge and additional fees that are conventionally appended with international currency exchanges that necessitate third parties.
Cryptocurrency continues to establish itself a reputation for becoming the game-changer of society. With the steady rise of big names like Bitcoin, the world had witnessed the unprecedented ebb and flow of these networks heralding in the public interest and even education. Now, the cryptocurrency known on a global scale has become a regulatory body now that more people are starting to recognize it.