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August 28, 2018, 10:15:52 PM |
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Cryptocurrencies will certainly replace fiat money sooner than you think Cryptocurrency is disrupting the financial system because it has quite a number of advantages over the conventional currency such as the dollar. By eliminating intermediaries, digital currency gives you more control of your finances. Besides, it can be used as a hedge against the inflation of the dollar. Most cryptocurrencies are also extremely secure due to the use of dual-sided cryptography for every transaction. Bill Davis, a public sector Digital Strategist & Design consultant, says cryptocurrencies use hashing to effectively verify the integrity of data by systemically representing large amount of data as short numbers that cannot be replicated.
Unlike fiat currency, cryptocurrency cannot be debased by any government because its not tied to it. Even the governments cracking down on it are actually making it more valuable. Fiat currency can become worthless when a government gets replaced or falls apart. And it goes without saying that no government is immortal. Blockchain may still be in its infancy but the best case scenario is a global financial revolution. Fiat currency is a system that heavily relies on debt, and that system is failing everyone who isn't a bank. Most crypto projects are still in their early stages of development and still have years before they can prove their uses, but when they do we really could see the largest transfer of wealth in history.
It seems were hesitant to accept that cryptocurrency is quickly becoming a new kind of money. In essence, Bitcoin is already miles ahead of the dollar. Right now its worth thousands of times more, yet this is just the beginning. Whats even interesting is the colossal number of people who have never heard of it or those that just chose to ignore it. However, its a matter of time before more people jump on the bandwagon.
User-adoption is a legitimate challenge facing cryptos today; nonetheless, all cryptocurrencies are still in their infancy. Its pretty much like the internet in the 1990s. During its early days, the internet was only used by nerds. A few years later, it saw rapid acceptance and adoption. Now, we all live on the internet. This is exactly what will happen with cryptocurrencies. So, its just a matter of time before the rest of the world catches up with this technology. cryptocurrency holds a long-term promise owing to their fast, secure and efficient payment system. Ramson says cryptocurrencies innovative ideology for a more secure monetary future will be the key driving force behind their adoption as a payment method. so ofcource in no distant time bitcoin will definately be indepenend of fiat. Regardless of how governments or investors feel about the impending switch from conventional currency to digital forms of currency, the wave of change is unrelenting.
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