Most of us know that cryptocurrency is the next big thing and it is literally going to take over a lot of things. It would not be an understatement to say that it is going to have a massive impact on the way that our lives are functioning right now.
Just a few years more tech and finance will not be two separate entities. Both will be one. Whatever we know right now is just the crust of it. There is a lot more to come. In this article, we will see why the cryptocurrency is going to be the future.
Finance is one of the industries where frauds are happening on a daily basis. Some are on a large scale, and some are on a small scale. Irrespective of the scale at which the fraud is done, a fraud is a fraud. Whatever security measures that the banks are taking, robbers and hackers are finding a way to break the security. But that is not the case when it comes to cryptocurrency. There will be zero frauds because all cryptocurrency has to use this tech called as blockchain, which is actually a digital ledger. There will not be any kind of breach or Any frauds with blockchain.
People might think that even now immediate settlements can be done with online transfers. Yes. We do agree. But when you are purchasing a property, you will have to go through a lot of procedures. With cryptocurrency, it is not necessary. It is because with blockchain through which cryptocurrency is operated can also store various other data. For example, if the property belongs to some person, the details of the individual can be stored, and it will be very easy to make settlements irrespective of the value of the property.
Access to everyone
The number of people who actually have access to the internet is higher than the number of people who have access to the conventional exchange system. The most important fact is that the reach of the internet is increasing every day. To get access to any cryptocurrency, all you need is a smartphone with a good internet connection. Recently Kenya’s M-PESA system, which is a mobile-based money transfer system announced bitcoin device. According to the stats, one out of every three Kenyans has a bitcoin wallet.
Lower or no transaction fee
It is a well-known fact that the transaction fee is one of the things that we hate about banks. The hate that we have is absolutely reasonable because it is our money and we are transacting it and why we should be charged for that. Well, just a few more years, and when cryptocurrency comes into action, there will not be any charges for the transactions that you are making.
Online retailers now accepting bitcoin
We have seen in recent months, a number of online retailers and service providers announce that they are now offering bitcoin payments. This allows anyone that holds bitcoin currency to be able to make a transaction of a cash value in the equivalent bitcoin value. This new move further strengthens the value that bitcoin has and the fact that it appears many businesses are now embracing its potential future value. Most recently pay day pixie loans recently announced that they are rolling out a bitcoin repayment programme which should be live for UK customers at the beginning of 2021. The move will enable customers to receive their payday loan in the form of bitcoin.