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Why Crypto is the future of Finance?
- It is decentralized
Fiat money was centralized and will be for the
foreseeable future. Meaning that its controlled by the few folks at head of central bank and top government officials. How much interest to charge and how much money to print out of thin air this year. These are the decision that are taken by a few that impacts the lives of all of us. for example when US printed over 3 trillions of dollar in 2020 and 2021 it inflated the economy of the US and as a consequence the entire economy of the world.
In the case of cryptocurrency this is totally different, the supply or the total number of coins that is ever to be mined is finite and known for the strongest and most known cryptocurrency 'Bitcoin'. No one can interfere in the operational processes of the currency and thus totally decentralized and free of inflation.
2. It has very transaction fee
When you want to transfer a large number of money say 10 million dollar, you have to pay thousands of dollars if not hundreds of thousands dollars and do numerous paper work through a bank or a government agency.
But not that's not same in the case of bitcoin or crypto currencies in general all you to do is to have a wallet address and pay a fee of few cents to few dollars and hallah! your money has been transferred in less than a minute to other end of the world safely.
3. It's the currency of the internet
Internet is truly global and can be accessed from anywhere in the world as long as there is a proper internet connection but the current payment systems that we use in our businesses are not. For example stripe the biggest payment processing company in the world operates only in 48 countries of the world.
But again Bitcoin is different here and it offers 24/7 payments services anywhere in the word, No need to have sophisticated account, excessive paper work or very high transaction fees. Just scan a code and boom you made a payment in less than a minute.
Digital marketer @ ulearna