How Cryptocurrency is frightening the world?
Jan 04, 2018 Posted / 7840 Views
Though Bitcoin have had its taste of success in the financial world, but the truth is that the general populace is unaware about its existence. Very few people recognize that cryptocurrency is concurrently a currency, an investment and a technology: you can purchase your first house with cryptocurrency, speculate with some of your saved money in cryptocurrency or you have another steady option to invest in cryptocurrency’s underlying technology called blockchain.
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Interestingly, the higher authorities at banks are way more intelligent than politicians in terms of cryptocurrency, and in comparison many individuals and start-ups are genius than banks. If we talk about the augmentation of cryptocurrency, it can be made equivalent to the fuming debates on the usage of medical marijuana and the one smoking for recreational purposes. It may take few years for government and administrative institutions like banks, corporations and the governments to discern the affirmative opportunities in the space of cryptocurrency. However, there is a journey to understand it is underway.
Let us establish some of the things that you need to comprehend about cryptocurrencies, which might surprise you -
· Anonymous transactions does not leave any room for identity theft and it is practically impossible with cryptocurrency.
· It’s fundamentally despicable and makes it an easy case for the use of money laundering apart from providing convenience in transactions.
· There is no regulation regarding cryptocurrencies, which make it essentially beyond the control of Governments, however, they can and will regulate and tax it (essentially through investment instruments).
· It’s instantaneously available.
· It is forecasted that with time more and more businesses will accept it, with the Fear of Missing Out mania gripping them.
· It’s volatile and vulnerable as can be seen with the value of Bitcoin and Ethereum, which have fluctuated dramatically in the past few days.
· It is underpinned by an extremely reliable technology called blockchain, which is based on peer-to-peer distribution of information system. “Blockchains are public ledgers and they accept data from numerous and diverse parties. The ledger can only be updated when there is a consensus among the group and everybody on the chain is notified regarding the same. These features makes it exceedingly secure, and most importantly it eliminates the third party and mediators to approve transactions.
The cryptocurrencies are termed as frightening essentially because it is based on the revolutionary technology, which provides a safer, faster and cheaper way to transact. There is also little trepidation, as the natural growth and involvement with cryptocurrencies will concretely decipher massive organizational appeal and contributions. Even the payment drive will come around and this may ultimately champion their cryptocurrency assistance. It’s inevitable because it’s anonymous and secretive.
This again leads us to the word frightening as at any time an established process in this case, payment systems can be replaced by another better/faster/cheaper one there are repercussions. There are many examples that are proving the fact like Amazon’s continual assault on brick-and-mortar retail and the Uber/Lyft alternatives to taxis. Other instances include Airbnb as substitution for hotels and hence prove that how disruptive the blockchain backed cryptocurrency alternatives can be particularly because they are extremely scalable, visible and accessible.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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