How Cryptocurrency can change the world into a better place

Cryptocurrency

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Cryptocurrency is a digital coin that sits on a blockchain, a decentralized, distributed, auditable database of records that are connected with cryptography. We all have seen Bitcoins hit new all-time high prices over the past years and big drops as well. However, its fluctuation in value isn’t obstructing investors from investing in it. 

With the rise of the decentralized currency idea, cryptocurrency is gradually becoming more popular and better known throughout the entire world. Among thousands of different digital currencies, bitcoin is an immensely popular digital asset and has reached a record high value in the previous year. Cryptocurrency may seem like the currency of the future, but it has already made significant changes to how we store money, pay for goods, and do business. 

Apart from the existing benefits of digital coins, there’s a lot to expect from them in the future. And we may be able to make this world a better place.

 

1. Disrupting the E-commerce world

For e-commerce retailers, seeking new ways to expand their business while offering their clients a faster and more convenient way to pay, is something that cryptocurrency can help achieve! Blockchain makes the transaction safe and fast, making it nearly perfect for e-commerce. We can foresee cryptocurrencies being accepted across eCommerce platforms while offering a safe way for customers to pay. 

Blockchain can be aimed at reducing fraud in eCommerce. Shoppers and sellers can equally benefit from adopting cryptocurrencies as payment. Blockchain payments are permanent, allowing them to be tracked from anywhere in the world. Keeping up-to-date with emerging trends in blockchain means you’re ready to adopt a new eCommerce strategy and get ahead of the competition.

 

2. Everyone can access real-time data

We’ve crossed milestones in the field of science and technology in the last 100 years alone, but all the information is usually hidden from the general public by institutions and governments around the world. Keeping data and information secret makes it difficult for continued collective advancements.

Cryptocurrencies are paving the way for information and data to be available in real-time for everyone to access to data and eliminating the major institution, foundations, and corporations. With blockchain technology, we can help change the scientific roadblocks. Currently, Nano vision, a company that is working to create platforms that will enable global citizen scientists, or the general public to participate in making further advancements 

This company’s mission is to incentivize the collection of molecular data at a global scale using crypto and blockchain sot that data and resources can be shared with everyone.

 

3. Stop the use of corrupt and illegal practices in the workplace

Unluckily, there are several companies and entire industries that bluntly adopt corrupt and illegal practices to acquire new customers. Being a consumer, we have to ensure that the business we buy from runs with decency and that all basic rights are being upheld, and laws are being followed. 

While talking about the integrity of a company or business, it’s not an appropriate way to draw conclusions based on their written documents rather than determining the ethics through actual practices.

Using blockchain technology it would be easier to hold culprits accountable because it’s next to impossible to manipulate information that is on the blockchain.

 

4. Your money is in your hand

While it may amaze you but it’s a fact that you don’t own your money. Blockchain will give you control over your assets by restricting the government’s role to only banks. Most people are already fed up with banks and financial institutions, but keeping all your cash in the home isn’t the best option. Any economic crisis raises stress and concerns about the funds that are under government control.

Cryptocurrencies may transfer the control of money into the hands of people, which removes the barrier of the rules and regulations imposed by banks. Having control over your own money gives immense pleasure, and that’s another reason digital assets will transform the world into a better place.

 

5. Revolutionize the money transfer process

Money transfer through banks and other means is faster and more efficient, but it’s costly. However, there are still improvements required in this sector. Sometimes money transfers can take up to a week or even longer, especially if the transfer is international.

Here comes blockchain to save you from tedious procedures and long queues of banks. With cryptocurrencies, money transfer isn’t associated with the checks and balances process, and money can reach its destination safely and efficiently with no cost at all. Cryptocurrency is valid in all national and international transfers, and it’s a secure transaction stored in the blockchain. 

 

6. Help eliminate the fraud associated with cash

It’s common to lose your money in the hand of a fraudulent person, and the irony is that government institutions become a puppet and don’t get your money back in most cases. Fraud is a prevalent concern for many in the matter of your heart-earned money. Whether you’re transferring funds or making any transactions using a credit card, the chances of fraud are there.

Fraud is not complete, but at least to some extent, will be minimized with the arrival of blockchain in exchange for banking sectors. The reason is due to zero involvement of the banking sector, which can be hacked or manipulated. All your cash will be stored on the blockchain which will play its role in reducing fraud and offering peace of mind.