Five Benefits of Cryptocurrency: A Fresh Economy For The Future

Five Benefits of Cryptocurrency: A Fresh Economy For The Future

Over the last duo of years the term cryptocurrency has been rapidly gaining the public eye. You might be more familiar with terms like Bitcoin, Litcoin and Ether. These are all cryptocurrencies.

In fact, there many! Just take a quick look

Just a ordinary google trend search shows you the commence of the growth

But before you proceed reading, I want to give a brief primer of cryptocurrency

A cryptocurrency is a digital currency that is created and managed through the use of advanced encryption technologies known as cryptography. Cryptocurrency made the leap from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009. While Bitcoin attracted a growing following in subsequent years, it captured significant investor and media attention in April two thousand thirteen when it peaked at a record $266 per bitcoin after surging 10-fold in the preceding two months. Bitcoin sported a market value of over $Two billion at its peak, but a 50% plunge shortly thereafter sparked a furious debate about the future of cryptocurrencies in general and Bitcoin in particular. So, will these alternative currencies eventually supplant conventional currencies and become as ubiquitous as dollars and euros someday? Or are cryptocurrencies a passing fad that will flame out before long? The reaction lies with Bitcoin.

HOW WILL CRYPTOCURRENCY WILL HELP YOU?

The world is becoming more and more economically unsafe. This is not to say we are not growing. But asNassim Taleb states in his book. Antifragile. Our economic machine is like a glass jaw. one petite punch to it and it all comes crushing down! Both long term and brief term this is not good for you and all of the hard working citizen of the world.

“FRAGILITY IS THE QUALITY OF THINGS THAT ARE VULNERABLE TO VOLATILITY.”

– NASSIM NICHOLAS TALEB

So below, I will outline some pros and cons of us adopting a global acceptance of Cryptocuurency. And my hopes with this is…you will walk away with having found fresh found respect for cryptocurrency.

PROS AND CONS OF CRYPTOCURRENCY

The benefits of cryptocurrency over current fiat currency tech

Example: Central governments can’t take it away

Recall what happened in Cyprus in March 2013? The Central Bank wished to take back uninsured deposits larger than $100,000 to help recapitalize itself, causing meaty unrest in the local population. It originally desired to take a percentage of deposits below that figure, eating directly into family savings. That can’t happen with cryptocurrency/bitcoin. Because the currency is decentralized, you own it. No central authority has control, and so a bank can’t take it away from you. For those who find their trust in the traditional banking system unravelling, that’s a big benefit.

Let’s take a look at some of the improvements that can be made to fiat currency by shifting towards digital cash:

ADVANTAGES OF CRYPTOCURRENCY

  • Fraud: Cryptocurerncies are digital and cannot be counterfeited or reversed arbitrarily by the sender, as with credit card charge-backs.
  • Identity Theft: When you give your credit card to a merchant, you give him or her access to your utter credit line, even if the transaction is for a puny amount. Credit cards operate on a “pull” basis, where the store initiates the payment and pulls the designated amount from your account. Cryptocurrency use a “push” mechanism that permits the cryptocurrency holder to send exactly what he or she wants to the merchant or recipient with no further information
  • Instant Settlement: Purchasing real property typically involves a number of third parties (Lawyers, Notary), delays, and payment of fees. In many ways, the bitcoin/cryptocurency blockchain is like a “large property rights database,” says Gallippi. Bitcoin contracts can be designed and enforced to eliminate or add third party approvals, reference outer facts, or be finished at a future date or time for a fraction of the expense and time required to finish traditional asset transfers.
  • Access to Everyone: There are approximately Two.Two billion individuals with access to the Internet or mobile phones who don’t presently have access to traditional exchange systems. These individuals are primed for the Crytocurrency market. Kenya’s M-PESA system, a mobile phone-based money transfer and micros financing service recently announced a bitcoin device, with one in three Kenyans now wielding a bitcoin wallet. (Let me repeat that again. 1/Three)
  • Lower Fees: There aren’t usually transaction fees for cryptocurrency exchanges because the miners are compensated by the network (Side note: This is the case for now). Even however there’s no bitcoin/cryptocurrency transaction fee, many expect that most users will engage a third-party service, such as Coinbase, creating and maintaining their own bitcoin wallets. These services act like Paypal does for cash or credit card users, providing the online exchange system for bitcoin, and as such, they’re likely to charge fees. It’s interesting to note that Paypal does not accept or transfer bitcoins.

“THE BLOCKCHAIN KEEPS EVERYONE Fair, AND A Entire LAYER OF BANKING BUREAUCRACY IS Liquidated, LOWERING COSTS.” — PAUL VIGNA

MOST Significant. YOU OWN IT

There is no other electronic cash system in which your account isn’t wielded by someone else. Take PayPal, for example: if the company determines for some reason that your account has been misused, it has the power to freeze all of the assets held in the account, without consulting you (Trust me, this has happen to me many times) It is then up to you to hop through whatever hoops are necessary to get it cleared, so that you can access your funds. With cryptocurrency, you own the private key and the corresponding public key that makes up your cryptpcurrency address. No one can take that away from you (unless you lose it yourself, or host it with a web-based wallet service that loses it for you).

THE BAD THINGS ABOUT CRYPTOCURRENCY

Overall, cryptocurrencies have a long way to go before they can substitute credit cards and traditional currencies as a device for global commerce.

Bottom Line: Cryptocurrency is a baby. It will needs years and years of exposure to the global system, before the masses begin accepting it.

CRYPTOCURRENCY DISADVANTAGES:

  • Fact is many people are still unaware of cryptocurrency aka Digital currency
  • People need to be educated about it to be able to apply it to their lives.
  • Businesses need to embark accepting it
  • They need to make it lighter to sign up and get began.

HIGH RISK OF LOSS

Timothy B. Lee, adjunct scholar at the Cato Institute and regular contributor to Forbes.com, identifies four reasons to be cautious about bitcoins:

  • Lack of Security. There is no safety net or ideal way to protect your bitcoins from human error (passwords), technical glitches (hard drive failures, malware), or fiduciary fraud. According to an article in the UK edition of Wired, eighteen of forty web-based businesses suggesting to exchange bitcoins into other fiat currencies have gone out of business, with only six exchanges reimbursing their customers. The authors of the investigate estimate that the median lifespan of any bitcoin exchange is three hundred eighty one days, with a 29.9% chance that a fresh exchange will close within a year of opening.
  • Enlargened Regulation. While relatively benign guidelines are presently in place, law enforcement agencies could determine that bitcoins are a “giant money laundering scheme,” and enact more stringent regulations that would diminish the currency’s value.
  • Limited Scaling. The design of the system thresholds the speed and number of transactions processed, making it unlikely that bitcoins will substitute conventional credit card transactions.
  • Lack of Applications. While acknowledging bitcoins’ popular use for illegal transactions, Lee questions how useful bitcoins truly are. To be truly disruptive to existing fiat currencies or electronic payment systems, Bitcoin would need applications for low-cost international money transfers, the creation of complicated electronic contracts, or use in Kickstarter-style fundraising campaigns or micropayment transfers.

FINAL THOUGHTS

There are always pros and cons to any situation in life. To be able to make a good decision, you need to weigh the good and bad meticulously before finalizing your choice. With Cryptocurrency, it’s more about mass acceptance than technology. The technology is here. Only time will tell when the rest of the world (governments, citizens) will say…YES!

Five Benefits of Cryptocurrency: A Fresh Economy For The Future

Five Benefits of Cryptocurrency: A Fresh Economy For The Future

Over the last duo of years the term cryptocurrency has been rapidly gaining the public eye. You might be more familiar with terms like Bitcoin, Litcoin and Ether. These are all cryptocurrencies.

In fact, there many! Just take a quick look

Just a elementary google trend search shows you the begin of the growth

But before you proceed reading, I want to give a brief primer of cryptocurrency

A cryptocurrency is a digital currency that is created and managed through the use of advanced encryption technics known as cryptography. Cryptocurrency made the leap from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009. While Bitcoin attracted a growing following in subsequent years, it captured significant investor and media attention in April two thousand thirteen when it peaked at a record $266 per bitcoin after surging 10-fold in the preceding two months. Bitcoin sported a market value of over $Two billion at its peak, but a 50% plunge shortly thereafter sparked a furious debate about the future of cryptocurrencies in general and Bitcoin in particular. So, will these alternative currencies eventually supplant conventional currencies and become as ubiquitous as dollars and euros someday? Or are cryptocurrencies a passing fad that will flame out before long? The reaction lies with Bitcoin.

HOW WILL CRYPTOCURRENCY WILL HELP YOU?

The world is becoming more and more economically unsafe. This is not to say we are not growing. But asNassim Taleb states in his book. Antifragile. Our economic machine is like a glass jaw. one petite punch to it and it all comes crushing down! Both long term and brief term this is not good for you and all of the hard working citizen of the world.

“FRAGILITY IS THE QUALITY OF THINGS THAT ARE VULNERABLE TO VOLATILITY.”

– NASSIM NICHOLAS TALEB

So below, I will outline some pros and cons of us adopting a global acceptance of Cryptocuurency. And my hopes with this is…you will walk away with having found fresh found respect for cryptocurrency.

PROS AND CONS OF CRYPTOCURRENCY

The benefits of cryptocurrency over current fiat currency tech

Example: Central governments can’t take it away

Recall what happened in Cyprus in March 2013? The Central Bank wished to take back uninsured deposits larger than $100,000 to help recapitalize itself, causing gigantic unrest in the local population. It originally dreamed to take a percentage of deposits below that figure, eating directly into family savings. That can’t happen with cryptocurrency/bitcoin. Because the currency is decentralized, you own it. No central authority has control, and so a bank can’t take it away from you. For those who find their trust in the traditional banking system unravelling, that’s a big benefit.

Let’s take a look at some of the improvements that can be made to fiat currency by shifting towards digital cash:

ADVANTAGES OF CRYPTOCURRENCY

  • Fraud: Cryptocurerncies are digital and cannot be counterfeited or reversed arbitrarily by the sender, as with credit card charge-backs.
  • Identity Theft: When you give your credit card to a merchant, you give him or her access to your utter credit line, even if the transaction is for a petite amount. Credit cards operate on a “pull” basis, where the store initiates the payment and pulls the designated amount from your account. Cryptocurrency use a “push” mechanism that permits the cryptocurrency holder to send exactly what he or she wants to the merchant or recipient with no further information
  • Instant Settlement: Purchasing real property typically involves a number of third parties (Lawyers, Notary), delays, and payment of fees. In many ways, the bitcoin/cryptocurency blockchain is like a “large property rights database,” says Gallippi. Bitcoin contracts can be designed and enforced to eliminate or add third party approvals, reference outward facts, or be finished at a future date or time for a fraction of the expense and time required to finish traditional asset transfers.
  • Access to Everyone: There are approximately Two.Two billion individuals with access to the Internet or mobile phones who don’t presently have access to traditional exchange systems. These individuals are primed for the Crytocurrency market. Kenya’s M-PESA system, a mobile phone-based money transfer and micros financing service recently announced a bitcoin device, with one in three Kenyans now wielding a bitcoin wallet. (Let me repeat that again. 1/Trio)
  • Lower Fees: There aren’t usually transaction fees for cryptocurrency exchanges because the miners are compensated by the network (Side note: This is the case for now). Even tho’ there’s no bitcoin/cryptocurrency transaction fee, many expect that most users will engage a third-party service, such as Coinbase, creating and maintaining their own bitcoin wallets. These services act like Paypal does for cash or credit card users, providing the online exchange system for bitcoin, and as such, they’re likely to charge fees. It’s interesting to note that Paypal does not accept or transfer bitcoins.

“THE BLOCKCHAIN KEEPS EVERYONE Fair, AND A Entire LAYER OF BANKING BUREAUCRACY IS Eliminated, LOWERING COSTS.” — PAUL VIGNA

MOST Significant. YOU OWN IT

There is no other electronic cash system in which your account isn’t wielded by someone else. Take PayPal, for example: if the company determines for some reason that your account has been misused, it has the power to freeze all of the assets held in the account, without consulting you (Trust me, this has happen to me many times) It is then up to you to hop through whatever hoops are necessary to get it cleared, so that you can access your funds. With cryptocurrency, you own the private key and the corresponding public key that makes up your cryptpcurrency address. No one can take that away from you (unless you lose it yourself, or host it with a web-based wallet service that loses it for you).

THE BAD THINGS ABOUT CRYPTOCURRENCY

Overall, cryptocurrencies have a long way to go before they can substitute credit cards and traditional currencies as a implement for global commerce.

Bottom Line: Cryptocurrency is a baby. It will needs years and years of exposure to the global system, before the masses embark accepting it.

CRYPTOCURRENCY DISADVANTAGES:

  • Fact is many people are still unaware of cryptocurrency aka Digital currency
  • People need to be educated about it to be able to apply it to their lives.
  • Businesses need to begin accepting it
  • They need to make it lighter to sign up and get began.

HIGH RISK OF LOSS

Timothy B. Lee, adjunct scholar at the Cato Institute and regular contributor to Forbes.com, identifies four reasons to be cautious about bitcoins:

  • Lack of Security. There is no safety net or flawless way to protect your bitcoins from human error (passwords), technical glitches (hard drive failures, malware), or fiduciary fraud. According to an article in the UK edition of Wired, eighteen of forty web-based businesses suggesting to exchange bitcoins into other fiat currencies have gone out of business, with only six exchanges reimbursing their customers. The authors of the explore estimate that the median lifespan of any bitcoin exchange is three hundred eighty one days, with a 29.9% chance that a fresh exchange will close within a year of opening.
  • Enlargened Regulation. While relatively benign guidelines are presently in place, law enforcement agencies could determine that bitcoins are a “giant money laundering scheme,” and enact more stringent regulations that would diminish the currency’s value.
  • Limited Scaling. The design of the system boundaries the speed and number of transactions processed, making it unlikely that bitcoins will substitute conventional credit card transactions.
  • Lack of Applications. While acknowledging bitcoins’ popular use for illegal transactions, Lee questions how useful bitcoins truly are. To be truly disruptive to existing fiat currencies or electronic payment systems, Bitcoin would need applications for low-cost international money transfers, the creation of sophisticated electronic contracts, or use in Kickstarter-style fundraising campaigns or micropayment transfers.

FINAL THOUGHTS

There are always pros and cons to any situation in life. To be able to make a good decision, you need to weigh the good and bad scrupulously before finalizing your choice. With Cryptocurrency, it’s more about mass acceptance than technology. The technology is here. Only time will tell when the rest of the world (governments, citizens) will say…YES!

Five Benefits of Cryptocurrency: A Fresh Economy For The Future

Five Benefits of Cryptocurrency: A Fresh Economy For The Future

Over the last duo of years the term cryptocurrency has been rapidly gaining the public eye. You might be more familiar with terms like Bitcoin, Litcoin and Ether. These are all cryptocurrencies.

In fact, there many! Just take a quick look

Just a ordinary google trend search shows you the commence of the growth

But before you proceed reading, I want to give a brief primer of cryptocurrency

A cryptocurrency is a digital currency that is created and managed through the use of advanced encryption technics known as cryptography. Cryptocurrency made the leap from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009. While Bitcoin attracted a growing following in subsequent years, it captured significant investor and media attention in April two thousand thirteen when it peaked at a record $266 per bitcoin after surging 10-fold in the preceding two months. Bitcoin sported a market value of over $Two billion at its peak, but a 50% plunge shortly thereafter sparked a furious debate about the future of cryptocurrencies in general and Bitcoin in particular. So, will these alternative currencies eventually supplant conventional currencies and become as ubiquitous as dollars and euros someday? Or are cryptocurrencies a passing fad that will flame out before long? The reaction lies with Bitcoin.

HOW WILL CRYPTOCURRENCY WILL HELP YOU?

The world is becoming more and more economically unsafe. This is not to say we are not growing. But asNassim Taleb states in his book. Antifragile. Our economic machine is like a glass jaw. one puny punch to it and it all comes crushing down! Both long term and brief term this is not good for you and all of the hard working citizen of the world.

“FRAGILITY IS THE QUALITY OF THINGS THAT ARE VULNERABLE TO VOLATILITY.”

– NASSIM NICHOLAS TALEB

So below, I will outline some pros and cons of us adopting a global acceptance of Cryptocuurency. And my hopes with this is…you will walk away with having found fresh found respect for cryptocurrency.

PROS AND CONS OF CRYPTOCURRENCY

The benefits of cryptocurrency over current fiat currency tech

Example: Central governments can’t take it away

Reminisce what happened in Cyprus in March 2013? The Central Bank desired to take back uninsured deposits larger than $100,000 to help recapitalize itself, causing fat unrest in the local population. It originally wished to take a percentage of deposits below that figure, eating directly into family savings. That can’t happen with cryptocurrency/bitcoin. Because the currency is decentralized, you own it. No central authority has control, and so a bank can’t take it away from you. For those who find their trust in the traditional banking system unravelling, that’s a big benefit.

Let’s take a look at some of the improvements that can be made to fiat currency by shifting towards digital cash:

ADVANTAGES OF CRYPTOCURRENCY

  • Fraud: Cryptocurerncies are digital and cannot be counterfeited or reversed arbitrarily by the sender, as with credit card charge-backs.
  • Identity Theft: When you give your credit card to a merchant, you give him or her access to your total credit line, even if the transaction is for a puny amount. Credit cards operate on a “pull” basis, where the store initiates the payment and pulls the designated amount from your account. Cryptocurrency use a “push” mechanism that permits the cryptocurrency holder to send exactly what he or she wants to the merchant or recipient with no further information
  • Instantaneous Settlement: Purchasing real property typically involves a number of third parties (Lawyers, Notary), delays, and payment of fees. In many ways, the bitcoin/cryptocurency blockchain is like a “large property rights database,” says Gallippi. Bitcoin contracts can be designed and enforced to eliminate or add third party approvals, reference outer facts, or be ended at a future date or time for a fraction of the expense and time required to finish traditional asset transfers.
  • Access to Everyone: There are approximately Two.Two billion individuals with access to the Internet or mobile phones who don’t presently have access to traditional exchange systems. These individuals are primed for the Crytocurrency market. Kenya’s M-PESA system, a mobile phone-based money transfer and micros financing service recently announced a bitcoin device, with one in three Kenyans now wielding a bitcoin wallet. (Let me repeat that again. 1/Three)
  • Lower Fees: There aren’t usually transaction fees for cryptocurrency exchanges because the miners are compensated by the network (Side note: This is the case for now). Even tho’ there’s no bitcoin/cryptocurrency transaction fee, many expect that most users will engage a third-party service, such as Coinbase, creating and maintaining their own bitcoin wallets. These services act like Paypal does for cash or credit card users, providing the online exchange system for bitcoin, and as such, they’re likely to charge fees. It’s interesting to note that Paypal does not accept or transfer bitcoins.

“THE BLOCKCHAIN KEEPS EVERYONE Fair, AND A Entire LAYER OF BANKING BUREAUCRACY IS Liquidated, LOWERING COSTS.” — PAUL VIGNA

MOST Significant. YOU OWN IT

There is no other electronic cash system in which your account isn’t wielded by someone else. Take PayPal, for example: if the company determines for some reason that your account has been misused, it has the power to freeze all of the assets held in the account, without consulting you (Trust me, this has happen to me many times) It is then up to you to leap through whatever hoops are necessary to get it cleared, so that you can access your funds. With cryptocurrency, you own the private key and the corresponding public key that makes up your cryptpcurrency address. No one can take that away from you (unless you lose it yourself, or host it with a web-based wallet service that loses it for you).

THE BAD THINGS ABOUT CRYPTOCURRENCY

Overall, cryptocurrencies have a long way to go before they can substitute credit cards and traditional currencies as a contraption for global commerce.

Bottom Line: Cryptocurrency is a baby. It will needs years and years of exposure to the global system, before the masses embark accepting it.

CRYPTOCURRENCY DISADVANTAGES:

  • Fact is many people are still unaware of cryptocurrency aka Digital currency
  • People need to be educated about it to be able to apply it to their lives.
  • Businesses need to begin accepting it
  • They need to make it lighter to sign up and get began.

HIGH RISK OF LOSS

Timothy B. Lee, adjunct scholar at the Cato Institute and regular contributor to Forbes.com, identifies four reasons to be cautious about bitcoins:

  • Lack of Security. There is no safety net or ideal way to protect your bitcoins from human error (passwords), technical glitches (hard drive failures, malware), or fiduciary fraud. According to an article in the UK edition of Wired, eighteen of forty web-based businesses suggesting to exchange bitcoins into other fiat currencies have gone out of business, with only six exchanges reimbursing their customers. The authors of the explore estimate that the median lifespan of any bitcoin exchange is three hundred eighty one days, with a 29.9% chance that a fresh exchange will close within a year of opening.
  • Enhanced Regulation. While relatively benign guidelines are presently in place, law enforcement agencies could determine that bitcoins are a “giant money laundering scheme,” and enact more stringent regulations that would diminish the currency’s value.
  • Limited Scaling. The design of the system boundaries the speed and number of transactions processed, making it unlikely that bitcoins will substitute conventional credit card transactions.
  • Lack of Applications. While acknowledging bitcoins’ popular use for illegal transactions, Lee questions how useful bitcoins truly are. To be truly disruptive to existing fiat currencies or electronic payment systems, Bitcoin would need applications for low-cost international money transfers, the creation of sophisticated electronic contracts, or use in Kickstarter-style fundraising campaigns or micropayment transfers.

FINAL THOUGHTS

There are always pros and cons to any situation in life. To be able to make a good decision, you need to weigh the good and bad meticulously before finalizing your choice. With Cryptocurrency, it’s more about mass acceptance than technology. The technology is here. Only time will tell when the rest of the world (governments, citizens) will say…YES!

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