While there are a lot of speculations, cryptocurrency and blockchain technology it is based on, is rapidly penetrates in our day to day life.
Let’s imagine a bank, government and a citizen of this government, just like you.
Banks know everything about you, the government knows everything about you, you know nothing about them. Like who takes care of your money, where do they store it, how they transfer it, how they use it and so on.
But… Ok, that’s ok, we can live with that. Let’s say you want to transfer your money to your mom or a wife, ok? You go to your online bank account (if you have one) most people still have to go to the local branch.
By the way, 39% of world population doesn’t have a bank account and 2 Billion adults don’t have access to formal financial services at all!
Source: The World Bank Group, March 2016
So why cryptocurrency is better than banks or government?
2. Zero or very low fees, yes there are coins like Nano which you can transfer instantly with zero fees
3. You can transfer it to any country and use itin any country, still with zero fees
4. Your money or account cannot be frozen
5. There are no limits and no minimums per transaction
6. It is decentralized, which means there is no 1 person, company or government controlling or manipulating the system
7. Anonymous Transactions – your wallet is just a set of encrypted digits and letters. No names, no addresses, no phone numbers – nothing about you
8. Cannot be hacked, which means no one can steal your money
You can hate it or love it, I recommend you to love it or at least understand how it works because sooner or later the world will be operating on a blockchain.