Why You Cannot Ignore Cryptocurrency and Blockchain Tech


0

While there are a lot of speculations, cryptocurrency and blockchain technology it is based on, is rapidly penetrates in our day to day life.

 

Icons of bank, government building and a male

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!

SourceThe World Bank Group, March 2016

Considering you are a lucky one and have a bank account with online banking tool. You go on the website and put all information about your wife’s bank account, click “Transfer” and before your money will settle in your wife’s account it has to go through several banks partners, credit card company like Visa or Mastercard, clearinghouse, and several other institutions. How do you like it?
Icons of banks partners, clearinghouse and electronic transfers prcessor
Unlike Bitcoin or any other cryptocurrency operating on a blockchain, once you click “SEND” money go directly to your wife or mom and no one can influence this transaction. This is number 1 thing why the world just cannot ignore cryptocurrency.

So why cryptocurrency is better than banks or government?

 

1. Direct person-to-person transfers, no intermediaries

Red and green reverse arrows

 

2. Zero or very low fees, yes there are coins like Nano which you can transfer instantly with zero fees

Crossed Percent symbol

 

3. You can transfer it to any country and use itin any country, still with zero fees

Globe

 

4. Your money or account cannot be frozen

Crossed snowflake

 

5. There are no limits and no minimums per transaction

Infinity symbol in blue circle

 

6. It is decentralized, which means there is no 1 person, company or government controlling or manipulating the system

Connected circles with lock inside

 

7. Anonymous Transactions – your wallet is just a set of encrypted digits and letters. No names, no addresses, no phone numbers – nothing about you

Crossed ID

 

8. Cannot be hacked, which means no one can steal your money

Crossed browser window with red skull in the middle

 

And these are just fundamentals of cryptocurrency and blockchain, there are tons of use cases in healthcareautomotive industryreal estatefinancial industryretail and many more.

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.


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
1
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format