Cryptocurrency and blockchain are those concepts that can no longer be ignored. They have become a worldwide phenomenon. Each day they take the game of digital transactions of finances to new heights. They have changed the scenario of investments and helped fuel startups to reach the zenith of success. However, it is not just because of these two factors alone that we feel that blockchain and cryptocurrency cannot be taken lightly anymore. There are several factors working behind the declaration of this fact. We shall look into each of those reasons individually, in an attempt to appreciate and acknowledge the role these technological miracles have in our lives. ‘
They Are Here To Stay:
Yes, you read that right. We are going to begin the article by stating the obvious. Cryptocurrency and blockchain technology have seen such massive popularity that they have almost become a threat to the traditional forms of banking and financial transactions. Investors and speculators love dealing in them, and the principal reason for this attitude is the speed at which the transactions using the blockchain technology take place. Banks and other financial institutions might have a safe and centralized approach towards managing finances, and this might even spin a web of apprehensions about the decentralized domain of cryptocurrency. But, even amidst all the harsh criticisms that cryptocurrency faces each day, it is safe to say that they are here to stay. This is because the benefits are far too many to overlook.
Talking about being a threat to the conventional means of banking, the biggest danger of cryptocurrency being on the block is probably its decentralized nature. The Government or any central authority has no authority over the functioning of the blockchain network. Therefore, where there is little or no control by a central authority, the liberty of dealing with finances is way more and way better. If you need more information to acknowledge the role cryptocurrency plays in our economy, check https://www.forex.academy.
Transactions Once Gone Through With Are Set In Stone:
Here is another reason to acknowledge the sheer magnanimity of cryptocurrency and the blockchain network. Transactions take a little bit of time to be deemed complete (this is not to be confused with the speed of transactions). However, once the transaction is gone through with and deemed complete, it is set in stone. The record of the transaction shall stay in blockchain’s history forever. There is no way to reverse or erase anything. This history can be mined into later in case of suspected criminal or illegal activities like laundering and the like. Therefore, dealing in cryptocurrency does not only mean quick and safe transactions but also help in bringing the perpetrators to book.
Blockchain Helps Smaller Business Grow:
Blockchain is good news for small-scale businesses. Small business enterprises require a fair climate and the right resources to thrive. Blockchain ensures that every small business has the correct exposure, and it also helps attract investors to invest in fresh business ideas with their innovative ways of fusing traditional crowdfunding techniques with blockchain technologies. This endeavour helps small entrepreneurs take their business forward with gusto.
Small-scale industries and businesses would find it extremely challenging before the onset of cryptocurrency to fuel their business efforts. They would face quite some issues regarding arranging funds and seed money to get their ideas rolling. Also, there would be this immensely difficult job of finding the right investors for the business idea. The entire process of finding the right platform to reach out to your target audience to scaling the business involves a considerable amount of money, effort and time. The blockchain technology helps in catering to each of these factors separately and is sure a welcome relief for those who want to make it big.
For a while, after its invention, cryptocurrency and blockchain suffered a minor setback. People could hardly get the hang of what it was all about, and this led a financial fiasco. But, gradually, things changed for the better and cryptocurrency has been on an all-time high. There is no slowing down for it, and hopefully, over the next few years, cryptocurrency will have reached every nook and corner of every country that there is.
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