The genesis of our financial system saw economies transforming from barter system to a universal format called currency. From currency to various individual currencies glorifying the system and then moving to be a paperless economy and once again heading towards a revolution called cryptocurrency. Thanks to the demonetization of India that set the stage for the paperless economy being appreciated by the global community.
Even though a lot of people criticized cryptocurrency; they can hardly ignore the immense popularity of cryptocurrencies which is making its presence in every walk of life. If we just ponder over the advantages of this cryptocurrency over the traditional currency, the list provided below highlights the five specific advantages of the cryptocurrency that have made it an apple of the public’s eye.
- Fraud-Proof: – The cryptocurrency have been able to shed away the occasional fear of being the victim of fraud while dealing with this currency.
- Identity Theft: – The highly technical Blockchain Technology have made people able to mask their identity which otherwise was quite evident among everyone.
- Instant Settlement:- The ease of usability of the cryptocurrency have made it quite popular among the common masses as it neither needs waiting time for your transaction nor a bank for making payments.
- Accessibility: – The current internet users are almost 2 billion in numbers which can have an access to digital currency as it requires not so much basic setup.
- Self-Owner:- If we talk about the current economy barring the cryptocurrency, there are no other systems which assign complete authority over your own money.
Not only the corporates have changed the mechanism of their operation but also they are offering Initial Coin Offerings (ICO) and their digital tokens. According to a popular research firm 1World Online, the CEO, Alex Fedosseev, believes that India is one of the largest opportunities when it comes to cryptocurrency adoption.