DIGITAL MONEY VERSUS CRYPTO

Last week, we talked about the social media, it's advantages, disadvantages and how it has evolved over time. Interestingly, The social media is not the only thing that has evolved, What people buy and sell with has gone through series of changes as well. There have been an evolution in how people make exchange for goods and services.

History tells us that there was a time when trade by barter was the only way in which people exchanged goods and services. It was a barter system which people used to exchange one thing for another,either goods or services.
After many years, people started using metal coin as a means of exchange. These metals such as Gold, silver and copper were used as money,And they allowed people exchange goods and services over a long distance.
The use of Fiat money as financial experts would call, became predominant in the 20th century and has been a common and acceptable means of exchange since then.
Digital money on the other hand is relatively new, it is a more recent medium of exchange.

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I cannot deny the fact that the use of digital money especially cryptocurrency comes with enormous benefits ranging from fast, easy and endless transactions, Accessibility, Transparency, low transaction cost, security, privacy, huge profits, returns and rewards, private transactions and many more.

To me, one of the most outstanding feature of cryptocurrency is the elimination of the need for a middle man, which makes it possible for users to have transactional freedom. This means that exchanges can be done independently between two parties without the involvement of any third party such as banks.

Also, holders have full control of their funds because cryptocurrencies are decentralized. They are not in the hands of any central body or government which gives holders and investors to make and take their own decision.

The benefits of holding and using cryptocurrency are so much, much more than I have mentioned, but they also have their bad sides, which includes complete loss as a result of fluctuations in value, cyber crimes and insecurity. Also,crypto currencies are extremely volatile.
I can remember clearly when I started my Hive journey, the person who introduced me to Hive told me never to transfer any kind of crypocurrency to anyone that is far away because he or she can claim that the coin did not get to them. I did not understand it back then, but I think do now, crypto currency transactions are not traceable. Also, transactions made on a blokchain cannot be reversed.