The cryptocurrency could be the beginning of a new way to exchange value. This development can easily be associated with how email disrupted the post office. Email broke the post office’s value chain system since it introduced a new order where you could send a letter without a stamp. Similarly, cryptocurrency enables you to send or receive money without an intermediary. This bank-less system will ultimately do away with banks.
A cryptocurrency magnate and Chairman of LDJ Capital, technology-based disruptive innovation is “sweeping across the business world and challenging the dominance of several traditional organizations”. Cryptocurrency is disrupting the financial system because it has quite a number of advantages over the TRADITIONAL currency such as the dollar,euro,rupees,peso. Digital currency gives you more control of your finances. Besides, it can be used as a armor against the inflation of the dollar. Most cryptocurrencies are also extremely secure due to the use of dual-sided cryptography for every transaction. Bill Davis, a public sector Digital Strategist & Design consultant, says cryptocurrencies use hashing to effectively verify the integrity of data by systemically representing large amount of data as short numbers that cannot be replicated.
Unlike traditional currency, cryptocurrency cannot be debased by any government because it’s not tied to it. Even the governments cracking down on it are actually making it more valuable. Traditional currency can become worthless when a government gets replaced or falls apart. And it goes without saying that no government is immortal.
It seems we’re uncertain to accept that cryptocurrency is quickly becoming a new kind of money. In essence, Bitcoin is already miles ahead of the dollar. Right now it’s worth thousands of times more, yet this is just the beginning. What’s even interesting is the colossal number of people who have never heard of it or those that just chose to ignore it. However, it’s a matter of time before more people jump on the hype.
User-adoption is a main challenge faced by cryptocurrency today; in spite of that, all cryptocurrencies are still in their starting period or in their birth period. It’s pretty much like the internet in the 1990’s. During its early days, the internet was only used by nerds. A few years later, it saw rapid acceptance and adoption. Now, we all live on the internet. This is exactly what will happen with cryptocurrencies. So, it’s just a matter of time before the rest of the world catches up with this technology.
Regardless of how governments or investors feel about the impending switch from conventional currency to digital forms of currency, the wave of change is unrelenting.
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