CRYPTO - an essential tool for society growth

Most societies are facing challenges when it comes to wealth circulation and distribution, poor performance of traditional banking when it comes to protection of users information, investment and finance and this is as a result of low security and privacy techniques.
Other problems societies today experience include high transaction rates both local and across borders, which brings about poor performance of transactions.

This is why societies needs to embrace cryptocurrencies because it will help them deal with this problems.

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Now let's discuss what crypto means, so we can fully know the reason why it is an essential tool for society development.

CRYPTO

crypto which is often called cryptocurrency is a digital form of currency used for transaction which uses cryptography for effective and secured transaction. it operates a non governmental or central authority system, which means that it is not being controlled or owned by any government or other form of external authorities, rather it is decentralized and uses Blockchain technology as a means to secure and record transactions. Crypto also operates without any intermediaries like insurance companies, stockbrokers, stock exchanges, credit unions, insurance companies and banks, So it's users can transact peer to peer, the buyer and seller can easily connect with each other for a direct and secured transaction.
There are many cryptocurrenciestoday which are used for transactions, by March 2023 there were up to 22,904 (twenty two thousand, nine hundred and four) crypto currencies. But not all of them are still active, when you subtract the inactive ones you have around 8,832 (eight thousand, eight hundred and thirty two) active cryptocurrencies with more than 300 million users.

Some of the cryptocurrencies we have include:

1. Bitcoin (BTC): Bitcoin is the first and popular crypto currency and was created in 2009, most people when they hear cryptocurrency what comes to their minds is Bitcoin because of how well known it is, it also serves as a means of transaction and an investment asset that individuals, community and organization can invest in because it is the most valuable in market price among on currencies.

1. Ethereum (ETH): it was proposed by vitalik Buterin in late 2013 and was fully established in 2015, it is a DApps that use Ethereum crypto for. it's network and also a decentralized finance without any intermediaries.

1. BNB (BNB): BNB simply means binance coin, is a coin being owned and controlled by binance and used for exchange. it was a ERC-20 token but with time because of binance being the most effective exchange platform it now has its own Blockchain known as BSC (Binance smart chain)

1. XRP (XRP): is a cryptocurrency that has a company that is behind it known as Ripple, and it's determined to create a fast transaction process both local and international, it also doesn't basic fully on Blockchain but rather uses XRP ledger consensus method.

1. Cardano (ADA): Cardano is also a crypto currency and Blockchain platform formed by Charles Hoskinson, it purpose is also to provide a decentralized application and make transaction faster and easier. cardano cryptocurrency native used in transaction is called ADA.

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Other crypto currency we have include :
Dogecoin (DOGE), Solana (SOL), Litecoin (LTC), Tron (TRX), and polkadot (DOT)

HOW IS CRYPTO AN ESSENTIAL TOOL

Societies today embracing crypto can help in development and growth this is because of the amazing features it has some of them include;

1. DECENTRALIZED NETWORK: Most times because of government control on fund's and transaction we can see that it is impossible to have a steady transaction system, with makes it hard for wealth to be distributed and circulated, But cryptocurrency operates on decentralized network, that makes it easier for wealth to be circulated and distributed without any external or higher authorities. So a society with makes use of crypto can run be running transaction freely and faster.

1. OFFER'S EXCLUSIVE PRIVACY AND SECURITY SYSTEM: Our traditional banks today have access to our BVN, fund's and investment, so they can be able to control our account, our vital information can be hacked even without our notice. This is not the same case with crypto because crypto offer's exclusive privacy and security to ones finance, and only it's users have great control over their investment, keys and transactions. So they use of crypto reduces the risk of our account to be hacked, and crypto protects our wallet or account more than our traditional banks today.

1. EASY AND FAST TRANSACTION:
   We all can testify that running transaction in our local means or traditional banking system is not an easy work, most banks charges high for local transactions not to talk about international ones, and when we do transactions it can take hours, days and weeks for the transaction to fully take place and this result to poor and slow transaction.And this makes people see transaction as a hard task. But cryptocurrency brings an end to this because it makes international transactions to be more easier, faster and cheaper, people can transact across borders without any third party or external authorities and transactions can be done in some couple of minutes.

1. BUILD WEALTH: Most people buy cryptocurrencies with the hope to hold, either for a short while or long time and then resell in high price when it has added more value, this helps to increase wealth. But note that this doesn't happen in most cases users may still encounter loss, but the truth still remind that it has built health for many of it's users.

1. EASY TO OPERATES AND JOIN : Most people can testify that this is true, because joining cryptocurrency
   don't need any external authorities consent, so one can easily open an account with his or her details. This account is needed for transaction to take place and it contains a digital wallet where the users money is being stored safely and can be debited or credited at any time.

1. 24HOURS SERVICE: Most traditional banking system today has time stipulated for it's operation and when that time is over no transaction can take place, and because it also being controlled by authorities, so authorities can restrict or minimize it's operation time. But cryptocurrency transaction can take place anytime and anywhere 24/7 everyday between buyers and sellers all over the world, no time is being stipulated to run transaction either to sell or invest so users determined when they want to do their transaction.

MY OPINION

Since our local means of transaction, including or traditional banks makes transaction a hard task, societies and individuals should embrace crypto currencies will be a very nice idea, because cryptocurrencies have the ability to make transactions easier, safer, faster, cheaper and reliable.
When our societies invest in crypto we can be sure of rapid development and growth and steady growth of wealth.

CONCLUSION:
Crypto have truly exceeded man's expectations and have made life more easier with the great features it offers, and societies investing in it fully will enhance their growth and development.