Good day everyone, it's my pleasure participating in this contest after weeks of being absent.
It's been just few months since I heard of cryptocurrency and ever then, it has been something am eager to learn and get fully involve in. Cryptocurrency for me, has come to stay and in few years to come, it will take the lead.
Digital currency is any currency that is exclusively available in an electronic form.
I choose the digital form of money because the world itself requires change in all aspects of life, and money shouldn't be excluded. This is not the first time money is being changed, People used to trade products and services using the barter system, which involves two or more people exchanging commodities and services. Someone might, for example, swap shoe for food stuff. One of the problems of the barter system is having no common measure
of value Because of its obvious shortcomings, the barter system fell out of favor. When people realize that the barter system didn't work out well, the currency was changed to modern currency, which involves the existing paper, coin and the credit card.
The central point of failure in dealing with the physical money is the bank. Most times, the financial institution faces technical problems such as, malfunctioning of machine and system being down.
There may also be denial of service due to hacked account. Some times, transfer limit could be exceeded and thereby causing frustration. The most frustrating aspects in Nigeria banks is the long que.
With all these short comings of the physical money, cryptocurrency becomes the most reliable and the currency of the future which in my own opinion will stand the taste of time. Let's Consider a comparable transaction involving two persons who are using the digital app. A message displays asking if the user is certain he or she is ready to send hive or bitcoins. If yes, processing begins: the system verifies the user's identification, determines whether the user has sufficient funds to complete the transaction, and so on. The payment is then transferred, and the funds are deposited in the account.
Payments are made more quickly. You can finish payments considerably faster with cryptocurrency than you can with physical money like wire transfers, which can take hours and days for banking institutions to authenticate a transaction.
International transfers are less expensive. Individuals are charged significant costs to transfer funds from one country to another, especially when currency conversions are involved. "Digital assets are disrupting this marketing by making it speedier and less expensive.
Accessible at all times of the day and night. Existing money transfers take longer on weekends and outside of regular business hours since banks are closed and unable to validate transactions. Transactions with digital currency run at the same speed 24 hours a day, seven days a week.
You can make purchases and withdrawals at any time of the day or night, and there are no limits on how much you can spend. And, unlike opening a bank account, which needs documents and other procedures, anyone may use cryptocurrencies.
It is also accessible to all. All we need to access it, is a computer or a smart phone and an internet connection. Unbanked people can use digital currency to get financial services without having to go via a centralized institution. A person may be unable or reluctant to open a standard bank account for a variety of reasons. People who do not use traditional banking services may be able to use cryptocurrencies to perform online transactions or send money to family and friends.
Typical digital currencies do not require intermediaries and are often the cheapest method for trading currencies.
Digital currency are very transparent. All cryptocurrency transactions are recorded on the blockchain ledger, which is open to the public. Anyone may look at transaction details, including where, when, and how much cryptocurrency was transmitted from a wallet address, using tools. Anyone may see how much cryptocurrency is held in a wallet.
This level of transparency has the potential to lower the number of fraudulent transactions. Someone can demonstrate that they sent money and that it was received, or that they have the cash necessary to complete a transaction.
As a result, modern banking issues: There are no restrictions on the amount of money you can send or receive, and your accounts cannot be easily hacked. For now, I have not seen a single point of failure. And every single day, a new cryptocurrency emerges. Given the size of the expansion,
In contrast to the price for transferring money from a digital wallet to a bank account, the transaction cost for cryptocurrencies is minimal to none.
Cryptocurrency transactions are also faster than wire transfers on a global scale. Money is transported from one location to another in about half a day through wire transfers. Transactions with cryptocurrency are completed in minutes or even seconds.
