Hello dear reader.
In my opinion crypto currency is so popular that almost everyone around the world know about it. According to reports ,86% Americans claimed that they have had a thing or two to do with cryptocurrency. Most people save it in their various Blockchain accounts, some trade them, others invest in it...I guess I wouldn't be wrong if I named cryptocurrency the best thing that ever happened to the world.
It's no news;
Cryptocurrency was created and exposed to the world in 2009, the first cryptocurrency to be produced was Bitcoin it was invented by an anonymous person or probably a group of people named, Satoshi Nakamoto, it some how gives me the anime vibe doesn't it @Ayane-chan . Through out the few years of it's existence, cryptocurrency has become a daily word, almost like a disease that has spread throughout the entire planet. Now everyone wants a piece of it with more and more cryptocurrency fake and real being generated everyday, thousands of of people becoming wealthy and also becoming poor due to cryptocurrency, can it really surpass the traditional mode of payment. I would love to know what you think, @Jumper-01 , @Lucifer01 , @bmjc98 , @CryptoNag
What are the advantages crypto currency has over paper money (cash)
One advantage over cash is that users can be their own bank, users can mine cryptocurrency at the comfort of specially built central processors that are designed specially to mine crypto also due to their high graphic cards. Although for now these machines might be hard to build and very expensive, in later years they might come cheaper because of the probability of it being common.
Cryptocurrencies gets rid of middle men and allowing money to be transferred directly to the person at the other end. This makes the transfer faster and with Little transaction (gas) fee, compared to banks that take a longer time to transfer the funds.
Cryptocurrencies are generally more secure than bank transfers especially due to cryptography which makes it harder to manipulate or hack.
Disadvantages
Although there are numerous advantages cryptocurrency have over the traditional paper money, let's look at some of the Disadvantages.
Bad network poses a great disadvantage, unlike normal bank transfers that could be made easily with or without internet, cryptocurrency is solely based on the network and Internet, if by any means there is a bar network, a user will never be able to access their money.
Losing the private key could spell doom for the owner; unlike banks where you can go give your complaints and your problems could easily be rectified, cryptocurrency actually needs a private key to store it once lost or forgotten, the owner should forget about their money. And also never make a mistake of deleting your wallet on you PC, without your recovery phrase.
Mistakes, or transfer errors to other addresses means a permanent loss of the money, there are no refunds. So you have to be extremely careful about how you input wallet address. Unlike banks that make you come in contact with the other account user, then your funds can be refunded.
Lastly crypto wallets have potential to be hacked.
Cryptocurrencies are still in their young and sometimes might suffer from scaling issues. Nonetheless, the advantages that cryptocurrencies offer outweigh the disadvantages ratioed to paper money.
cryptocurrencies grant access to financial services to billions of people who do not have a bank account. Developing countries in particular, nearly 60% of adults are excluded from the banking system because they do not meet the minimum requirements for an account.
What do you think? Would cryptocurrency eventually replace paper money.
Nothing to see here, it's me just tagging accounts again 🙃
New article here;
@Jumper-01, @mommykim , @FarmGirl , @Kiingsley , @Olasquare, @Kristofferquincy .
It may eventually do so but not too soon. Hopefully we get to see it happen though before our time on earth expires :)