Cryptocurrencies don’t exist in reality but rather they are a digital currency, usable only online and people are those who generate the value of it by accepting these cryptocurrencies as online trading tools. Still, there have to be some regulations, rules and standards in order for this entire cryptocurrency system to function properly. Every important company or a person in this world has become aware of the impact that cryptocurrencies and the blockchain technology has on the financial industry and entire world economy.
It could revolutionize the way we sell and buy goods. Bitcoin as a digital currency requires online space to exist and it has numerous uses. The user can choose how to use it, as a currency to buy goods or as an investment tool. Its convertibility into cash makes it acceptable all over the world and it could make the entire process of online shopping much easier. Digital tokens are gaining more and more power as they are being accepted all over the world and online businesses are enabling the option to pay for goods in digital tokens.
This is still far away from being officially accepted but that moment is getting nearer with each passing day. There is one really good and big benefit from introducing Bitcoin to the financial industry and that would be the stabilization of a flawed financial system where those with most money control the entire world. It is time to reset the clock and it seems that cryptocurrencies and their appearance is that moment.
Take back control over your money
The banks use your money to do what they do and by using it. They are getting richer and more powerful. The entire banking system is based on loans but they don’t have their own money so they borrow it from the debtors. They act as creditors and they rely on the debtors to pay back what they owe. For such services, they earn their interest which keeps them in business.
If debtors don’t have the money to pay their loans back the bank has the right by the new laws. To take that money from the accounts of uninsured depositors and stakeholders to cover those debts. With cryptocurrencies, something like an economic collapse could become the past because, with such currencies, there is no inflation.
The very nature of blockchain on which cryptocurrencies were built upon, is to eliminate any fraud and put the control back in the hands of the general public. No longer will the banks put people into debt slavery, holding sway over their lives. By creating a currency that would be decentralized. We are taking the banks out of the equation and avoiding their excessive bank fees.
The banks are completely unnecessary to this world and finally. People are realizing that the entire banking system is nothing more. Than a scam how to take the power from the people and rob them of all their possessions. Well, nothing lasts forever and something new is coming.