Economic volatility has always been a gripe for business owners and investors. Even a slight dip in the value of the dollar can impact trading prices and running costs. What’s more, financial regulations, government control and market manipulator scan cause havoc with the markets.
Although the US dollar is backed by gold, the world’s default currency remains vulnerable to a multitude of factors that are beyond the control of the everyday man. The current financial system is susceptible to economic collapse and unfortunate investors and businesses find out the hard way. The recession following the 2008 banking crisis claimed 170,000 businesses in the US alone.
Cryptocurrency is billed as the solution to correct a flawed financial system. The rise of Bitcoin offers a parallel environment to day traders, businessmen and ordinary investors looking to diversify and strengthen their investment portfolio. Furthermore, investors want assurances that external factors will not destabilize their investment.
In 2017, Bitcoin announced itself as a profitable investment when its value rallied by 1400% give or take, and effectively announced cryptocurrency as the future of buying and selling. Other cryptocurrencies will surely follow. In an increasingly digital age, cryptocurrencies are destined to prove their mettle and provide the stability standard currencies don’t.
Take a look at how cryptocurrencies will change the way we conduct transactions when we switch the current banking system with digital technologies.
Ease of Transaction:
All you need is a device, an internet connection and a digital wallet to store your virtual currencies. After you have sold or bought something online, you will only need to link your cryptocurrency platform to the trading platform and send/receive your payment.
Trading with cryptocurrency has low interest fees and no additional business or transaction charges imposed by banks. In fact, you are your own bank. Making payments to vendors or transferring money to others is performed through a safe and secure system known as a Blockchain.
Freedom of trade:
All transactions carried out with digital currencies provide buyers with more anonymity than traditional trading methods. This anonymity enables you to carry out transactions in any part of the globe, without being subjected to stringent local rules that can often prevent businesses from making profits legally.
Although there is a greater freedom of trading — which small businesses should have the right to do but often don’t — blockchain technology eliminates fraudulent or invalid transactions from being made and digital coins can only be used once by the same person.
Every transaction is stored in a public ledger and validated by every other computer on the network. Although users have anonymity to trade, you are given a public code that identifies the IP address the blockchain account is registered to. The technology effectively self-regulates itself to prevent ill-gotten gains or illegal purchases changing hands.
Greater Accessibility:
The last decade has seen a burst of internet connectivity and online shopping all over the world. This has facilitated the rise of digital currency and is the overriding factor that will make virtual coins a practical and convenient way of conducting trade in the future. Investing in crypto-coins gives you access to your money whenever you need it without having to walk to an ATM machine or draw cash from the bank teller.
Furthermore, investing in a cryptocurrency wallet for a nominal fee gives you more control over your money and enables you to tighten the security of your account. Banks and cryptocurrency exchanges are susceptible to hackers. Storing your cryptocurrency account on a digital wallet provides an extra layer of protection.
Cryptocurrency wallets are designed as portable hard drives similar to a USB. This ensures that your account is safe because it is only accessible online by cybercriminals when it is plugged into your computer and actually using it. Hackers are unlikely to target individuals and businesses.
You Own Your Account:
Banks typically take money from account holders to settle their debts and loan money to other customers. New “bail-in” laws passed in 2016 even permit banks to take money from the accounts of stakeholders if the bank goes into liquidation following an economic collapse. The next time the financial system crashes will see millions of businesses around the world fail because of a faulty banking system.
Because cryptocurrencies negate the need to have banks, business owners and the general public can rest safe in the knowledge your hard earned money will not be taken by your bank — even though poor management caused the downfall of the bank in the first place.
The Blockchain system enables anybody to buy, sell or lend on a parallel grid and does not bind users to an untrustworthy banking systems or restrictive regulations placed by financial authorities. Furthermore, the digital footprint eliminates fraud. Any illegal activity conducted in a blockchain will rise to the surface.
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