With the launch of a Chinese crypto-start-up, the debate on whether or not the central authorities are able to regulate the industry of cryptocurrency is intensated further. The inventor of Bitcoin, Satoshi Nakamoto’s intention was never to build a whole new currency. In fact, Nakamoto envisioned building a digital cash system. Hence, enter cryptocurrency. As many of you might not know, cryptocurrency is a side product emergence of another invention. Nakamoto decided to invent a proper digital cash system sans any central entity. The decision became the mode to the birth of cryptocurrency. But why is that cryptocurrency is much more advanced than regular banking? Read on to know more.
Cryptocurrency like Bitcoin has heralded as tomorrow’s currency, by most of the people. In fact, you get to convert bitcoin to us dollar more seamlessly. But why cryptocurrency beats conventional banking? Read more.
The central government can never tamper with cryptocurrency. Likewise, it is fraud-proof. Due to its digital and decentralised feature, cryptocurrency cannot be counterfeit. Just like this, the reversals by senders are next to impossible, until there are the chargebacks of the payment of the credit card.
Cryptocurrency transfers come with more functional advantages, on the charity front. The most excellent charity organisations are also forced to spend a massive amount of funds on the things such as marketing and overhead. Cryptocurrency, in general, ensures the charity funds to be delivered to people or organisations directly to reach.
Debit transactions and the traditional credits are called “pull” transactions. The cost of the service or goods is pulled by the vendor apart from the personal information. The exchanges made in cryptocurrency are what are known as “push” transactions. No personal identity is exchanged. Hence in cryptocurrency, the risk of identity theft is eliminated.
A house or a car is purchased with the inclusion of a middleman. It is generally a lengthy process with various hoops to jump adding the lawyers, notaries, so on and so forth. In cryptocurrency, you don’t really need an intermediary, for example, you can convert bitcoin to us dollar easily. Exchanging can be done sans the need of the third parties.
Many people worldwide don’t have access to the modern banking system. But they have an Internet connection on their mobile or smartphones. So, this means that they can own their crypto wallet. Anyone can partake in the crypto economy in this method.
As discussed in the opening of this post, Satoshi Nakamoto never really intended to build a currency. Instead, Nakamoto proposed to invent something that most of the people failed to create ahead of the digital cash system. All thanks to the Nakamoto’s decision, due to which the conventional banking got its replacement in the name of cryptocurrency.