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Cryptocurrency as a Financial System: Good or Bad Option

Worried about which digital currency; Bitcoin, Ethereum, zCash, and so on could be the best financial system for online transactions? Cryptocurrency can answer it well. A virtual currency that works on a technology that may convert a plain text to a non-intelligible text is so powerful that no fraudster or criminal can steal your wealth.

Such a digital alternative will bear more fruitful results as compared to those methods we use in the present era, credit/debit cards, merchant apps like Paytm, Google Pay, etc. On the contrary, the financial system used all around the world for purchasing goods and other services – sweets, furniture, and so on – involves multiple currencies like the dollar, rupee, euro, yen, etc.

If you still doubt whether or not cryptocurrency has the potential of replacing the existence of these multiple currencies you must read these bullet points for more clarity.

The powers that cryptocurrency withhold as a financial system apart from exchanging goods

Steadily the existing population is taking interest in this virtual currency. One must not surprise as the cryptocurrency has not only revolutionized big businesses but the corporations too – integrating various aspects of digitization comprehensively.

Straightforwardly eliminating the middle person

There is a business notion till now that many enterprises – small, middle-sized – and big business giants are in dire need of agents. The reason is that these agents help these companies complete their paperwork, which includes maintaining records of customers, convincing them to purchase the company’s product(s), etc.

Cryptocurrency as a Financial System

With the P2P networking topology of cryptocurrency like bitcoin etc – the distributed network it uses for maintaining the data – may help these companies a lot removing the paperwork by keeping all their consumers’ information in distributed form thereby eliminating the necessity of a middle person in the future.

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A new way of financial system of accessing information with much of transparency

Is it possible for you or any other person to sit on the workstation three-sixty five days of the year? I am sure the answer is No. But cryptocurrency as a financial system is offering a way to many business individuals and the common man to trade socially on stocks and other sectors of finance.

Now they need not sit on the workstation 24*7 as this currency lets you trade on stocks or other commodities of accounting. The information you enter onto these sites is stored in an encrypted manner. Once you give the details there you can access it anytime anywhere with much transparency.

A credit will be awarded for sure undoubtedly

In this profit-oriented world, one can’t live without money which anonymously invites the involvement of bank transactions. Many times some nominal sort of charges are imposed by banks when you make transactions. This sort of deduction is imposed as per the finance laws governing a city, state, or country.

But if you are using any of the cryptocurrency like libra deductions in terms of nominal charges won’t be imposed. Either you are paid nothing or some amount will be credited to your libra or any other crypto-account. This sort of revolution has impacted the current financial system which undoubtedly invites the popularity of this encrypted currency all around the world.

Not relying anymore on the policies of agreements

Banks tend to exercise control onto your life with the agreement policies they have. These policies are applicable after you sign the terms and conditions required to open your accounts. Anonymously any updates regarding their financial system policies need to be accepted to proceed with the relationship further with these banks.

Cryptocurrency as a Financial System

But with the unleashed potential of cryptocurrency as a financial system, we need not rely more on such third-party policies. Rather individual ownership is granted to all the crypto account holders facilitating brilliant control over the policies for accepting or denying them.

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From loopholes of such policies that can control our lives to controlling these associated uncertainties, the growing population can take the advantage of the private or public crypto keys and get rid of all the third-party policies the current finance system applies

Attracts anonymity to inevitable fluctuations

The fluctuations in the current finance system are inevitable. This is so because every season, finance faces challenges like losses and profits. Many of the business owners, world-class entrepreneurs, and certified finance experts are aware of the fluctuations and constantly search for an option to replace it.

But thanks to cryptocurrency as it solely invites anonymity. With a variety of crypto-formats and additional layers of security, all such fluctuations that are subject to seasonal changes can assertively be used to overcome the seasonal or yearly changes and respond positively towards them.

Perhaps the phenomenon is not known to many people but it will circulate to various countries across the globe so that the generation may start using more than a thousand formats of this type of currency as per their convenience and security which is unbreakable.

Is cryptocurrency still a delusion?

The existing finance system may upgrade in the future. But the crypto formats can be used for the exchange of goods and the other benefits associated with it. With the emerging market trends that are not constant to a particular season, a Cryptocurrency is a good-to-go financial system option with many positive benefits.

Besides, there are individuals constantly researching the negative aspects of this sort of encrypted currency after reading about anonymous nature. For them, it is advisable that they need to focus more on its benefits as a financial system.

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This is because the network architecture of this mode of currency is so much powerful that it can investigate the intruders that try to steal our personal information stored via cloud computing technology.

Apart from this, it is a reliable financial system, efficient, and easy to use the functionalities of this sort of currency by engaging with the companies that offer crypto services. Such an option will integrate you with the distributed network this currency relies upon.

One can use the option and open the doors of better investment plans or keep banging their heads for discovering the negatives of this sort of technology – in terms of data frauds, no protection for assets related to your individual crypto-accounts.

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Vishwa Deepak
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