In recent times, cryptocurrency and blockchain have become familiar trends on several platforms across the globe, while some users are already taking advantage of this developing technology, others are still wondering what the craze is all about and why they should get involved.
Below are some thoughts you shouldn’t take lightly:
- You have complete control of your assets; there is no third party that holds your value or can limit your access to it.
- One desirable feature of blockchain technology is the low cost of performing a transaction from and to anywhere on the planet.
- Value can be transferred very quickly and the transaction can be considered secure shortly after, rather than in days or weeks.
- Anyone at any time can verify every transaction made on the blockchain, resulting in full transparency.
- It’s possible to leverage the blockchain technology to build decentralized applications (Dapps) that would be able to manage information and transfer value fast and securely.
- Anonymity of transactions helps to eliminate identity theft, which has become prevalent.
- Fair opportunity and equal access for everyone to participate; no hidden manipulation to favor anyone.
- The nature of cryptocurrencies has made it possible for jobs to be created in various fields including law, administration, engineering etc.
- Since there's no central authority, inflation is impossible because it's so difficult to increase the supply of any cryptocurrency at will; additionally, most projects (e.g. BTC,) have a predetermined total supply, which means, in the long run, the value of such cryptocurrencies will definitely appreciate as adoption increases.
So far so good, Blockchain has lived up to its billing, as the digital and decentralized ledger technology that enables transfer of value between users without any third party intervention whereby transactions are securely recorded and authenticated beyond alteration.
What do you say? How has this technology been useful to your everyday (financial) transactions?
