Trends come and go, but only certain things leave a lasting impression. One such thing is cryptocurrency, which has revolutionized the financial world over the last few years. Cryptocurrency can be defined as a digital currency in which the transactions are verified and maintained through a decentralized system. Cryptocurrency is an ideal alternative to Fiat or traditional money, which is vulnerable to inflation according to a global crypto leader Carl Runefelt, alias, The Moon. He says, “Bitcoin is genuinely game-changing and that it represents a massive transformation for the global economy and, indeed, the whole globe. It represents a paradigm change.”
Most people didn’t understand cryptocurrencies when they first appeared in 2009 since it was a novel concept in the financial industry. Furthermore, consumers were habituated to cash transactions, so telling them an entirely different way to use their money was a bit too much to understand at the start. However, cryptocurrency has withstood the test of time and has now gained widespread recognition, especially during the last five years. From top celebrities to government officials and from global tech leaders to serial entrepreneurs, many known figures have come in the support of cryptocurrency, labelling it as a suitable alternative to fiat.
Let’s learn about some important benefits of cryptocurrency.
Reduces the risk of fraud
When it comes to nearly anything involving money, fraud is one of the most severe problems. Whether it’s transferring money or just using a credit card on an untrustworthy website, the threat of fraud exists and is a big issue for everyone. This is especially true for people who have previously been victims of fraud. Because it is not linked to your checking account or cash funds and is transmitted electronically and anonymously with the blockchain documenting all activities, cryptocurrency plays an essential role in decreasing the risk of fraud and providing peace of mind. Carl Runefelt, in a recent interview to Fox Business, said that Bitcoin cannot be hacked as the blockchain is extremely secure and encrypted. He said that Bitcoin fundamentals are stronger than ever and investing in Bitcoin is totally risk-free. He has invested in more than 350 crypto start-ups, and continues to build awareness about the security and trustworthiness of cryptocurrencies through his YouTube channel, The Moon.
Simplifies the money transfer procedure
Wire transfers and bank-to-bank transfers are traditional ways to deposit, withdraw or transfer money. These methods have might still take a week or more to process, especially if they are international. Cryptocurrency transfers do not necessitate the same checks and balances procedures that banks perform before money may be transferred. Whether domestic or international transfers, Bitcoin transfers are quick, free of costs, and can be traced and safely kept in the blockchain.
Provides a stable alternative to fiat
Crypto leader Carl while explaining the advantages of crypto said, “Cryptocurrency is recognised all across the world and is not affected by exchange or interest rates. It would also provide individuals living in economically fragile nations more stability and predictability.” In every way, cryptocurrency is a safer option as compared to fiat that is vulnerable to inflation. The global recession and other economic factors can affect local currencies in several countries and this is what crypto aims to correct. However, it can only be possible through the mass adoption of cryptocurrencies, something that Carl vouches for through his YouTube channel.
Allows individuals to manage their own finances
Many individuals are sceptical of banks and financial organisations yet keeping all of their cash at home isn’t the greatest option owing to various circumstances. Any proof of an economic downturn, on the other hand, might create significant worry and concern about the cash they have saved.
Carl always believed that Cryptocurrency enables the transfer of money away from banks and back into our own hands. It is not tied by the rules and restrictions that banks and other financial organisations apply. It’s always a positive thing when more people get control over their own money. That is just another reason why cryptocurrencies will improve the financial world in times to come.
A cryptocurrency frenzy has swept the world in recent years, and has started to gain widespread recognition. Some see it as the future of trade and personal finance, while others see them as high-risk trading assets that will inevitably fail. Despite widespread scepticism, it looks that cryptocurrencies are here to stay and will undoubtedly play a role in changing people’s lives and perceptions of what money is.