Cryptocurrencies like BitCoin today are considered to be the next big thing in global commerce! Ever since it crossed the $1000 in early 2017, bitcoin has posted exponential growth and emerged as a hotly valued commodity with everyone trying to invest in them. Today all crypto-coins are riding high and are expected to transform how trade is made across the globe. Spearheading this revolution would be currencies such as LiteCoin and Ethereum that bring several advantages to the table and will define the future of cryptocurrency. Here are a few benefits of Cryptocurrency: 1. No Governmental Regulation: Unlike fiat currencies, Cryptos are not regulated by governments or central banks. This keeps them out of the jurisdiction of government bodies and keeps it secure from valuation or devaluation. This makes them appealing to an increasing section of users who are sensitive to privacy and are not comfortable with their money being regulated by banks. 2. Tamper-proof: All cryptos are regulated by blockchain, a triple account ledger network where the control and accountability for the money is distributed across the network and makes it secure from any attempts to alter or tamper one’s held value. 3. Unaffected to global events: Unlike the Dollar or Gold which are linked to global events and inflationary changes, all cryptos are immune to fundamental factors such as budgets or interest rates and offer a stable currency that cannot be manipulated by private interests. This makes them highly reliable and truly impartial. 4. Easy Transactions: It can be easily transferred by users across the globe without heavy interest or transaction fees. This is unlike fiat currencies where there are heavy charges levied. Hence, users can engage in global commerce without paying heavy fees. 5. Encryption: Unlike Wire transactions and Online payments which are prone to hacks, these currencies cannot be stolen by hackers. They are highly encrypted and any change to the network would render the key simply useless and deters all type of fraud. If you are looking to build a secure and effective blockchain-based currency, get in touch with Openwave and hire our developers who are experienced in this domain. Give us a call today!
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AuthorAm a Senior Business Analyst @ OpenWave Computing (M) Sdn Bhd in Malaysia. Archives
September 2019
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