Everyone speaks about cryptocurrencies, but why? Everybody tells you how much capital you can make by investing in them and how good of investments BTC and ETH are, etc. Has someone ever told you how amazing cryptocurrencies are and why? I don’t think so, and that is why I am writing this article. If you want to see how the crypto world can make the world a better place, then start reading! If you want to know ways to make money with ETH have a look at this article. Let’s start!
1 – Cryptocurrencies help with corruption
Inside this topic, there are many ways in which cryptocurrencies help with corruption, but here I will summarize the most known, which in my opinion is the most interesting of all. Have you ever heard about the double spend problem? This problem is a huge issue and here is the reason why: It is possible that the same digital cash can be spent more than once since a digital token consists of a digital file that can be duplicated or falsified. This meant that with only 20$ I could go to the supermarket 10 times if I wanted to, and spend those 20$ 10 times. That means that you would spend 200$ when you had only 20$ at the start. See the problem?
BTC implemented a solution in early 2009. It uses a scheme called proof-of-work (look what proof-of-stake is here), to avoid the need for a trusted third party to timestamp transactions and these timestamps are recorded in the blockchain. The name for this is Decentralization. This means that the same money can’t be spent more than once, which would be totally unethical, unfair and, of course, illegal.
2 – Control
The previous point brings us directly to this one, which is the control of people. Have you ever visited the site etherscan.io? This website can seem creepy at first, but you are able to see all the ethereum addresses and watch all of their transactions. This is a way to see how “important people” manipulate their capital so that they are aware they can’t do anything illegal without the rest of society watching it.
You might think that you have no privacy, but unless you share your address, then no one can now whose wallet is that. So really you should not be worried.
3 – Easy access
Anyone is able to purchase cryptocurrencies which means that everybody is able to make high profits. Someone who gets paid less in their work can try to have an equal income to that of someone who gets paid much more in their job. This means that there can be a balance of social standards.
4 – Lower fees in all cryptocurrencies for any transaction
I am the kind of person who hates to give away money to the rich bankers just for moving my money. I hope you think the same as me… Why should we pay such high fees just to make a transaction? If we could have much lower, and when I mean lower I mean really low, wouldn’t we do it? Of course! Cryptocurrencies allow you to do so, so why not use them right?
5 – FIAT money can be dangerous in some aspects
How many times have been walking through the streets with some cash on you and you are scared because someone might come by and steal you? I think we have all been in the same situation… Cash is not safe; as soon as you take out that 50$ note, you know you have exposed yourself to someone wanting to take those dollars from you. If money was only in your digital wallet then you would not be exposed when you went to buy a coffee for example. What do you think? Would you vote for fewer robberies?
6 – Cryptocurrencies are YOURS
When your money is in the bank, you should no longer use “your money” it’s the bank’s money now but under your name. Didn’t you think about that before? With cryptocurrency, you own the private key and the corresponding public key that makes up your cryptocurrency address. No one can take that away from you (unless you lose it, which could become kind of a tragedy). Remember, YOU OWN YOUR MONEY.
7 – Direct investment
What is more beautiful than waking up in the morning and see that your investment has given you a 50$ profit just by sleeping? Cool right?! Obviously, there is a trick to it; you can’t just put your money in any cryptocurrency, you have to make a wise decision.
If after reading this article you want to invest in some cryptocurrencies, then read our other article on the best ways to invest your money on cryptocurrencies. Tell us your thoughts and ideas about this topic in the comment section down below.
And as Always…
Cryptocurrencies are the near future and I believe it will change the world as we know it. Start learning with me and the rest of the CoinNoob community!