Since the inception of net banking and online payments, the economy has been transcending toward a holistic digital ecosystem. Almost everything today, starting from investment to digitally backed money transfer, people are going paperless. Cryptocurrency has been around since 2009; however, in the past two years, people have been relying heavily on cryptocurrency as a digital payment method.
Cryptocurrency is a modern-day medium of exchange, storage, and investment that is decentralized. In addition to this, cryptocurrency features top-notch security as it is built around a dedicated decentralized ecosystem with cryptography. Satoshi Nakamoto came up with Bitcoin, the world’s first and most sought-after cryptocurrency, as he/she/they wanted users to be in total control of their hard-earned money.
Cryptocurrency is the future of banking
Today, when governments and central banks require vast chunks of money, they have to print mutual agreements. This further lowers people’s purchasing power as there is a substantial amount of bill and fiat currency in circulation. They take their share before they begin to distribute money to people. Here, people residing in a country are again ripped off.
Cryptocurrency might be the answer to end the prolonged tyranny of the conventional banking sector. All cryptocurrency and the underlying technology blockchain have been built in such a remarkable way that people control their banks. They can create accounts, use digital wallets without having to rely on middlemen like central banks. Additionally, the Peer-to-Peer networking module also eliminates the risk of double-spending. As the current financial system fails, cryptocurrency is about to bring a significant paradigm shift in finance.