Why Cryptocurrency Is The Evolution Of Money & Will Continue To Do So Amid Any Criticism/Ban Of Any Kind
Money has always been a topic of debate. From ancient times to modern times, people have questioned the usefulness of currency. However, the concept of money itself is not debatable. Money is the concept we use to exchange goods and services. Money comes in different forms like physical and digital money. The latter refers to cryptocurrency, which has revolutionized how we live since its inception. Critics of cryptocurrency think it is a failure or a scam, however, they are missing the point entirely. Cryptocurrencies themselves are the evolution of money and provide us with a better way to exchange goods and services.
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In some ways, anti-moneypeople criticize cryptocurrency but it is a better form of money. For starters, digital currencies are much faster and more reliable than cashever was. cryptocurrencies surpass fiat currencies in that they are faster to transfer as well— transactions involving cryptocurrency happen almost instantly worldwide compared with international transfers involving fiat money which take several days depending on where the user lives and how far their bank is from the receiving institution. Sending digital currencies doesn’t require waiting for weeks for your money to arrive. Plus, transaction fees charged by banks for traditional transfers are quite high when compared with those charged for transactions done using digital currency. cryptocurrencies provide us with endless possibilities in terms of how we spend our time and resources.
Critics of cryptocurrency keep trying to ban it but we should embrace the evolution of money instead. Governments didn’t create a digital currency, they were slow to embrace technology when others were experimenting with it first. Some Countries banned crypto when they saw how it could be used by criminals such as terrorists or drug cartels — but this just shows how criminals are quick to see potential uses for technology while law enforcement isn’t always as aware or forward-thinking as they should be! Instead of banning crypto altogether, governments should look into ways to regulate cryptocurrencies so that they don’t become tools for crime anymore— just like they regulate traditional forms of currency.
While cryptocurrencies still have some ways to go before they fully catch up with existing systems, they have great potential when compared to other forms of money such as fiat currency which was developed primarily so that people could be cheated at will by governing bodies over centuries. Therefore, it would be unwise for governments currently advocating blockchain technology not to adopt crypto themselves while they still can. Otherwise, they might find themselves left behind just like how landlines were left behind once cellphones became popular.
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Crypto is still in the early stage compared to other financial systems and what crypto bring about is a system that is free from a third party and same level of opportunities for the rich and the poor
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