Why Cryptocurrencies are the Future of Finance

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Financial systems with interesting features have been in operation for a long time. With many beliefs and arguments against cryptocurrencies, their downsides have been strongly criticized, especially its unstable price and its lack of a clear value. However, people miss the bigger picture with much concentration on a small detail.

I strongly believe the weakness of cryptocurrencies does not change their functions and how potent they are to take over the financial world in the future. If there is the need for an asset to have no weakness before it is recognized as a meaningful legal tender, then I can shockingly point out that the fiscal currencies have more weakness than is often presented. With the many advantages cryptocurrency has over current fiscal currencies and how the financial market is operated, cryptocurrencies are the future of finance.

Transaction Speed and Transaction Fees

The potential of cryptocurrencies to become the future of finance is, without doubt, manifested in the success of blockchain technology. The traditional banks work hard to keep transactions faster with low fees. However, money passes through at least four intermediaries which affect its fastness and transaction fees. Interestingly, the cryptocurrencies with the help of blockchain enhance the transfer of money through no intermediary, leading to fast transaction rate and low transaction fee.

So far, Bitcoin (BTC) has found its way as a payment method in some schools and companies. Bitcoin company, BITNET has partnered with Universal Air Travel Plan to integrate Bitcoin (BTC) as a payment option for about 260 airlines. With respect to this, it is likely that the adoption rate will increase considering the many promising features blockchain is employing. The adoption rate of the internet did not come on a silver platter. It took about 30 years for the internet to make that impact it has made today.

Twitter CEO Says Bitcoin (BTC) is the Future of Finance

The CEO of Twitter (NYSE:TWTR), Jack Dorsey, recently declared the same stance that Bitcoin (BTC) is the future of finance. Many cryptocurrencies are being created with new features to offset the weaknesses of existing cryptos. Cryptocurrencies stand as a universal currency with no boundary of usage. A transaction that can be supported with any internet accessible device.

Cryptocurrencies are able to accurately provide a transparent transaction resulting in its suggestion to corruption driven countries to uproot corruption. If the currency can just go beyond a legal tender to possess what fiat lacks, then it is indeed the future of finance.

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Disclosure:

I have received no additional compensation other than the Ethereum that Hade Technologies pays to produce Exclusive Content

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