5 Reasons that crypto would soon replace the fiat currencies
In the last couple of years, crypto has widely known not because of their fundamental characteristic but due to its increasing value as compared to any other fiat currencies. Most of the investors have started investing with the perspective to make huge gain and to a certain extent, they are right. But we all need to understand that it might be going to our mainstream currency which means we might not going to use the fiat currencies anymore and there are many reasons behind this which we are going to discuss in this article.
Crypto has a solution to the entire problem which we are facing in fiat currencies and that is the primary reason people are looking at this as a best alternative solution. Banking sector which is the backbone for our economy is struggling to make faster cross-border payments and recently few alt-coins have come up with such feature that it will resolve the biggest issue of all time. Ripple is the cryptocurrency which is used for cross-border payments and it works so fast that in a couple of minutes you can transfer the fund anywhere in the world. Whereas with our traditional banking it takes almost 2 to 3 days to clear the funds and the second best part is that it is much cheaper than our fiat currencies.
After reading all the points you will find that soon it is going to change the world financial structure. And the perception of using fiat currency would completely change. And if you are interested to earn some free bitcoin then read more about bitcoin faucet.
Some of the promising features of cryptocurrencies
1. Open ledger
This is one of the best features which can resolve the issue of black money that we have been facing since the money came into existence. And the primary reason for this cause is that once the transaction of money is done in case there is no way to track it and that can never happen in crypto because all the transaction is done online which is available in the ledger. So there is no chance of duplicacy or fake money which is easily possible in fiat currency. Every transaction of bitcoin is present in the open ledge which anyone can verify.
2. More Faster
Crypto is way faster than fiat currency I still remember the incidence when I wanted to transfer some urgent fund to China and bank stated they need 3 working days which means Saturday Sundays are not included. That is the first time when I used the bitcoin and all it took is 3 minutes to reach. Now imagine there are altcoins such as ripple, XLm which are even 10 times faster than bitcoin. Isn’t it great that you can transfer thousands of dollars with a click of a button? That is another reason that businessmen would definitely would want to move towards cryptocurrency.
Since it is a decentralized currency there is no governing party who has control which helps this to freely move from one place to another without any restriction. You don’t need any bank for fund transfer all you need is a computer with an internet connection. It is peer to peer currencies you can transfer directly without any authorization and restriction. If you want to transfer fund to abroad bank need numerous of papers and authority which takes lots of time and sometimes we even fail to provide all the documents in such cases you face lots of difficulties in fund transfer. But through crypto, you don’t need all this just to transfer your desired fund with a click of a button.
4. More Secure
All the task are performed digitally so must be thinking that there could be lots of security issue but that is not true if you are using hardware wallets to store your cryptocurrencies these are quite safe until you share the security details with others. however storing online could be a problem until it is not the third party. Not only hardware wallets but you can also go for online wallets provided by the third party and takes the complete responsibility of your asset. Along with these, you can also try for desktop wallets which now days are getting more popular.
Not sure when it is going to replace the fiat currency but that day is not too far because there are lots good features in crypto which can solve the problems we are facing from the decade in fiat currencies. Fake currency and slow transfer are the two primary reasons which most of the people are considering good with cryptocurrencies. There are lots of fake currencies in the market and there is no concrete solution available for this. Many countries have gone for demonization but still, the result is the same. And this is because you can’t keep the track of money once it is part of a cash transaction. So the only solution left is to go through online and crypto is completely online based transaction.