Despite the questions and uncertainty surrounding Bitcoin and other top cryptocurrencies, the truth is that digital currency seems like it is here to stay. In fact, it now seems that even if Bitcoin, Ether and other major digital currencies were to collapse, cryptocurrencies are still likely to be the way forward in the future due to the four following factors.
1. The Digital Revolution
Technology has dramatically revolutionized virtually every aspect of our lives, so it really isn’t much of a stretch to assume that digital technology will also be the way of the future as far as finance is concerned. The entire world is moving towards a more digital, user-centered model, and since this is exactly what cryptocurrencies offer, it is easy to see why digital currency and blockchain technology may form the basis for future financial systems.
2. Increased Fraud Protection
One of the major benefits of blockchain technology is that it helps to protect against fraud and money laundering. With blockchain, a public record is kept of each and every transaction, which in turn makes cryptocurrencies much easier to track and helps to eliminate fraud and currency manipulation. This is precisely the reason that Russia and numerous other countries are considering implementing a similar type of blockchain technology into their financial and banking sectors in an effort to crack down on crime and corruption.
One company revolutionizing the the cryptocurrency market with blockchain technology is oneCoin. OneCoin is growing rapidly, based on the merits of their transparency, ease of use, security, and focus on merchants. At the start of 2016, the company became the second largest cryptocurrency organization in the world.
3. Instantaneous Transactions
One major impact of the digital transition is that everyone expects things to happen much more quickly nowadays. While people used to be ok with waiting minutes for a single webpage to load, we now complain if it takes more than a second or two. The same desire for immediate results can be seen in many aspects of modern life, so it only makes sense that people would begin to expect this type of immediateness in banking. In this sense, the instantaneous, peer-to-peer nature of cryptocurrency transactions offers numerous benefits over traditional bank transactions, which often have to pass through intermediaries and can still take hours or even days.
4. Concrete Ownership
One final reason that cryptocurrencies are the way of the future is in terms of ownership. The problem with the current banking world is that the banks and major corporations like Paypal hold all of the money and thus all of the power. Although you may have a statement that shows you have X amount of money in your bank account, you are still reliant on the bank for this money. With cryptocurrencies, you actually have concrete ownership over your money without the need to use intermediaries like banks.
All of these factors point to a bright future for cryptocurrencies, and in turn, an eventual overhaul of the world’s banking and finance sectors. It is for this reason that many experts are still advising people to invest in cryptocurrencies in spite of any current price fluctuations.