4 Ways Cryptocurrency is changing the world

by Andrew McGuinness     Jul 16, 2019

Cryptocurrencies, or digital currencies, have had quite the effect on the world in the past few years. Although there are many people among us who are still unaware of what digital currency is, how it works, and what it means for the future of society, they are bound to find out, because cryptocurrencies are here to stay. Not only are they a more convenient source of wealth, they are so much more. In fact, they are changing the world as we speak. Here are four ways in which cryptocurrency is currently changing the world:

1. No more boundaries between country of origin

The currency you use and the country you live in go hand in hand. This usually means that as soon as you leave your country of origin, you are obligated to exchange its currency for that of the corresponding land. This inevitably leads to losing money at some point. This may be due to the fact that it happens to be a bad day for exchanging, or, more likely due to the fact that exchanging your currency for foreign currency, then exchanging this foreign currency back for your own will inevitably involve your currency to lose value at some point within either of these processes.

However, how about those who transfer money overseas to family and loved ones? International bank transfers charge a fee of anywhere from 6-10 percent for $200. Paying this much for the transfer of money is ridiculous and, in some cases, may defeat the purpose of transferring money to family at all.

If, on the other hand, digital currencies were to take over, becoming more common than the fiat currencies we currently use on a daily basis, the world would be united by a single unit of currency. This would mean no exchanging, and the value of currency remaining the same everywhere in the world. That is definitely something to look forward to.

2. Convenience

Cryptocurrencies allow not only for quick payments, but payments that are more simplified and secure as well. This will without a doubt have a negative effect on banks and the way they work, primarily in terms of speed and security. International bank transfers, for example, currently take as long as a week to complete a transaction. This is an unreasonably long period of time when it comes to the fast-paced world of business. On the other hand, if one were to transfer digital currency, it would arrive at its destination instantly.

3. Direct access to your money, no middlemen

Digital currencies would allow for a decentralized financial system wherein no banks are involved, and no bank executives would be able to take advantage of or benefit from their customers’ hard-earned money. This allows the owners of cryptocurrencies to maintain complete control of their earnings and not have to deal with any financial institutions whatsoever in order to access, exchange, deposit or retrieve money that is rightfully theirs.

4.Less risks of fraud

In the past, scammers have used credit cards in order to make payments which they then pull before the transaction goes through. Cryptocurrencies such as Bitcoin, however, do not allow you to pull a transfer once it has been made. Instead, all transfers and all transactions remain final. Because this kind of fraud is more easily done as well as more likely to be done through international payment methods, online shops often do not allow these forms of payment to be used. If, on the other hand, digital currency was to be more commonly used, online merchants would be able to offer their services and goods to customers worldwide without fearing the risk of payment fraud.

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