The basic reason behind the start of this cryptocurrency revolution was decentralization, giving the control of money from the government to the people. As a matter of fact, the flow of money in the economy is basically controlled by our government.
It begs the question of why one should save money if they print more money by the hour?
The cryptos make each and every person a bank in itself, every person is an equally important member of the crypto money system. Rather than being a centralized entity where the government controls the supply and demand of money, the crypto gives power to each individual in the chain.
The basic perks of being centralized are not tracked by the government of where you keep your money. That is why anyone with a vision can create their own cryptocurrency and due to its nature, no government can intervene or interfere in the blockchain system.
Unlike the banking system, these cryptocurrencies are accessible from anywhere around the world, the only basic requirement is that you should have a device with an internet connection that’s it. And unlike the banking system, the trade-in cryptocurrencies happens 24*7 all year long.
The banking system has a failure rate of 7 to 8% but the transaction in bitcoin has never failed in its history, mind you there have been tens of trillions, yes you heard it right, trillion, of transactions of bitcoin.
That’s why it is the future.
Even the size of the transferrable amount does not matter, you could transfer $1 billion or $1 with the same fee and with the same amount of time taken for a transaction. The only thing you have to check is the wallet address because once you enter the wrong address the money cannot be retrieved back because due to the distributed ledger technology nobody knows who is the owner of a particular wallet. It is one of the very few disadvantages that there are of these cryptocurrencies.
3. NO FAILURE IN HISTORY
In all of BTC’s history, not a single transaction has been sent to a wrong address by the network itself, the network has hosted nearly 10 trillion transactions but not a single one has failed.
Every day new coins are being made with superior technology and faster transaction speeds that provide a more secure and safe way to transfer money to your desired location.
This “no failure” is the ultimate flex of the complete security that a payment method can provide its users. No one in history made a more secure payment method than bitcoin’s and sooner or later it will revolutionize the way we see how payments are made.
Generally, banks have a failure rate of 7 to 8% which means that seven out of a hundred transactions would fail or go somewhere else, which is very bad if it happens to someone’s hard-earned money. On top of that, the banks charge a lot of fees depending upon the magnitude of transaction in order to be able to work properly but these cryptocurrencies charge little to no fees whatsoever.
In spite of such secure transaction transactions, ace investors like Warren Buffet and Charlie Munger have not invested in cryptocurrency because they don’t believe in the concept of cryptocurrency.
4. LIMITED SUPPLY
One of the flaws of dollars is that it is an unlimited amount, whenever the government thinks it is the right time to print money they just simply print it and introduce more currency into the system and thereby decreasing its value by a fraction. And that fraction over a longer period of time becomes enormous, this is called inflation.
The value of bitcoin lies in its limited supply otherwise it would be just like dollars with little or no value. There are a total of 21 million coins and 18.6 million have been mined till 2021. The next half-life of bitcoin is in the year 2024, which means that the rewarding rate would be halved after 2024. This halving occurs every 4 years, each cryptocurrency has different halving time frames. This is why cryptocurrency mining can last for years. Actually, the mining of BTC would last till the year 2140.
The limited supply of cryptocurrency is aiming directly at the government because the dollar was made to be inflation bound by the government so that the working class never becomes rich and the ones who are rich will always be one.
The economic system was made by the rich at the start of the industrial revolution to keep the poor always working for them and most of the profits will be acquired by the rich. It is the basis of today’s economy which the financially illiterate or most of the people tend to ignore.
5. EASE OF ACCESS
The new generation of cryptocurrency has the world‘s best ease of access in terms of money management and handling as compared to traditional banks. Anyone with an internet connection can hold and transact bitcoin or any other cryptocurrency for that matter.
Gone are the days when you had to fill complex forms and needed to go to the bank for any query or classification or any process that needs to be done.
With the dawn of the internet, we can be the owner of a digital currency that increases in value over time. That cryptocurrency provides the most secure and fast transaction that can be done on any mobile phone itself.