Wondering whether to move towards Cryptocurrency and go cashless? This article will provide in-depth knowledge about the same.
Table of Contents
- From Old Traditions(Physical Money) to New trends(Digital Money)
- COVID-19 Crises is Changing the Way the World See Money
- Perks of Cashless Societies
- How Digital Currencies Look like a Logical Continuation
- Conclusion: How to Become a Cryptocurrency Expert
From Old Traditions(Physical Money) to New trends(Digital Money)
Over the past two decades, the proliferation of digital technologies has marked rapid rates in the adoption of new technologies. Humanity’s life has become ever more digitized, and we see an accelerated change to a cashless world. Gone are the days when physical cash was in the mainstream. Today cryptocurrencies are challenging the ancient monopoly of the central banks over the issuing of money. Considering Cryptocurrency as a new reality, it becomes clear that the finance ecosystem will transform completely and will never be the same. Cash-loving people have started using cards, and besides this, other country citizens have started switching to Cryptocurrencies for their day to day activities.
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COVID-19 Crises is Changing the Way the World See Money
The coronavirus pandemic has changed everyone’s buying and payment habits forever. The epidemic has accelerated the growth of Cryptocurrency and pushed its front into millions of people’s consciousness than ever before. Digital currencies, which had posed contentious concerns earlier, are now seeing strong demand from both regular consumers and institutional investors. What couldn’t be changed since long has now shifted fast during the pandemic phase. Global adoption of digital payments, especially cryptocurrencies, has started and shows no sign of slowing down. People are using cryptocurrencies to make faster payments and to avoid transaction fees while others have started considering cryptocurrencies as an investment. The coronavirus pandemic has forced people to switch to digital payments like Cryptocurrency as a way to protect oneself from possible viral infection.
Perks of Cashless Societies
As we have already seen how the COVID-19 pandemic has accelerated the growth of Cryptocurrency, let’s now explore the perks of going cashless and adopting digital currencies.
Potential Health Benefits
Quarantine measures have prevented millions of people from accessing cash and ATMs. WHO officials have even advised people to wash/sanitize their hands after touching currency. A 2017 study also illustrates that a collection of bills circulating in New York contained several bacteria and viruses. Thus, digital payments like Cryptocurrency offer potential health benefits of avoiding dirty cash for cleaner forms of payment.
A cashless mode like Cryptocurrency offers almost instant settlements. This is because of the fact there are no unnecessary third parties involved like lawyers, notary, etc., and hence there are no delays and no additional transactional costs involved.
Accessibility to Everyone
Accessibility is one of the reasons why Cryptocurrency is high in demand. Anyone can trade and invest in cryptocurrencies at any time without any geographic dependencies. Such digital currencies are assumed to be a user-friendly exchange that met all goals for all end-users. Moreover, there are no transaction fees for exchanging cryptocurrencies.
No Identity Theft
Blockchain, an underlying technology behind Cryptocurrency, ensures secure digital transactions through encryption techniques and smart contracts functionalities that make the entity unhackable and fraud-free. Its mechanism makes it difficult for muggers and thieves to rob your digital assets.
How Digital Currencies Look Like a Logical Continuation
With the advancements in digitalization, the entire global economy is looking forward to a secure and reliable payment method that can enable faster payments inexpensively and without unnecessary intermediaries. Countries have started implementing and adopting cryptocurrencies; like for example, China is already testing its “digital yuan.” America, France, South Korea, among others, are also taking similar steps. About 20% of 66 central banks summarized that they are likely to issue a CBDC within the next few years. Thus, it seems inevitable that state digital currency will become publicly available to ordinary citizens in the years to come.
Conclusion: How to Become a Cryptocurrency Expert
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