Why is cryptocurrency the future of finance?
The Umojivity Team Oct 23, 2021
Welcome to the final part of the crypto short-card-series. Here is the previous part of this series.
The cryptocurrencies ecosystem has been slowly making headways into the world's traditional banking systems. As of 2021 and since 2015, the number of users of various cryptocurrencies has considerably grown to over 60 million. Both private and public sectors have warmed up to the idea of adopting cryptocurrencies in their financial dealings, such as making payments, value storage, and as an investment.
Cryptocurrencies are increasingly becoming a more acceptable financial system and are being used to buy goods and services or held as part of an investment strategy.
From our perspective, this is why crypto is the future of finance.
Cryptocurrencies, the first alternative to the traditional banking system, have powerful advantages over previous payment methods and traditional classes of assets. Think of them as a new kind of cash native to the internet, which provides it the potential to be the speediest, most accessible, most inexpensive, safest, and most universal way to exchange value that the world has ever seen. Even people with no access to traditional banks can participate in the financial system with the help of cryptocurrency.
Cryptocurrencies present equality of opportunity, indifferent of where you were born or where you live. As long as you have a smartphone or another internet-connected device, you have the same crypto access as everyone else. They create unique opportunities for expanding people's economic freedom around the world. Their borderlessness facilitates free trade, even in countries with tight government controls over citizens' finances.
In places where inflation is a crucial problem, cryptocurrencies can provide an alternative to dysfunctional fiat currencies for savings and payments. No matter what happens to your government, your cryptocurrency will remain secure. Still, they can't be manipulated by any central authority simply because there isn't one.
As an element of a broader investment strategy, cryptocurrencies can be approached in a wide variety of ways. One approach is buying and holding something like bitcoin or ethereum, which have gone from virtually worthless in 2008 to thousands of dollars each coin today. Another would be a more active strategy, buying and selling cryptocurrencies that undergo volatility.
And for the crypto-curious investors looking to minimize risk. Consider the USD Coin, which is secured 1:1 to the value of the U.S. dollar. It offers the benefits of crypto, including the ability to transfer money internationally quickly and cheaply, with the stability of a traditional currency.
This marks the end of the crypto short-card-series. We hope you find this information useful.