Could Cryptocurrency possibly replace the need of a Fiat?

Could Cryptocurrency possibly replace the need of a Fiat?

Could Cryptocurrency possibly replace the need of a Fiat?

Photography Credit: Andre Francois

We are living in a digital era. In other words, digital technologies are being used to make the life easy for people who live out there in the world. Along with the technological development, the way how people make financial transactions has also changed. In fact, people prefer to use Cryptocurrencies instead of traditional currencies.

Along with the increasing popularity of Cryptocurrencies, you would wonder whether are they are in a position to replace the need to have flat money in today’s world. Let’s deep dive and figure out the truth.

Here are few methods that indicate how cryptocurrency can replace the need to have flat money…

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8 things where Cryptocurrency helps to do things better than Fiat Money

8 things where Cryptocurrency helps to do things better than Fiat Money

8 things where Cryptocurrency helps to do things better than Fiat Money

Photography Credit:  Sam Truong Dan

Introduction

Popularity of Cryptocurrency is increasing on a daily basis. The ability of these currencies to get work done has contributed a lot towards its popularity. In fact, people will be able to use Cryptocurrencies to resolve issues, which cannot be done with the usage of flat money.

Make Donations to Causes 

You would come across the need to support causes, which are not approved by the government. In such instances, you can think about Cryptocurrencies. WikiLeaks can be considered as a perfect example to prove the above mentioned fact. Back in 2011, people were restricted from donating money to WikiLeaks. As a result, they could not make any contributions through PayPal or Credit Cards. “Satoshi Nakamoto”, who is the creator of Blockchain, figured it out and he took necessary measures to assist people make their donations to WikiLeaks. Defense donations fund, which was raised in favor of Edward Snowden can also be considered as a perfect example to prove the above mentioned fact. Likewise, you would come across different donations that are not supported by government and you will be able to make legal contributions to them with the assistance of Cryptocurrency.

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The Future Of UnBanked Population In The Finance Industry

The Future Of UnBanked Population In The Finance Industry

The Future Of UnBanked Population In The Finance Industry

Photography Credit:  rawpixel

At around 1.3 billion, the number of credit card holders aren’t even close to 20% of world population. An alternative is required to saturate the remaining 80% with Lines of Credit (LoC), global market connect and liquidity. However, the poor and aspiring folks find it particularly hard to get banking finance for their undertakings, owing to clandestine racial, political and administrative prejudices.

Stable cryptocurrencies can go a long way for cementing that gap. These cryptocurrencies can hedge a deprived entrepreneur’s engagements against value fluctuations, accounting & legal aspects, arranging collaterals for securing credit, etc. It would greatly help to bring the unbanked into mainstream economy as it’s the SMEs that majorly help in uplifting the deprived populace and drive the global economy in general.

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