The world is slowly moving to a cashless society where everything is done with digital currency, most people tend not to understand the safeness which cryptocurrency gives in moving towards a cashless society.
WHAT IS CRYPTOCURRENCY
Cryptocurrencies are decentralized digital form of currency, It is also referred to as an alternate currency. These digital currencies has a strong encryption which helps secure its transactions.
Cryptocurrency is decentralized which means that no government has authority over it and it’s distribution.
WHAT IS FIAT MONEY
Fiat money is an inconvertible paper money and it is a legal tender, that has its value because the government declares it a legal tender.With this you find out that fiat money has no intrinsic value, the value is determined by the government.it is regulated by a central authority (which is the central bank).
CRYPTOCURRENCIES SAFER THAN FIAT MONEY
There are so many individuals who invest in cryptocurrencies in the sense of making profit.
Fiat money is only beneficial when you own it. Most investors have given the knowledge that cryptocurrencies are more beneficial than fiat money.
Secure transactions
The transacting of cryptocurrencies are very safe for individuals because the transactions are secured by blockchain technology which is a digital ledger or record. The system is very complex and impregnable.
Decentralized
Fiat money can be corrupted by the government because it is not decentralized. It can be duplicated at any time because of its physical form. Cryptocurrencies is digital and it is decentralized it cannot not be duplicated or corrupted.
Easy transaction
Cryptocurrencies does not need a third party to approve transactions like fiat money that requires banks. Crypto transaction are done on the blockchain technology, which records and secure each transaction.
Supply
The supply of fiat money is unlimited, the government can decide to print more at any time (it is always accessible) which causes inflation and makes it valueless. Cryptocurrency is limited like bitcoin for example: has 21 million that will ever exist and when it’s mined the scarcity begins and the value increases.
Cryptocurrency holds many advantages over fiat money and it it is here to stay. Cryptocurrency is the future of digital currency.
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