Hello everyone,
If crypto currencies were seen as payment, there is would be so much potential that we don't see at the moment. This is because, crypto comes with a lot of advantages and eases the burden on governments/organizations.
Some of these advantages include the following;
- Less fees.
- Unrestricted access.
- High Scalability.
- No Single Point Failure.
LESS FEES
When it comes to the world of cryptocurrencies, it is now possible to do a large amount of transactions and paying close to nothing as transaction fees. For instance, steem transactions have no fees at all in sending from one account to another.
This means that even if an organization wants to send an amount of $1 million to another organization, they could do so with a click of a button and still pay nothing in fees. That is the power of crypto.
UNRESTRICTED ACCESS
For this world, there is no limitations as to who is allowed to join and who is not. Everyone is welcome on board and no one is even capable of hindering others from accessing it. With blockchain, you can rest assured that everyone is allowed on board without any form of discrimination.
All you need is a smartphone or a laptop and internet and with a click of a button, you can log onto any blockchain and participate in it.
HIGH SCALABILITY
Blockchain is highly scalable. This means that it can be used for a variety of use cases and tons of applications can be built on it and it would still operate quite efficiently. This is one thing that the world really needs.
Imagine the records of an entire hospital in a safe space which only a selected number of individuals with the private keys can access? That would mean that the data is quite secure and is on the cloud so we wouldn't also have to worry about any form of damage.
NO SINGLE POINT FAILURE
For blockchain, there is no single point failure. This is a great advantage as it offers a better security than any centralized platform out there. This means that each node runs separately and independently and failure of one does not affect the others.
This means that, there is no possibility of a complete shutdown or crashing of the entire network. This gives it quite an airtight level of security.
These are some of the reasons why we need to encourage the adoption of crypto currencies and blockchain technology across the globe.