Cryptocurrencies - The Future Economy?
Why Cryptocurrency? For the most part of history, the world's economy was largely controlled by a single force, whether it be the Church or the Government. Bringing everything to a cyber-platform enables us to eliminate multiple fallacies that regular modern day currencies provide. Let's use Bitcoin as an example for the framework of benefits. Benefits: - Fixed (and limited) supply Unlike 'real' currency, Bitcoins cannot be created. This reduces the risk of inflation. - One to one Transactions Essentially 'cuts out the middleman'. No brokerage fees, no paperwork, no commissions are needed. - Confidentiality The conventional system (cash) can be monitored by external agencies each time you make a transaction. This may lead to examinations of your financial history for certain transactions. Cryptocurrencies follow a block-chain model (decentr...