How Cryptocurrencies Affect Us?
The evolution of the financial markets is both exciting and terrifying for different people.
This is terrifying for those who prefer the status quo. They would feel deep suspicion and hesitation with cryptocurrencies, as they are difficult to control as cryptocurrencies are decentralized. Who would police the transactions and make sure that the details are correctly done? The internet becomes a digital wild west literally, as sheriffs are immensely difficult to find and everybody can only depend on themselves. Anonymity is basically assured, as you go with a pseudonym that is encrypted and protected by your peers in the blockchain. This suspicion is further fueled by news that hackers want to get paid in bitcoin, using ransomware, where they hold hostage information and data. The location of the owner of a cryptocurrency is immensely difficult to find due to firstly the information is encrypted and secondly that information is hugely hard to hack due to a big computer network defending it.
On the other hand, quite a number of people are excited. Cryptocurrencies like Ethereum, Ripple, NEM, Neo and OmiseGo are coordinating with corporations, particularly financial institutions and corporations that need information, transactions and data to be processed, audited and transmitted. Regulators can confirm that transactions were processed while the clients can be assured of their privacy without being needlessly invaded.
The world just got a lot smaller with cryptocurrencies like Bitcoin, Bitcoin Cash, IOTA, Dash, Monero and Litecoin help transactions be processed swiftly and verified quickly with minimal fees. In fact, IOTA does not need a fee, since their technology is ingrained, wherein transactions are processed right away and does not go through a lot of loops that may slow down the speed. Monero is known for its untraceable anonymity for users while Dash, Litecoin and Bitcoin cash are also improving the technology behind them.
Cryptocurrencies are also seen as an alternative investment vehicle. In fact, A Bitcoin IRA was just launched and some people are actively trading in the cryptocurrency markets. Other big financial brokers like eToro and XM and even FXCM and Ironfx allows select few cryptocurrencies to be traded.
Cryptocurrencies are now also a reaction to the distrust in the central authority of the current financial system. With decentralizing, no one can completely control the direction where a cryptocurrency should be heading. While some cryptocurrencies have foundations made up of its developers and founders, their shares typically are not enough to control the tide.
Cryptocurrency will definitely change the way we do things. It is not a question of if but of when, and the day is slowly but surely coming.