Why is freedom so crucial to modern society?
Freedom allows people to speak, act, and pursue happiness without excessive restrictions. It fosters enhanced expressions of creativity, increased productivity, and, above all, a higher quality of life.
With these aspects in mind, people are naturally demanding greater financial freedom. This includes the freedom to own, transfer, spend, or do anything you please with the money you own. But today, this is not entirely possible.
There is a solution
Cryptocurrencies have been developed as a step above money as we know it. They are providing a platform of exchange that has improved the speed of transactions, has reduced the cost of transactions, has provided access to funds to people with restrictions or limitations, and has presented individuals with opportunities to transact with greater freedom.
Crypto is offering all this and much more. It has proven to be a revolutionary upgrade in how humans are networking.
Reports have shown that cryptocurrencies like Bitcoin have exceptionally high rates of usage in countries with low economic freedom. This supports the theory that crypto is a sound, independent means of exchange. Therefore, in essence, a person’s actual freedom correlates with being financially free.
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Electronic payments is not entirely a new concept. But people are demanding something more.
They want:
- Anonymity
Cryptocurrency transactions are meant to be anonymous. This was one of the characteristics that attracted people towards crypto in the first place. People want their lives, transactions, and interactions to remain private.
Though crypto offers more anonymity than credit cards, some transactions are, in fact, traceable. However, some crypto creators believe in fundamental human rights and focus specifically on anonymity. For example, the developers of Monero claim that it was solely designed to be a private, secure, and untraceable cryptocurrency. And Zcash uses a Zero-knowledge proof feature, keeping the sender’s or buyer’s identity and transaction amount a secret.
- An independent monetary system
Crypto is completely decentralized. It is not tied to the banking sector, nor does it have any real reinforcements. This means that it is not backed by either gold or any government institution like fiat money is. Crypto is devised on the system of mutual trust. But it is this decentralization that users and businesses are insisting upon. More importantly, while the state bank issues fiat money, crypto can only be ‘mined.’
- More options
Bitcoin continues to grow in popularity since its inception in 2009. As of October 8, 2019, approximately 2,957 cryptocurrencies are being traded. As you know, not all cryptocurrencies are developed equal. Each coin has unique attributes and uses. Whether it’s utilized to make payments or a way to invest capital, crypto is already entering the mainstream. Business people, stock exchanges, and trading platforms are actively facilitating access to a range of cryptocurrencies.
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- More financial and political freedom
The crypto world is about the separation of money and state. It offers a digital alternative to standard fiat currencies, which are controlled by banks or governments. Furthermore, blockchain encryption not only helps to keep crypto assets secure but away from the control regulatory bodies.
Through crypto, people can send and spend money around the world, without anyone interfering or stopping it. Moreover, it’s giving users greater freedom over their finances. For many, it is an escape route from the current volatile economic market.
- Greater security
Authorities and regulators believe that the pseudo-anonymous nature of cryptocurrency holdings and transfers have negative aspects. They argue that the accountability of crypto is low, and it’s challenging to implement AML (anti-money laundering) and anti-terror financing regulations.
But because the cryptocurrency has been built on the underlying blockchain technology, it has the potential to improve AML efforts. Moreover, several elements exist in the cryptocurrency system that promotes security and safety, such as identifying transacting parties, verifying information, recording the transactional data, etc.
- Cheaper, faster transactions
When compared to bank transactions, payments made via crypto are significantly less expensive and quicker. First off, the system is supported by its participants. Secondly, there is no bank service charges or associated interest rates. So, exorbitant banking fees are no longer applicable.
And because transactions are carried out through a decentralized system, they are completed much faster.
- Cash on the go
Like all other innovative technology, people want access to services while on the go. Crypto is offering ultra-convenience and mobility options. Not only are assets readily available on digital currency exchanges, but cryptocurrency wallets also give owners the freedom to buy, sell, and hold coins while on the move.
At this point, it’s important to mention that even though blockchain provides a safe way to store and exchange digital funds, anything online is not free from potential risks.
Therefore, to enhance the level of cybersecurity of your investments, utilize hardware wallets for a more secure, long-term storage solution.
- More resilient assets
Some unique properties of the crypto include the fact that it cannot be changed, stopped, or interrupted. And its power is distributed within the community- between miners, coders, and users. So no one entity can control it, making it difficult to alter, manipulate, or change.
More interestingly, the crypto world offers an alternative to people living in countries experiencing high inflation rates or unstable economic conditions. Additionally, it’s also a safer option for those citizens who do not trust their government or the banking system. Therefore, it is providing individuals with a logical solution to storing funds away from constant concerns.
How To Start, Manage, & GROW Your Online Investment Portfolio
(Even if you’re not a math whiz, don’t have a ton of extra cash, and busy juggling life & kids. )
It is the future of currencies
Cryptocurrency is the digital version of money that people can use all around the world. As an internationally accessible virtual cash, it is offering the liberty to be utilized anywhere, for anything.
Businesses across the globe are already accepting them as a mode of payment. That includes receiving salaries, supporting shopping expenses, paying for services, buying a car using bitcoin, booking cruises, taking loans, and everything else that comes to your mind.
It all begins with a community of long-term crypto supporters and promoters. They understand Satoshi Nakamoto’s vision when he created Bitcoin in 2009 and the true value that this virtual currency.
As the crypto community continues to proliferate all around the world, exchanging fiat money for crypto is on the rise. It is more than speculating traders chasing the crypto price movement. It is about building an educated community that is passionate about the adoption of cryptocurrencies so that people worldwide can benefit from it.
Wrapping up
Cryptocurrency’s reach throughout the world has been nothing short of impressive. But we are at a crossroads. Society is familiar with a centralized way of life. But the surveillance and censorship often overstep our welcome. The control and use of our data by governments and various companies infringe on the invasion of privacy.
Coincidently, it is the technology that has helped in the search for freedom. As we experiment with new innovative techniques, we are finding solace in the decentralized system. And even though crypto has been around for a decade, it is still in its infancy. But even now, the blockchain technology and the crypto world are offering the essential freedoms and rights that people desire.
More importantly, it is placing more power in the hands of citizens. As time progresses, crypto will eventually exhibit lowered barriers, increased user-friendliness, and wider adoption.
Author Bio:
Evie harrison is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs. Find her on Twitter:@iamevieharrison
