CRYPTO CURRENCY: A BRIGHT FUTURE OR JUST A FAD ?

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CRYPTO CURRENCY A BRIGHT FUTURE OR JUST A FAD
? Block chain and crypto currency have been
making the rounds of internet lately. The finance
world is abuzz with these lets delve into the
practicality and feasibility of crypto
currency. Are they even worth the attention they
are getting? Blockchain is a decentralized form
of electronic ledger that offers full
transparency and security. Crypto currency is a
form of electronic currency used in
implementation of blockchain technology.
Bitcoin, one of the most popular form of
cryptocurrencies, rose from an academic concept
in 2009. Since then it has taken astronomical
leaps causing a sort of revolution in electronic
transaction systems. Crypto currency is the
future and no we arent being way too optimistic
when we say this. In 2013, crypto currency
peaked to 2 billion market value- a 10 fold leap
from its initial value.
Some of the factors that mark the rising
importance of crypto currency in the near future
are 1. Governments cant devalue this
currency Crypto currencies are completely out of
the control of governments. They cant
regulate crypto currencys flow, value or usage.
This makes crypto currency one of the most
reliable form of electronic currencies. We can
now relax that the unsettling incidents like that
of
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Cyprus's Central Bank (March 2013 ) can no longer
scare us. The Central Bank back then took back
uninsured deposits of more than 100,000 in order
to recapitalize itself. This roll back caused a
huge commotion and unrest in public. Thankfully,
since crypto currency isnt owned by one person/
company or government it cannot be devalued
through such dictatorship. 2. Security Crypto
currencies are secure. With crypto currency
neither identity theft nor any other such fraud
is possible. Unlike credit cards that rely on
pull mechanism wherein you feed all your credit
card info to the payment merchant, crypto
currencies rely on push mechanism. This means
that you feed in the exact amount you want to
send the recipient or merchant without sharing
your sensitive info like the credit card detail.
Furthermore, since crypto currency is a digital
currency it cannot be reversed by the sender or
even counterfeited. While with credit cards, such
transaction charge backs are possible. Being
decentralized and transparent, crypto currency
is reliable and secure.
3. The most important factor about crypto
currency Not any company but you own it Take any
form of online transaction platform like PayPal
or Payoneer. These companies own your account and
your money up to a large extent. For example, if
due to any reason these companies decide that
your account has been misused or its security
compromised then they can easily freeze your
account. And unfortunately you will be locked
out from accessing your own funds and assets.
This has happened to many people and believe me
it is the most frustrating thing. You have to go
through extreme majors and there are still
chances you might not get your assets back.
Luckily, crypto currency has emerged as the right
answer at the right time. Crypto currencies
arent owned
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by any Identity Design and Logo Company and you
are the owner of your own assets under this
system. There is a private key and a
corresponding public key that together become
your cryptocurrency address. This means you own
this and nobody can take this away from you
without your consent. Finally, a system you can
trust. Crypto currency is still in its nascent
stage but remember there was a time when even
internet was new. It scared people and made them
doubt its reliability. But now it
has transformed the world so much that we cant
even imagine a world without internet. Crypto
currency is set to transform the techno-
financial world and the way we view it. Its just
that it will take a while to grow fully and
replace credit cards globally. But believe me, it
will do so definitely one day
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