Connect with us

Hi, what are you looking for?

Games & Tech

Not-So-Cryptocurrencies: How they make the world better

We demystify the online currency.

Bitcoin
Credit: Pexels

There aren’t too many things that are as mysterious as cryptocurrencies. For the majority of people, they are too good to be true. The idea of a new currency that’s impossible to track and worth thousands of dollars per coin is a fantasy. And, it’s this narrative that stops people from taking the opportunities they provide to enhance lives. Cryptocurrencies are value-adding – that’s the main thing to remember.

Of course, blindly putting faith in something you don’t fully understand is a bad idea. So, this post has put together the ways cryptocurrencies make the world a better place.

Hopefully, the following will prove to you that they’re not so cryptic.

Reduce Fraud

New scams go in and out of fashion like the yo-yo. Today, technology has advanced to the point where fraudsters don’t need your details to take your money or ruin your credit score. Data is king, and it’s easily accessible thanks to the likes of Facebook and Instagram. Cryptocurrencies are founded on the principles of safety and security as they aren’t connected to credit cards or bank accounts. Instead, they’re mined and electronically transferred through blockchain ledgers. When you invest in Bitcoin, your technology bill is bound to decrease, as is your anxiety that your money is at risk.

Bitcoin

Credit: Pexels

Allow For Increased Financial Control

To begin with, cryptocurrencies are secure access points for your money compared to bank accounts and stuffing it under your mattress. However, another reason they provide control is their ease of access. Although people assume they’re elitist, the truth is that you can use them to turn a profit without fully knowing the ins and outs of the tech. This Bitcoin Code review shows there is automated software where the goal is to buy low and sell high. With a bigger budget to rely on, there is no reason to miss out on opportunities to expand your wealth, such as investing in stocks and shares.

Provide More Funding Options

You have an excellent idea that you want to turn into a viable business, but there’s a hitch: you don’t have any money. So, you go to potential investors to pitch your idea and ask for their help. Unfortunately, they don’t want to take a risk and pass on the opportunity. As a result, your path to a better life is over after a couple of short business meetings. Cryptocurrencies negate this by giving entrepreneurs with an idea more avenues. With Bitcoin and the other new currencies, you can appeal to a broader pool of funders. Scratch that – everyone can!

Encourage Data Sharing

Blockchain tech allows data to be stored in new ways. A direct knock-on effect of these storage techniques is that information is widely disseminated. And, because knowledge is power, it is set to permeate through various sectors, including science. Using blockchain as a foundation, it’s believed the scientific community will craft innovative ways to tackle problems, leading to breakthroughs that could impact the entire world.

Cryptocurrencies are here to ad value, and they do it every day. You could benefit from them, too, but are you ready to take the plunge?

Advertisement

You May Also Like

Games & Tech

See how we got on with the game ahead of its November cross-gen release.



Copyright © 2020 Entertainment Focus

Entertainment Focus is a trading name of Piñata Media Limited (Reg no: 08435639)

Entertainment Focus uses affiliate links. By buying through the links we may receive a commission for the sale. This has no effect on the price for you