First of all, it is necessary to consider what opportunities are provided by such a wide implementation of this technology. First of all, the cost of all transactions, which are currently expensive, can significantly fall. Especially we are talking about large foreign transfers. The cost of service is quite high compared to the sum of transactions. This problem does not exist in the world of cryptocurrencies. Transfers are instant and there are virtually no fees.
Moreover, the transactions are secure and the funds reach the concerned account within a moment. It is difficult for any hacking attack which greatly reduces the possibility of phishing and fraud. The value of cryptocurrencies is fixed, which is offset by money printing (as is the case in today’s world). For this reason, it seems that cryptocurrencies are an ideal solution, but difficult for governments to control. This means that people would gain a tool through which their freedom would be much greater.
What are the risks?
The fact that in the world of cryptocurrencies you can remain anonymous has its very big advantages. It is especially appreciated by wealthy people because in this way they can remain anonymous. This, in turn, provides great opportunities for all the bad guys to start feeling safe. Transactions involving cryptocurrencies are anonymous, which means that the details of the people involved in the trade are not known. This generates the problem of illegal trading of various things. In this way, illegal business can flourish.
Another issue is the cryptocurrency mining system. Mining software requires a lot of computing power which means that computers are heavily loaded. This means that individual components wear out very quickly and need to be replaced more often. To produce them, rare earth elements have to be mined. This results in high CO2 emissions and the consumption of raw materials that could theoretically be used in other, less environmentally damaging, ways. Mining os is a complicated process, so it takes a long time. After some time, it could turn out that there are simply not enough cryptocurrencies for everyone to own.
At the same time, there are currently two dominant technologies. These are Bitcoin and Ethereum. The number of additional smaller projects is almost countless, making it imperative that a platform be put in place to coordinate and make them compatible. Otherwise, a serious problem could arise when a particular retail chain or restaurant does not support the technology that the customer prefers.
In conclusion, there is no doubt that cryptocurrencies are a technology that will significantly impact the state of civilization in the near future. Their impact on the economy is already very large, as people see in them an investment potential that gives the possibility to safely place their money. It is a way of very fast and secure transactions that will reach a person from the other end of the world in no time without having to exchange the funds for another currency. In this way, we achieve a separate financial system that can be difficult to control. This is the biggest obstacle over the implementation of cryptocurrencies as a major means of payment. However, one should be of good opinion that in a few years, this is how products from Africa or Asia will be purchased, which will give a chance for a better life to people on poorer continents.
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Source: Plato Data Intelligence: PlatoData.io
