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The Birth of Cryptocurrency and the Future of Financial Transactions

Posted on November 6, 2020 by Pablo Boocks

If you're asked what the arrival of cryptocurrency would bring into the area of finance, the first thing will probably cross your mind is what's cryptocurrency? This idea however, will only come to the head of individuals that aren't well versed with the present online currencies. Butif you're one of those few but dominant figures who understand cryptocurrencies even if your eyes are shut, you would have the ability to answer the question more elaborately.

So to speak, the true beginning of the turmoil existed when bitcoin was introduced into the world and finally became the most famous and desired cryptocurrency. This project was started mainly to answer the lingering complains of people whose money and resources are held by a single centralized unit (and frequently intervened by the government itself) and whose transfers are restricted and suspended at a timely basis. With the beginning of Bitcoin, many had the choice to acquire an internet coin or currency they can use similarly with fiat money. Although acquiring it's tedious and requires funds, many were drawn to it from the very beginning because many were wanting to break with the confinement of one entity controlling everything else concerning finance.

Slowly, Bitcoin began to acquire real monetary value and new kinds of cryptocurrencies came into existence as a potential response to the problems which Bitcoin imposes and to create their own monies which individuals can elect to use as the one created by the prior is limited and difficult to acquire.

Although cryptocurrency wasn't widely accepted, it gradually gained its momentum and today, a number of different companies even accept it as a kind of exchange or payment. The same thing is slowly occurring to new crypto currencies. Even though the profits aren't guaranteed and the applications running them is open minded, many still try to vie to obtain these monies as another way of investment.

If this sort of merge between finance and technology continues to improve over time, it is going to be no wonder if an increasing number of people will divert their attention to getting these coins and more companies will open themselves to exchanging and accepting them as real reward or exchange for good and services. Like everything else, the slow but steady approach of crypto currency could result to significant changes in how finance was seen and treated previously.

More people are opening their minds to the presence and stability of these platforms and several are craving to break away from the scrutinizing eyes of the governing bodies involved with the exchange and storage of their assets. The future might appear dim this day however as more inventive minds work together to make more advantage in how finance and everything financial is treated. Who knows maybe one day fiat money can disappear permanently.

The question that remains today is if the government will allow such big changes which will incur their lost or will these things also change how our government thinks and runs.