A comparison of old and new

Money has come a long way since the Mesopotamian Shekel. Indeed, different civilizations came up with their own monetary systems to enable commerce and trade. In the modern age, we have access to both fiat and digital money. Fiat currency has been the backbone of the economy for 500 years or more, and now it has a competitor. A newcomer that intends to up-end the world of banking, disrupt traditional finance and present a new way for human beings to manage their own money.

Since the dawn of the digital currency, more and more people are finding financial freedom via cryptocurrency. Whilst fiat transactions still mainly take place in traditional financial institutes, cryptocurrency is able to be traded peer-to-peer. By removing the middle-man we are granted full control of or assets. Let’s analyse some of the main advantages of cryptocurrency over traditional finance.

  1. Impervious to government interference: Bitcoin and other cryptocurrencies are usually open source and not controlled by a government (until recently with the dawn of state-cryptocurrencies). So, being free from manipulation by any government gives users confidence.
  2. Immutable transaction index: Blockchain technology is built on the principle of having an open and readable transaction ledger of every transaction that ever occurred. The security a decentralized network offers is greatly strengthened with more participants. With each participant holding a copy of the blockchain to compare with new nodes and for data request for platforms like block explorers and mining pools.
  3. Highly divisible: The majority of cryptocurrencies have between 6 and 8 decimal places allowing for tiny fractions to be sent. Bitcoin has 8 decimals allowing a single bitcoin to be able to be divided into 100 million equal parts. A single fractional unit of Bitcoin is known as a Satoshi, in honour of Bitcoins pseudonymous creator, Satoshi Nakamoto.
  4. Faster transactions: We have all been at the end of an international transfer before from one bank to another in a different country. There’s nothing quick about it, sometimes taking up to 2 weeks to complete. That is not consistent with todays need for instant transactions and settlement. Bitcoin, as an example, can send a transaction in a few seconds, and takes roughly 10 minutes for a single confirmation. Bitcoins then become spendable after between 1 and 10 confirmations, depending on where you are interacting with them.
  5. Anonymity: But if the blockchain data is public, how can you stay anonymous? It might not be immediately easy to understand if you’re new to cryptocurrency, but anyone can create an address on a blockchain, via the app or wallet. You can send it to another address that you own, and nobody would know who the sender or the recipient is. However, those that use KYC registered exchange accounts lose their anonymity in a trade-off for security and rich feature sets.

Cryptocurrency is still finding its place in the world, it’s still evolving, but it has already shown potential to completely revolutionize the finance industry and the way we all use money. As new sectors branch out and mature, the whole space will eventually replace completely, the old financial system of fiat currency.

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Utility tokens benefit from similar advantages to security tokens but, in addition, utility tokens can kickstart network effects by incentivizing platform use early on. In contrast to security tokens, they don’t represent rights to profits or other financial benefits, although some might purchase them in the hope that their value appreciates.

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All investment strategies and investments involve the risk of loss. Nothing contained in this article should be construed as investment advice. Any reference to an investment’s past or potential performance is not, and should not be construed as a recommendation or as a guarantee of any specific outcome or profit.