If the question is, “Do people want an alternative currency?” the answer is – yes. And “why” is not even a question. People are always seeking for opportunities, and the under-explored realm of alternative currency is the right place to search. The reason why people are embracing the idea of decentralized currency can be traced to the numerous shortcomings of the fiat money – inflation and regulation, to name a few. Also, people always wished to have a decentralized system that would be out of control of the wealthiest.
But why cryptocurrency exactly?
Crypto has been taking over the world since 2008, and there is a good reason for that. People were waiting for the alternative to the currency issued by a central bank for far too long. Because cryptocurrencies can enable people to transfer money directly and immediately, cutting any middleman together with the unnecessary fees, providing enhanced security through the blockchain technology. Plus, it is an excellent option for small businesses, microfinancing, and has the potential to eliminate corruption.
Let’s look at the core reasons why people are ready and willing to ditch fiat money for good:
- Fraud: Cryptocurrencies are digital coins, they cannot be counterfeited, and it is next to impossible to steal them if you store your assets in a non-custodial wallet;
- Fees: All transaction fees are usually extremely low, being as low as 1% of the transaction amount;
- Adaptability: Today exist over 1200 unique cryptocurrencies, many were created for specific uses that illustrate the flexibility of the cryptocurrency phenomenon;
- Universal Access: There are about 3.5 billion people with access to the internet worldwide, all of them can be a part of the Cryptocurrency market;
- Decentralization: A global network of computers that uses blockchain technology to operate on a peer-to-peer basis, with no need to depend on third-parties;
According to the World Bank, about 1.7 billion people around the world don’t have access to banking. And even in the United States, 25% of households are either unbanked or underbanked. But as the smartphone, internet, and cryptocurrencies become more accessible, anyone will be able to control their capital to the extent that has been impossible before. This new form of currencies will eventually replace reserve currency, alternative to either dollar or any other national currency. And then, in the world dominated by cryptocurrencies, every type of Altcoin – Bitcoin alternative currency – will find its unique place, purpose, and function.