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Benefits of Cryptocurrencies


Physical currencies (like the US Dollar) are managed and controlled by a central government and flow through centralized money and banking system. For example:

The US Federal government controls interest rates, among other things, to control the flow of money into the US economic system

To send money to somebody in the US, you generally have to pay a bank or wire service to do so – this transfer will be routed through centralized banking systems

Most software in the US financial system is closed-source

Cryptocurrencies are specifically designed to be DE-centralized:

The entire system that records transactions with cryptocurrencies is distributed – meaning the records are kept all over the world – and are publicly-viewable to ensure that nobody tampers with the records

To send, for example, Bitcoins to someone, all you have to do is exchange keys (like passwords) and use your wallet program

Most cryptocurrencies are built on and managed by open-source software, which means you, or I, or anybody can view all of the code to make sure no funny business is taking place