How Cryptocurrency Enables Financial Freedom
Nov 25, 2021
Cryptocurrency offers an abundance of advantages to its users. Arguably, the most important one is the unparalleled level of financial freedom.
Traditional banks have been around for many years and with the advancement of technology, one would only expect the traditional finance sector to experience some change.
The early days exchanging value came from the need to exchange goods and services, this was done with things like salt and livestock which were regarded as commodities that held inherent value. With the advancement of technology, around 2,500 years ago paper money was first introduced and became the preferred method for exchanging value.
Before the introduction of cryptocurrencies, people had no choice but to rely on banks to store their money. Arguably one of the most influential factors contributing to the evolution of the financial world is people's desire to have undivided control over their own money. Banks and other financial institutions make a profit from storing and lending out your money, whilst limiting your access to it. Furthermore, international bank transfers are expensive and often take days to settle.
How is crypto different?
For many years people have dreamed of a world where they have complete control over their finances, cryptocurrency has the potential to give us just that. Unlike fiat currency, cryptocurrencies are stored in wallets, these wallets come in to forms, either a hardware or a software wallet. These are owned by you and only you, no one else has access to your wallet without your private key. Crypto wallets focus on storing your crypto safely and securely whilst giving you easy access to your funds. Below we explore some of the benefits of crypto:
- With crypto, your money is easily accessible 24/7. Bank holidays and bank closure times do not affect access to your finances - you have complete control of your money.
- Crypto is borderless, you can send, receive and spend crypto no matter where you are in the world.
- Crypto can bank the unbanked - crypto has the potential to become a stable store of monetary value and exchange for those who don’t have access to traditional banks.
- Increased security and less chance for fraud - transactions are permanent and can be viewed on the blockchain.
Cryptocurrencies give us total control over our money, without total control over your money, you cannot truly experience true financial freedom. History has proven that money and the systems that underpin it evolve. Whilst fiat currency is still the most dominant form of money, cryptocurrencies are slowly breaking the boundaries and may very well be the next step in the evolution of money, giving us complete financial freedom.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of MultiBank io. No information in this article should be interpreted as investment advice. MultiBank io encourages all users to do their own research before investing in cryptocurrencies.