It’s needless to say that the past events showed us how fragile the global economy is. With the unemployment rate on the rise and companies going bankrupt, the world as we know it may seem like it is falling apart.
But because of this, we now have to adapt, and we have a chance to become better. The last decade already set up a lot of technologies, with which we can feel ready to overcome the financial challenge. And the one we want to speak about today is cryptocurrencies.
What is Cryptocurrency?
Maybe you heard about Bitcoin, LTC, or Ripple, some of the most known cryptocurrencies in the world. They basically provide you with digital money (coins) which you can trade for other currencies or for fiat money at any time, through cryptocurrency exchanges.
But you can do more than that, and this is why it’s a big opportunity for this hazardous year. Some retailers actually allow you to pay for things directly with those cryptocurrencies. For example, Microsoft accepts crypto payments for its Xbox Store since 2014.
But if you are not a gamer, do not worry! There are a lot of other things you can do with crypto, such as ordering food from Subway, donating to charities like UNICEF or even buying Tesla cars! The opportunities grow by the day, so their potential is clearly visible.
How can they help the economy?
The cryptocurrency market is pretty independent. Cryptocurrencies start with a fixed amount of coins that can be traded between users, so occurrences like inflation cannot generally happen.
Better than that, if more merchants start accepting coins, cryptocurrencies will become a regular method of payment. And that is not so far into the future. Numerous banks are already implementing blockchain technology into their systems.
Goldman Sachs, JP Morgan, and several other big players in the banking sector have created departments whose sole purpose is to predict cryptocurrencies.
But that’s not all. In Deloitte’s 2020 Global Blockchain Survey, 55% of respondents stated that the integration of blockchain technology in their organization will be critical and in their top-five strategic priorities. That percentage is up from 53% in 2019 and 43% in 2018.
So, it’s safe to say that we are slowly heading towards a world where blockchain technology and cryptocurrencies are slowly becoming the norm.
Are cryptocurrencies safe?
Cryptocurrencies are some of the safest forms of currency at the moment. Being based on blockchain technology, every transaction is stored on a public digital ledger. Moreso, to access an account you need a public and a private key. And due to the encryption technology, they are pretty difficult to discover. But that doesn’t mean impossible. But it does mean that your account is less likely to be hacked or defrauded.
But with cryptocurrency there will be no more staying in line at a bank or long waiting lines when you experience a stolen credit card.
What is a good cryptocurrency to start with?
Even if Bitcoin is the first successful cryptocurrency in the world, you should keep in mind that often the student has become the master. There are new cryptocurrencies on market that sometimes provide you with more advantages than the traditional ones. One such example is Scalpex.
Scalpex (SXE) is a token developed by the cryptocurrency exchange with the same name. Right now, they are holding a token sale which allows users to buy the token with a 10% discount through their platform. Which is a great deal, especially if you’re just getting started with crypto trading.
So, despite the fact that cryptocurrencies are somewhat new to the world, they are full of potential when it comes to the evolution of the global economy. This is the chance to contribute to a world with fewer worries. Choose your best platform for you and make your entrance into the future!