There is simply no denying that there are a lot of technologies available out there today. Everything from virtual reality to augmented reality, 2D, 3D, and more. Wireless Internet, high-speed Internet, and more. It’s all available and it’s just within arm’s reach to consumers from all around the world. Despite all of this, there is probably one technology above all that is more influential and important than some realize. It’s a technology that’s been around for a while and likely been forgotten by many, but it’s always been right there under the surface looming, just waiting for its time to make another major impact. What technology is this? Cryptocurrencies!
Just in case you haven’t noticed, the global economy is moving towards a digital eco-system. Everything from investing to money transfers is being done without the use of paper. Do you carry money around any more? When’s the last time you bought something with cash? It’s likely been a long time ago, and this should be more than a good sign that digital currency is taking over.
What Exactly Is Cryptocurrency?
Despite as long as it has been around and as popular as it has already gotten, there are still some individuals out there unfamiliar with cryptocurrency and all the benefits that it poses. This is more than okay because there is still plenty of time to learn. The industry is no doubt becoming more and more oversaturated by the day, but there is still time to get in on the action while the action is good. That being said, in order to do this, you’ll need to understand cryptocurrency and how it works. Unfortunately, this might be difficult for some because it is confusing, but this article will try to break it down in the simplest of terms.
When you hear the term cryptocurrency, you should think of money, cash, coins. It is pretty much the same thing as US cash and Canadian cash. The difference here is that it is digital. Cryptocurrency is a digital currency that acts as a medium of exchange. You’d use it in the same manner as you’d use your credit cards. Typically, it is only a form of electronic-only currency. This is not always the case, but most of the time, cryptocurrency does not have a physical form. It only exists in the digital world. To make things even more confusing, when you hear the term cryptocurrency, you should not just think of one currency. Cryptocurrency could mean everything from Bitcoin to Ripple.
This would be like talking about the US dollar and the Canadian dollar. They’re both currencies, but they exist in different realms, value differently, and are usually spent in different places. Cryptocurrency works in a similar fashion, as there are some retailers that will only accept certain forms. So, when it really comes right down to it, cryptocurrency is a digital form of currency that can be used to buy and sell items from retailers that trade in it. There are also cryptocurrency exchanges where the currencies can be bought and sold like traditional stocks and bonds. So, why is this digital currency such an important technology today?
Why Are Singaporeans Turning To Cryptocurrency?
Personal checks, and debit and credit card transactions leave tracks that governments can utilize to catch you up in something illegal. Too many products are off-limits to Singaporean consumers, which is one of the main reasons why the cryptocurrency is gaining in popularity throughout the country. It really does not matter if the transaction is illegal or legal. What does matter is your every transaction is being traced by the Singaporean government.
The cryptocurrency industry has grown so much that it is also possible to pay off loans with cryptocurrency. Not only are more investors dabbling in Bitcoins, Ethereum, Litecoin and more, they are also using it as a form of asset for payment. Learn more about this at U Credit.
If you want to keep your transactions under the radar, the only option available is cryptocurrency. A decade ago, most Singaporeans knew nothing of the cryptocurrecny. Fortunately, this is no longer the case. In fact, thousands of Singaporean transactions are made through cryptocurrency payment processors.
This virtual money will give you access to a broad range of products and services, such as freelance writing, pizza, cosmetics, medicine, travel accommodations, and gaming apps. Today, many online merchants accept different forms of cryptocurrency, including bitcoin, Ethereum, and tether USDT. All of these cryptocurrencies are untraceable, which means the government, law enforcement, or your financial institution can trace your purchases.
It Is Decentralized
First and foremost, cryptocurrency is so appealing to many because it is decentralized. What does this mean? In the simplest terms, it means that it is owned by neither bank nor government. If you have cryptocurrency, you truly own it to the fullest. The bank or government has no control over this currency, meaning they can’t tax it or control where it is spent. This might seem like a simple reason, but it is one of the biggest reasons that cryptocurrencies are so popular today. The government can’t track your spending, they can’t tax you, and they have no say-so over what you do with your money. You can invest or spend it how you want freely without fear of repercussion of extra taxes, fines, or penalties.
It Is Fool-Proof
Decentralization alone might be enough of a reason for many people to invest. There is no denying that it is an excellent perk, but it is not the most impressive thing about this technology. The most impressive thing is the ledger or database that is used to track this currency. While there is no bank, government, or central authority that oversees this currency, there is a worldwide ledger that monitors the currency. This ledger is known as a blockchain, and it comes with a range of benefits. The blockchain acts as a ledger between all of these digital transactions, virtually prevent fraud of any type.
This ledger is completely open to the public, so at any given time you’ll be able to monitor your spending as well as making sure that you are doing business with legitimate sources. The blockchain also ensures secure digital transactions through encryption and smart contracts that virtually make the technology unhackable and void of any fraud.