Why Society needs Cryptocurrency

Cryptocurrency is any digital or virtual currency that uses cryptography to secure its transactions. Bitcoin is a form of cryptocurrency and one of the fastest-growing digital currencies among all existing digital currencies. As of January 2020, there existed more than 2000 cryptocurrencies globally, and the number keeps growing. Over the years, Bitcoin has become a much-needed currency among the online fraternity and society.

Secure Technology; The use of blockchain technology ensures the security of transactions and client information. The entire cryptosystem is one of the factors that has endeared people to embrace cryptocurrencies. This technology is hackproof and cannot easily be destroyed, offering a better system than the conventional systems used by traditional banks.

Transparency; For very unclear reasons, the conventional banks' transactions are more often than not shrouded in mysteries and unspoken rules that, in most cases, create more bottlenecks for the clients. This isn't the case with bitcoins, as all transactions are transparent and open since they are initiated and executed by the client himself through the cryptosystem and not via some teller or bank system.

Convenient and Autonomous; Bitcoin transactions are very autonomous and suitable to the client and are devoid of any bank or government instituted restrictions and rules. Transactions are also real-time, saving time.

Efficient money exchange; Being a fully online-based and digital currency, forex exchange in any currency is swift and very efficient and is done anytime and from anywhere as long as one has the medium to do so. With just a phone and the internet, you will be able to carry out any form of transactions you need from the comfort of your living room.

Digital Wallet; One of the bitcoins' strong points and advantages is that it keeps a digital wallet for its users. One would not need to keep physical records or have a physical wallet when trading on bitcoins, as this is done digitally, giving you a blow-by-blow breakdown of every transaction effected.

Eliminates Corruption; Bitcoins keeps records of all digital footprints of every transaction done by every account holder, thus tracking every source and destination of any payment done or received in an individual's account. If all governments were to embrace bitcoins as their currency, this would limit or curtail any form of corruption in all their departments, eliminating all grafts in governments across the world.

No government regulations or manipulations; Central banks worldwide have been known to control the flow and supply of their currencies in implementing their fiscal policies to manipulate the strengths of their money or sabotage that of their perceived economic competitors. Bitcoin is not prone to this as it is virtually controlled and secured by blockchain technology and is inaccessible by any government system. This makes it the best way to save your assets and money in times of economic turmoil or at any given time.

Since its inception in 2009, bitcoin and other cryptocurrencies have had tremendous growth in usage in almost all fields. Over 50 million people worldwide have either used or traded in bitcoins, with over 30 million currently holding some form of a cryptocurrency account worldwide. This number is set to grow as more and more people realize the importance of bitcoin and other forms of cryptocurrency in society.