It comes as no surprise that many people are still quite suspicious when it comes to digital currencies, since the whole concept is quite different from the traditional notion of currencies and it requires a solid understanding of how the whole process of trading works. Like any other change, it needs time and some adjustments before it really becomes popular on the global scale.
Generally speaking, people fear the unknown or something they don’t really understand, which suggests that in order to change their opinion about digital currencies, they first need to learn more about them and see that this change can bring about some positive effects.
Understanding the concept
The fact that a cryptocurrency exists only in a digital format and offer much greater anonymity is probably the reason why there’s still a bad public reputation around it. Such currencies are believed to be used for shady, unsafe investments, which immediately suggests some illegal actions, such as money laundering.
Although this is a valid point, it should be said that no system so far has managed to completely weed out illegal financial transactions, so it’s unrealistic to expect digital currencies to solve this problem immediately.
Initial Coin Offering (ICO) is a means by which funds are raised for a new cryptocurrency venture. It is often used by startups wishing to avoid strict capital-raising process required by banks. Early backers are rewarded with a percentage of the cryptocurrency in exchange for legal tender or other cryptocurrencies.
With new ICOs popping up regularly, the number of people interested in the crypto-world is definitely showing a significant growth. The longer this trend continues, the more accustomed people will become to digital currencies.
Cryptocurrencies used for a good cause
One way to improve the image and perception of digital currencies is to put them to good use. One such project that wishes to change the way cryptocurrencies are seen in Europe is HydroMiner, which is using cryptocurrencies for an eco-friendly project.
Once people realize there are great individual and global benefits, they’ll most certainly feel more confident about using this modern way of trading. Also, they’ll be more at ease when they decide to buy any kind of digital currency and later trade it.
Other positive signs
In an attempt to catch onto blockchain technology, some central banks have started to create their cryptocurrencies. This is seen by many as a cynical move, aimed simply at preventing innovation, but the fact remains that digital currencies are becoming a reality.
Also, there are even ATMs in some states allowing you to buy and sell some currencies and the trend is likely to develop. It seems that it’s only a matter of time before this option becomes much more widely available.
Since we’re living in an era marked by rapid and significant developments in the IT world, it only seems logical that our future financial transactions will take a new shape. Also, the freedom of the individual to make arrangements without many of the existing restrictions is something that seems quite appealing. The fact that cryptocurrencies, like most things, can be used for evil or great, should not be the reason to dismiss them from the start. After all, only time will tell.
Article kindly provided by Dan Miller.
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