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Cryptocurrency Can Save from Bank Failure

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One of the things that many people like the layman is yet to know is about cryptocurrencies. They have become increasingly popular over the past several years. Since the inception of Bitcoin in the year 2017. And, in the year 2018, there were more than 1600 of them. Another thing, you will know is that the number is increasing and growing up constantly. There is also an increasing demand for developers of blockchain, which is the underlying technology of cryptos like that of Bitcoin. Besides that, the salaries that blockchain developers earn display how much value is posed to them. As per the indeed, the average salary of a developer of blockchain is more than $112,000. You can also switch to crypto jobs.

Importance of Cryptocurrency – 

Before we go into the importance of cryptocurrency, it is important for you to know that stock and crypto donations are good and one can avoid capital gains tax and other taxes in this. In the earlier period, people used the system of exchange known as a barter system. In this system, goods and services were exchanged among 2 or more people. For instance, exchanging a packet of rice for a packet of wheat and so on. But there were some flaws due to which this system went out of the market.

Our modern currencies comprise paper currency, credit cards, coins, and digital wallets like PayPal, Paytm, Amazon Pay, Apple Pay, and so on. All of these are held by the government and banks which shows that there is a centralized regulatory authority that limits how the paper currency will work including credit cards.

Traditional and Cryptocurrency – 

There is a difference between traditional currencies v cryptocurrencies, let us take a look – For instance, you have to repay your friend a certain sum that you have bought. You want to send the money online to their account. And, many ways in which this could go wrong are –

“The banks could have a technical issue as the systems are not functioning properly, you or your friends account has been hacked – denial of service or identity theft, the transfer limit on your chums account is exceeded, so the point is bank failure. “

This is one of the reasons why the future is cryptocurrency. Here you can use a bitcoin app. A notification will pop up asking whether you are ready to transfer bitcoins. If yes, then it proceeds further, the user ID is authenticated and checks whether you have sufficient balance, and so on. After it is done the payment is transferred the money goes into the account of the receiver and it happens in minutes. So, cryptocurrencies are more useful and important.

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