Why Cryptocurrency Instead of Fiat

The main advantage of cryptocurrency is that there is no central bank or similar institution who controls the currency rate, which means that a cryptocurrency is completely international. With a cryptocurrency, there is no longer the need to exchange money or to pay hight exchange fees. You could buy something online in a foreign country and there wouldn’t be a credit card company which charges you a huge amount for exchange fees. In addition, any crypto transaction has a very low transaction fee, nothing to compare with fiat transaction fees.

It does not need a bank account, payment orders or financial infrastructure. Therefore the potential of these currencies are very high in developing countries. It could make the same progression like the telephony. Landlines were non-existent, they jumped right into the wireless communication. And now; from the lack of an actual financial infrastructure into the cryptocurrency with the payment tool mobile phone. This could connect third world countries better to industry countries. Even state corruption can be ruled out.

In conclusion, cryptocurrencies brings the countries of the world closer together. It would help the progression of emerging countries and higher security against fraud thanks to blockchains.