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Money has evolved over the years where currently we are living in a generation of fiat money system but this is also phasing out as Cryptocurrency is taking over the financial system of the world. It is now becoming a song of every person that comes to the knowledge of it. This is a great shaking happening in the financial world where banks and governments are very worried about this system and as a result they are trying so hard every other day to put up a resistance to it through discouraging people from investing in it. Believe me or not Cryptocurrency is taking over the economy.

The earlier we adapt to this change the better. Bitcoin is the mother of all other new coins that are ever cropping up. It has thrived over the years that is from its starting point in 2009.

The great factors that are key drivers of this great movement are: People, Technology and Time.

It’s greatly believed that when you have a network or community of people, with an efficient and systematic Technology plus the time factor that is by way of valuing people’s time. Achievement/ fulfilment/Success or prosperity is automated in your plan or system.

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Cryptocurrency is making a great use of these factors through the blockchain technology that it’s built upon.
Though many are still ignorant about Cryptocurrency. It is here to stay as it is using various platforms to advertise its existence and sensitise people about its operations and benefits.
There are now over 1600 Cryptos that are already public and functional and these are evident on the coin market cap which you can check out here
The following shows the beauty of Cryptocurrency as opposed to the current old fashioned fiat money system.

The difference in appearance

Fiat currency suchas Dollars, pounds, Yen, Shillings are physical in nature and tend to be bulky in transporting them from one place to another. Cryptocurrency on the other hand is digital or virtual currency that is in figures form and these are stored in digital wallets either online or offline in hard wallets.

Centralisation Vs Decetralisation

Cryptocurrency is decentralised in the way that the people are the ones entirely in the control of their money without any government or banks regulation whereas the fiat money system is money for the government that is controlled by it with the banks. Due to the centralised nature of the fiat money system people are taxed and high interest rates are charged on their money at any time. The decentralised nature of Cryptocurrency is a good one because it excludes the government and banks regulations hence enabling people to enjoy their money wholesomely.

The rate of value

Cryptocurrency is not affected by inflation since it heavily depends on the forces of demand and supply where the supply of coins are fixed and this makes the value of crypto to ever be increasing in value whereas the fiat money system is highly affected by inflation because there is no fixed amount of money in circulation. The governments often times order the printing of new notes in a bid to finance its un planned operations hence this makes such money to highly decline in value over time.

cheap/convenience/ ease of transacting

Moving cryptocurrency money across the globe is very easy and very convenient where people can send money and transact online with just a simple click over the internet whereas with the fiat money system it consumes a lot of resources like time and money in using the banks as the middle man in making global transactions. It is free to send crypto money to another person overseas where as for the fiat money system, the middle man has to be involved and that is mostly the banks which charge you for transferring money to another party abroad hence this makes this system tough and inconvenient.

Flexibility

Cryptocurrency can be further divided into small units of coins for transaction purposes by the owner’s choice. It’s also flexible in a way that the security of your money is guaranteed where you just only need to keep away from hackers and phishing sites. The fiat money system is a rigid one as it can be easily stolen when you move around with it in your physical wallet such as a brief case or bag.

Cryptocurrency is gaining more traction every other day because of the great promotions going on all over different social platforms such as Steemit which is our very one. Am so blessed to be on this platform because it has ushered and launched me deeper into the crypto world. Therefore as people who have gotten exposed to this knowledge it’s a very good thing for us to go ahead and spread it to the rest of the many ignorant people in the world using all the resources we have at hand.

Thanks so much for reading and supporting.