What Are The Impact And Change Cryptocurrency Will Make In The World Scotch College Essay

744 words - 3 pages

What is the impact and change cryptocurrency will make in the world?
What is cryptocurrency? Cryptocurrency is related to the internet and it uses cryptography. It is money but it is in a digital form. Cryptocurrency has been designed to be very secure and safe. Cryptocurrency has different kinds of impact which can be positive or negative to us. This digital money can make big changes around the world.
Cryptocurrencies has been really popular and has become the headline for the last few months. It has caught everyone's eyes and many people are really interested. Some ways that cryptocurrency will make the world a better place. First there will be a mass decrease of people getting scammed. Which will help people because in the internet there are many frauds and the victims get easily tricked. Another good thing cryptocurrency will do is that it will change the money transferring process and will make it easier. Doing a bank to bank transfer are faster but it take a week or more. Depending if it is an international transfer or domestic, but crypto-currency is much quicker and happens instantly. There is no fee taken to do this and it is well protected and secured. Lastly cryptocurrency gives people more control over their money by getting more access to their money in time of need. There are more than two billion people in this world who don’t use banking because they are scared to reveal their names and they don’t want the government to know their names and be registered. By cryptocurrency being there it can be a big help and big change for the two billion people. For all those people it would be easier for them to transfer money without revealing their name and doing it legally.
There are few countries which who can really use this and it would be a big help for them because of their banking and currency and a lot of problems. By having cryptocurrency in these countries they only thing they really need is the internet. By doing this it would change lives of many people because it will be easier for them to support their family by getting wired the money instantly. Many of these countries are underdeveloped. For the people who are living in other...

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