Why cryptocurrency and blockchain have come to stay forever?

Why cryptocurrency and blockchain have come to stay forever?

I started exploring the world of cryptocurrency over 2 months shyly where I discovered many characteristics of this fascinating subject and I still believe that I still have a lot to learn. On the way I realized that what Satoshi Nakamoto (creator of the most famous cryptocurrency of all: Bitcoin) did in 2009 supported by the Blockchain technology (which was used for the first time with this cryptocurrency) was to try to improve certain needs of the current currency exchange system in that year.

We must put things in context, in 2009 the technology applied to the exchange of foreign currency in the banking system (bank transfers, deposits to bank accounts, payment of services,etc) and non-banking (deposit and withdraw money through intermediary companies without the need from having a bank account) over the internet was much more limited than at present, where transactions took more time, cost more money and were less reliable than now.

(Summary blockchain concept)

For this reason I believe that this new innovative technology called blockchain (that operates all cryptocurrencies) had as its fundamental concepts these great needs and thus break the paradigm (without the banks worldwide liked the idea very much) that the currencies in the future have to be controlled by a conventional centralized entity. Below I detail the 3 major topics:

1.Excessive transaction time: In 2009, when you made a bank transaction (both sending or receiving money) between accounts of the same bank in the same country, it could take hours to execute and even speak if you did the same operation between accounts of different banks since they could take up to 1 day.
When sending / receiving money from abroad in most cases were used to intermediary companies (as western union as a market leader) that had as higher benefits to have much lower commission and delivery time was much faster compared to doing it in a bank.

With the gradual implementation of blockchain technology in the use of cryptocurrencies as a replacement for conventional currencies, this type of operations has an improvement without antecedents in this aspect, from now on when you want to send certain amount of certain cryptocurrency to someone In any part of the world, you will only have to ask for one information: the address of your virtual wallet (it is a combination of letters and numbers that is unique for each cryptocurrency) and the operation (sending or receiving cryptocurrencies) will be done in just a few minutes. You can do this from any device.

(The 2 most famous cryptocurrencies: Bitcoin and Ethereum)

2.High commissions: In 2009, when performing the same type of operations mentioned in the previous point, commissions were considered low (in the case of transfers between accounts of the same bank in the same country there was no commission), however the problem was when I wanted to send a good amount of money abroad since you only had 2 options: 1) send them by the bank which implied a very high commission or 2) send them by companies (such as western union) which in this aspect had a lower commission, however, this type of money reception system has as its main restriction: availability of foreign currency by type and amount, which makes it an ideal system for sending / receiving small amounts of money.

With the gradual implementation of the blockchain technology in the use of cryptocurrencies, the commissions to carry out these operations are very low (at most 1% of the transaction amount), which makes it an unbeatable alternative because of its great accessibility for people of everyone regardless of their economic status.

(Concepts related to blockchain and cryptocurrencies)

3.High risk of theft: In 2009, there were already virtual crimes of all kinds (from hacking the key of your email or your
favorite social network to hacking your information from your credit card or your bank account) so that it was a very worrying topic to eradicate the fragilities in the security of the information of each person, however, as time passed, the companies involved in this type of incidents (with more notoriety: banks) had little or no interest in make structural changes with long-term impact to ensure our safety.

With the gradual implementation of blockchain technology in the use of cryptocurrencies, this "problem" is virtually eliminated 100% and this innovative technology ensures that all transactions are monitored from start to finish by the nature of the same system. And you will tell me: "Why is not 100% sure?" Well, yes it is; However, there is a possibility that they can steal your cryptocurrencies: knowing the password of your virtual wallet (which is the equivalent of having the ATM password) but do not despair, there are already solutions for it: 1) choose wisely the company in which you trust your cryptocurrencies, since there are companies that have a better security filter when managing them. 2) acquire a token, this device is an additional filter which generates random codes that are adapted to certain virtual wallets for security to be maximum.

These 3 great reasons will make many people who are starting to learn about this fascinating world of cryptocurrencies, begin to seriously consider adopting it little by little as part of their lifes. Are the 3 unique factors? Of course not, but I think it is the fundamental basis that the world needs so that the exchange of money in the near future is really the same FOR ALL.