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Could cryptocurrencies solve the world’s problems?

Author: nicolas tang

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People often think of cryptocurrencies as an investment tool or an alternative way to ensure transactions to remain discreet. However, there is so much more than you might know about cryptocurrencies.

Inflation

In simple words, inflation happens when your cash is not as worth as before. Inflation indicates a decrease in the purchasing power of a nation’s currency. For example, this can happen when the government prints more money.

Cryptocurrencies as limited supply. Unlike fiat currencies, which are traditional money backed by a government.

By overlooking at inflation, it can be disadvantageously affected economies by increasing the cost of goods and lowering the purchasing power of people’s wages, limiting inflation is a step in the right direction.

Digital voting

We can use blockchain in many ways. One suggested is that blockchain technology could allow for a robust digital voting system in many democracies around the world. It could work by recording votes made by an eligible citizen after verification. Votes would then be hosted on the private blockchain after their identity has been verified.

Equality in money management

A clear advantage of cryptocurrency is its feature to cut out the typical figure of the broker, which traditionally would belong to the bank. The reason why people would favor crypt over a bank is a few. For starters, banks close down during holidays and offer limited services. Also, transferred money can take some time to show up in the bank account. Lastly, they bind to a single location. For these reasons, using platforms and services provided by trustworthy companies such as Phemex will surely make your life much easier.

Stop future financial crises

With cryptocurrency, the financial crises of 2008 would have most surely be avoided, blockchain tend to be a very transparent system than what was being offered by private investment firms. It could have offered real-time insights into the house of cards that was about to tumble down and given politicians and lawmakers a chance at avoiding the eventual catastrophe that would eventuate.

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