Many officials and representatives of large and international businesses look down on cryptocurrencies – supposedly digital assets never reach a comparable capitalization with the securities market. Many skeptics are even convinced that cryptocurrencies are created exclusively for the needs of the shadow economy.
Law enforcement agencies in many states see cryptocurrency tools that drug traffickers and terrorists use. Of course, this is a delusion, cryptocurrencies are not created for the shadow economy, although they are partially used there, but still the potential of cryptocurrencies is much wider and is not limited to dubious Internet resources. Let's understand how cryptocurrencies fully integrate with time into the real economy through processes that are already underway.
Examples of the use of cryptocurrency and blockchain
In order to fully appreciate the potential of cryptocurrency, it is necessary to understand the capabilities of the technology that stands behind them. The first blockchain appeared in 2009 and formed the basis of the most popular cryptocurrency Bitcoin, the capitalization of which today makes up half of the total capitalization of the cryptocurrency market. However, blockchain enthusiasts did not stop at cryptocurrencies.
A distributed registry is primarily a mechanism for absolutely safe processing, storage and transmission of data. Such technology can be effectively implemented and transform the most diverse industries: from copyright to elections to the government of the country.
BeeNode considers cryptocurrency as a means of payment, and not just a speculative digital asset, so consider blockchain as a tool for making complex transactions, which today require weeks, or even months of time, as well as processing countless various documents.
In some jurisdictions, for example, in the UK, even the simple opening of a bank account for an individual can take a couple of months time due to numerous checks and documentation. If it comes to re-registering a land plot or other real estate, the process can be delayed for three to four months, or even six months.
By and large, everything that needs to be refined in such processes to make transactions faster, but remain safe: an automated escrow mechanism that will transfer money from the buyer and at the same time rewrite the right to own property. Blockchain completely eliminates the possibility of fraud, which means such schemes will soon come into our everyday life and kill the bureaucracy in many different industries.
Technology as an impartial tool
The attempts of many even high-ranking and respected personalities around the world to denigrate the technology of the blockchain , on which cryptocurrencies are based, look very silly. Digital money is trying to stigmatize, creating a strong association with illegal translations and other aspects of the shadow economy.
Anyone who tries to evaluate the technology of distributed registries and the cryptocurrency themselves as a phenomenon within the framework of the terms of morality and ethics, does not understand that the tool cannot be held responsible for who uses it and how.
BeeNode as a competitor to fiat money
Blockchain and cryptocurrencies developed on it can bring many innovations to the world economy that will make the financial industry much more modern and meet the needs of society. Transfers from one end of the world to another through a bank can take up to 10 days and include a serious commission, and using the InstantSend technology used in BeeNode, the transfer will reach the recipient instantly and with almost no commission.
In addition, today the problem of anonymity of users is quite acute on the Internet. This problem has nothing to do with terrorism or drug trafficking: the simplest people also want to remain anonymous and not give out information about their payments and other personal information to advertising corporations. Unfortunately, existing payment systems want to know too much about users.
Cryptocurrency BeeNode, in turn, guarantees every user absolute anonymity – thanks to the PrivateSend function, it is almost impossible to track the source of the transfer. Skeptics may say that states and jurisdictions will not let millions of payments out of their sight, but there is a social order for such payment systems, which means that their popularity will grow from year to year.
Publication date 06/26/2019
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