Cryptocurrencies have become very famous as an easy way to make money by trading. There were even tools such as a cryptocurrency portfolio tracker or crypto exchange to make the traders’ job easier.
However, crypto coins are also a great way to control your funds. So let’s find out how!
The Issue With Centralized Control
Some years ago, India took off 86% of its cash out of circulation. It should have cut down on tax frauds but it also removed a big percentage of money from the poor. After some weeks, Venezuela took the same action.
It is worth thinking about the amount of authority people have over their funds and maybe they should have more of it. The poor keep their funds in traditional money which is not controlled by them. Historically, It has always been the same way. Kings and rulers used to capture common people’s properties. If they tried to accumulate any property, it wasn’t certain that they could keep it.
In the seventeenth century, something significant happened. Property rights were created. It caused a crucial transition in the social fabric. People gained the ability to maintain their property. If they worked hard they could provide a better life for them and their children.
Throughout time, more innovations emerged and people became busy with creating new products and tools. These processes sped up and life became much easier and more comfortable for everyone, both poor and wealthy.
When people have complete power over their fortune they work harder. When you know that you will make a better life for you and your family by working hard it’s encouraging, but if you know that your money can be taken from you it breaks your stimulus and motivation.
People knowing that releasing a new service can help them make money, they will definitely try it. As the competition in markets grows, goods and products improve and it is beneficial for customers. This is another way of improving conditions for human beings. Taking money from common people also forces them to leave their countries and migrate to countries where property rights of individuals are protected.
Crypto Coins As A Method To Govern Your Funds
Digital currencies give people an exceptional chance to control their wealth and encourage this inclination in the world. In the case of cold and secure wallets, it is far more hard to take someone’s money against their will. It is even impossible.
Surely, crypto coins are not only used for transactions. For instance, the blockchain-based platform Tron is aiming to bring transparency and fairness into the entertainment industry. If you’re in the industry too you should stay on top of tron coin news.
On the other hand, smart contract and dApp platforms like Cardano, Ethereum and Stellar are also very useful. XLM news will supply you with all the information you need about the Stellar platform.
Another advantage is that the amount of money cannot be increased by a central authority when it comes to digital currencies.
Crypto coins are accessible for everyone. All you need is a smartphone which is used by almost everyone around the globe. You can start using crypto coins everywhere in the world.
Despite this, digital currencies also have some disadvantages. In case of digital currencies, it is not central banks that governs everything, yet, you don’t control your money 100% as the network also has a place where they come to some consensus about new changes. At least 51% of the users must agree to those changes. This is a new approach that provides great control.
Cryptocurrencies are also much more volatile than traditional currencies. This can be a beneficial thing for smart investors but for common users, it means that they can lose money by using cryptocurrencies.
Using crypto coins you should always use a crypto tracker to maintain your funds secure and be aware of price changes. To learn how to use this amazing tool check out the best cryptocurrency portfolio tracker guide.