Hello everybody.
Welcome to this post. I hope that all of you will be happy and fine and enjoying your good health with the grace and blessings of Almighty God. Today, I am here to present a post that is actually a participation in the weekly contest. This is the Week 6 and the Edition 2 and the topic is Physical Money or Cryptocurrency. So, let's start our task without any wastage of time.
Comparison of Physical Money and Crypto Currency
Cryptocurrency is actually a type of currency that cannot be touched or even felt but it can be used for payment purposes on the digital networks. According to my views, crypto is much better than the physical money and the traditional finance system, as well. Following points prove my this statement.
The traditional finance system is very much complex and whenever a simple man has to transfer or recieve money between their near and dears, they have to go through a very complex and complicated process for this purpose.
The physical currency is kept in the banks and the system of banks is actually the centralized system and the owners of the money do not have complete control on their money as it is in the hands of banks.
The owners and the management of the banks can modify and or access the complete details of the transactions that took place in this centralized system. Thus, the sensitive details of users are unprotected.
Money, in the form of crypto currency is much more protected than the physical money as the chances of being stolen are more in physical money as compared to the cryptocurrency.
Physical Money holds a lot of volume consumption but there is no such case in the use of cryptos as the users can place millions of trillions of Bitcoins in a single wallet with just a private key.
Other physical factor can also act on the paper or physical money but there is no any effect of the physical aspects on the cryptocurrency. For example, a note of 100$ could be torn but 100 USDTs could not be damaged by any way.
Whenever we want to make any transaction in the physical money, we have to waste much of our time in the banks in order to verify the details and KYC verifications, etc. But there is no any wastage of time in the case of transactions in the cryptocurrency. We can make transactions within seconds or minutes.
The transaction making process in the case if crypto currency is permissionless as the users can make transactions anywhere without seeking any permission from the central authority but in the case of physical money, we have to go to banks and then ask for making transactions.
Via cryptocurrency, users can make easy transactions wherever and whenever they want. Transactions could be made in any corner of the goobal world.
So, all of the about points show that the cryptocurrency is much better than the physical money as the blockchain technology is much better than the traditional financial system.