Because blockchain technology and digital currencies are distributed across all users, they:
- Cannot be manipulated - The network belongs and is operated by everyone who participates. Trading can, therefore, not be manipulated or controlled by a single entity.
- Cannot crash - Because of distributed record copies, one compromise or failure will not influence the network.
- Have lower transaction costs - Since there is no third-party control, only transaction validation fees apply.
- Have transparent transactions - Once a transaction has been processed, it cannot be cancelled and cannot be altered from its original state.
- Offer effortless international transfers - Because digital currencies are not regulated by governments or a third party, they are internationally based and can be shared freely between any user regardless of the seller or recipient’s identity or country.
The advantages of blockchain technology and digital currency over traditional currencies and banking systems are overwhelming. Many believe that this form of technology will revolutionize how we see and use money and it has been dubbed the future of the internet. Software developers are also discovering more and more ways to apply this technology to almost any industry imaginable. The use and demand for blockchains and digital currencies are ever-increasing and may one day, like the internet, become the norm of everyday life.