Crypto has been termed a “stranger” which has been miraculously performing and making transactions so simple through internet-connected devices. People have relied on financial institutions for a long time since they can send and receive to pay for goods and services.
With technological revolutions, digital currencies have emerged, and they have proved to be working perfectly, effectively, and efficiently. Having to send money from a peer-to-peer without intermediaries is one of the reasons why people feel that crypto is better than fiat. Sending or receiving cash in fiat form has had people suffer because, at times, people are in an agency to use money, but they have to wait for the transaction to mature after maybe hours or days. The “stranger” allows people to receive cash instantly without waiting.
Eliminating the barriers of third parties and the trust of strangers because the corruption rate in crypto is not common as it has been the case with the fiat currencies having to pass through the hands of many people hence embezzlement. Crypto uses cryptography, and its transactions are so secure. They use blockchain technology, making it impossible to hack, and there is transparency in the transactions. However, some people still find their way to hacking the systems by designing websites that resemble those used for transacting crypto and trapping those who do not differentiate them.
The technology is still new, and there are hopes that reforms will make the system unhackable. There have been cases of theft in banks where people have looked for means and broken into banks to rob money, and this has made people think that crypto could be a solution to the fiat sector’s problem. Crypto can be used globally. Digital currencies can be used by people worldwide, apart from the countries that ban their use. Some countries do not allow women to own bank accounts, and crypto helps those who went to seek a job in those countries to use them to send money to their loved ones. Having gone through the Covid-19 pandemic, people have also relied on crypto because it can be sent from country to country to acquire goods without movement.
Conflicts are also proving that crypto is powerful. In Ukraine, the donations sent to the country are through crypto. Decentralisation, low transaction costs, secured transactions, and relatively lower transaction costs have had people trust the stranger, which is crypto and doubt the institutions. People have been relying on cryptocurrency and finding it better even though it’s a new technology. Having experienced the problem of infrastructure also, people find crypto giving a solution to it. Many reported cases of corruption are taking people to trust crypto because it gives an investor a chance to own their money, unlike when they had to store it in banks, which was centralised, not allowing ownership of the money.