Page 18 - CBI Magazine_August 2020

CBI MAGAZINE | August 2020
FINANCIAL
SECURITY
THROUGH
CRYPTO
“Cryptocurrency is the quintessential means for absolute and unfettered financial security.”
Just as the internet has almost but replaced Hollywood with Netflix, the music business has been taken over by Spotify, whilst Google and Facebook have taken the lead in all advertising and media businesses, cryptocurrencies will soon replace how we view the finance industry, whilst providing greater financial security and control.
Money serves four functions mainly, as; a medium, a measure, a standard and a store. Traditionally, “money” is any object that is accepted in payment for goods and services as well as for repayment of debt. Historically speaking, the object has been physical, but as economies developed, the non-physical from
of money (such as written records), became increasingly acceptable. Cryptocurrency remains a means of financial security. It has changed the banking and financial sectors. Crypto provides greater control, transparency, security and privacy of funds, along with the provision of faith in a common medium of exchange.
The most noticeable and impactful changes are the removal of financial go-betweeners, the placing of trust in a system instead of a financial institution, the speed of international transactions, as well as the drastically reduced costs of transaction. Cryptocurrency brings truth to the saying “there is strength
in numbers”. For many, a virtual currency could be the next step in how we, as people, evolve into a world that lives, breathes, and functions outside the boundaries of a government. The new central bankers are the cryptographers.
The new owners of the financial infrastructure are the holders of the cryptocurrency coins, which is, or could be, everybody.
While cryptocurrency has been praised for its potential in the financial sector of the developed world, one of its greatest applications has been overlooked. In countries that lack dependable economic systems or governance,
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