Recently, cryptocurrencies and bitcoin have become the main topics in the financial industry. A cryptocurrency is a digital or virtual currency that uses cryptography for security.
A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation. Knowing that a warfare is an active struggle between competing entities. That is probably the reason why www.publish0x.com/Zhukov/cryptocurrency is asking himself whether Cryptocurrencies are Revolutionising Modern Warfare ? to solve this problematic we are going to firstly speak about money as an exchange instrument and secondly we will talk about the benefits of cryptocurrencies. Lastly, we will clearly give and answer for the exclamation « Cryptocurrencies : Revolutionising Modern Warfare !! »
In a historical retrospective, markets in general and financial markets in particular, have experienced a huge development. In this regard the instruments used as exchange instruments have also experienced change and have evolved in accordance to the markets needs aiming to make trade transactions as easy as possible. Those instruments used to intermediate the exchange of goods are known as money.
Most of the economists define money as something that serves as a medium of exchange, a unit of accounting, and a store of value. Money is a medium of exchange in the sense that we all agree to accept it in making transactions. Merchants agree to accept money in exchange for their goods; employees agree to accept money in exchange for their labor.
As a unit of accounting, money provides a simple device for identifying and communicating value. Money serves as a store of value in that it allows us to store the rewards of our labor or business in a convenient tool. In other words, money lets us store the value of a long, hard week of work in a tidy little stack of cash. Without money, how would we set aside the compensation we receive for later use? From the era of barter to commodity money, metal and coins, to gold and silver, continuing by modern monetary systems and checks and ending with the latest global currency developments, such as introduction of cryptocurrencies known as bitcoin and ethereum and alike, have passed centuries.
Each type of the money has played it indispensable role in transaction activities for the respective time period. However, as the human society in general and markets in particular evolved, there was a need for more sophisticated goods exchange instruments. In this regard the introduction of cryptocurrencies has revolutionized the international payment system in a scale that just few years ago were unimaginable. A cryptocurrency is a digital or virtual currency that uses cryptography for security
Advantages of cryptocurrencies
1) Open code for mining cryptocurrency : Bitcoin applies the same algorithms that are used in online banking. The only difference of Internet banking is the disclosure of information about the users. All information about the transaction in the Bitcoin network is shared (how, when), but there is no data about the recipient or the sender of the coins (there is no access to the personal information of the owner`s wallet).
2) Peer-to-peer cryptocurrency network : in such networks there is no master server, which is responsible for all operations. Exchange of information (in this case — money) is between 2-3 or more software clients. All installed by users program-wallets are part of a bitcoin network. Each client stores a record of all committed transactions and the number of bitcoins in each wallet. Transactions are made by hundreds of distributed servers. Neither banks or taxes, nor governments can control the exchange of money between.
3) Unlimited possibilities of transaction : each of the wallet holders can pay to anyone, anywhere and any amount. The transaction can not be controlled or prevented, so you can make transfers anywhere in the world wherever another user with a Bitcoin wallet is located.
4) Low BTC (bitcoin) operation cost : The BTC cryptocurrency works as physical cash, combining the functions of e-commerce. No need to pay commission and fees to banks and other organizations. The main part of such process is mathematics, which does not need money. The commission fee in this system is lower than in any other. It amounts to 0.1% of the transaction amount. The operation interest charges go to BTC miner’s wallets.
5) Decentralization : There is no central control authority in the network, the network is distributed to all participants, each computer mining bitcoins is a member of this system. This means that the central authority has no power to dictate rules for owners of bitcoins. And even if some part of the network goes offline, the payment system will continue to operate stable.
6) Speed of transaction : The ability to send money anywhere and to anyone is a matter of minutes after the BTC (bitcoin) network will process the payment.
7) The possibility of investing funds in the transparent and profitable resource : This topic claim that the future of cryptocurrencies is bright since it will remove trade barriers and intermediaries, it would decrease the cost of transactions, and therefore boost the trade and the economy.
To conclude, the cryptocurrency is a kind of modern conflit against unemployment, it is a sort of modern fight against inertia of some governments, it is a modern combat for novelty employments. Therefore according to me, we can say yes concerning the exclamation : « Cryptocurrencies : Revolutionising Modern Warfare !! » Yes because this modern warfare is positive and benefit for the world. Yes because this Modern Warfare truly make a World what we call in french a « Village planetaire ».
References
CRYPTOCURRENCIES – ADVANTAGES AND DISADVANTAGES (Flamur Bunjaku, Olivera Gjorgieva-Trajkovska, Emilija MitevaKacarski) pdf.
www.publish0x.com/Zhukov/cryptocurrency
