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Advantages of Cryptocurrency

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Advantages of Cryptocurrency

•Don’t have government currency monopolies: Outside the direct control of national banks, such as the European Central Bank and U.S. Federal Reserve, cryptocurrencies offer a reliable means of exchange. This is particularly attractive for people who fear long-term economic instability because of loose monetary policy of the government. Many political scientists and economists expect various governments to co-opt cryptocurrency or incorporate aspects of cryptocurrency (such as the authentication protocols and built-in scarcity) into common currencies.

•Self-Policing, Self-Interested communities: Mining is a built-in policing mechanism and quality control for cryptocurrencies. Minors are paid for their efforts. So they keep an up-to-date and accurate record. This secures the value of the currency and integrity of the system.

•Robust privacy protections: Anonymity and privacy were the chief concerns for early cryptocurrency advocates and still is. Many cryptocurrency users use aliases separate from any accounts, information, or stored data that could pinpoint them. It is possible for advanced community members to deduce the user’s identities. Post-bitcoin or newer cryptocurrencies have additional protections that make it much more difficult.

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