You’ve got used to the idea that money exists only when we can physically hold it in our hands. We pay with bank cards for everything, but there’s always an opportunity to find an ATM and receive stacks of cash to please ourselves. It provides us with some sort of inner confidence that money is physically real. Perhaps that’s why the vast majority of people treat the idea of cryptocurrency with suspicion and ignore the very fact of its existence. Really, how is it possible to control something that has no tangible connection with reality?
The truth is that the world is changing and we miss out on its progress when rejecting this new system of payment and the opportunities confers. Nevertheless, the reality is that our bank cards are even more vulnerable than cryptocurrency, and we have to understand this fact. If at some point down the line, someone who has all the necessary skills is lucky enough to hack your bank account, there will be no recourse except a kickin’ back with a bottle of Jack Daniels and fantasies about a blood-splattering revenge. However, such a scenario is impossible with cryptocurrency, as it’s based on a decentralized platform called blockchain, which is independent and cannot be directly regulated by people. All the action within the system is scripted automatically, and it’s impossible to change them. This is the new reality of the financial online security, and it’s worthy of our trust.
Cryptocurrency changed the essence of financial operations by making them simple and transparent. For many people it might be pretty challenging, as the operations conducted with cryptocurrency cannot be cancelled or disputed, they are literally irrevocable. If the transaction took place, there’s no opportunity to press “cntr+z”, but from the other point of view, it can be also be perceived as a source of confidence.
Cryptocurrency prompted the world to change by supporting a positive force in the invisible, but cruel, fight for global cybersecurity and the safety of information on the Internet. Primarily, it’s given people anonymity in their payments and transactions. It’s a radically new technology for financial transactions because it’s fully open and transparent. All operations can be traced and checked, but at the same time, the names might not be disclosed. There’s no “login and password” in the accounts of the cryptocurrency users, moreover, they’re free not to provide any personal information at all.
Also, due to the smart utilization of the blockchain technology that’s based on the decentralization of the information, cryptocurrency can be regarded as immune to hacking. In other words, the online financial operations might finally become not only open but also safe. Its users have to tolerate a lot of new and uncommon features, but they’re provided for the sake of security. It’s necessary to have a specific level of access to conduct any transaction, and it might not be possible to receive such access in the conditions when all the activities can be easily traced. In the previous year, about 41% of Americans had a chance to estimate the talents and abilities of the hackers who were able to steal money from their credit cards. The cryptocurrency cannot be stolen in the same way; it gives a sense of safety to its owners.
Due to blockchain technology, every user has a private key to their electronic wallet, and it’s enough to conduct transactions of any kind. Undoubtedly, it’s extremely important under the modern conditions as in the coins, people can get salaries for their work from any part of the world. The reason is that price of cryptocurrency increases in accordance with the growth of an industry in which it circulates. For example, in the Hacken Ecosystem, utilization of the cryptocurrency allows getting passive income as people hold the custom-tailored token HKN. Also, white hat hackers can be rewarded for the services they provide, without having their identities exposed. It’s a crucial aspect for encouraging such professionals to work for on appropriate side of the firewall. If their skills and abilities are not valued enough, they would probably apply them to black hat hacking. In fact, a lack of cybersecurity is still a problem, and the anonymous army of the Faceless Men is dealing with it even today. There’s no need for them to show their real faces, and there’s no need for the clients of the Ecosystem to ask for it. If white hat hackers trust this method of moving money, it might be pretty smart to act in the same way.
In addition, cryptocurrency provides an opportunity to receive profits from buying tokens. The exchange rate of bitcoin-dollar has already passed the $20000 level, for instance. Now, it’s floating around $18300. Bitcoin’s price underwent a growth of 20% within a matter of days, which means an extremely high profitability. The same applies with tokens which value is growing constantly as well. For instance, the value of one HKN in the Ecosystem changes fast and positively after a token sale. Its primary exchange rate was $1, but it has increased after the crowdsale due to the high demand on the token and the burning principle being applied to regulate it. This principle is aimed at making the number of tokens in the system lower, and it will promote their growth in value. Also, it’s noteworthy that tokens provide an opportunity to purchase the service of a company utilizing its cryptocurrency, which was bought by the customer for a rather attractive price. In other words, cryptocurrency turned out to be the example of a smart investment with positive liquidity that’s used for buying a needed service. For example, the Hacken Ecosystem utilizes HKN for selling the services of white hat hackers, but this form of financial cooperation is quite promising for other spheres as well. Last but not least, our special product Crypto Exchange Ranks gives arbitrage view that allows its users to get income on sending money from one exchange to another.
The world might not be entirely ready to accept this new system of payment. People are actively resisting everything new and they try to delay the moment when it will be necessary to accept reality and learn how it works. The main challenge is that the world has already changed due to cryptocurrency based on blockchain technology, and it’s necessary to adapt to these changes. The example of the Hacken Ecosystem might well be regarded as a small utopian version of how it should work globally for other organizations.
Enter your email address to subscribe to Hacken Reseach and receive notifications of new posts by email.