Decentralized Digital Currencies

Over the years, there have been several improvements in the way trades are made. These improvements saw different countries create their own unique fiat currency for buying and selling while others adopted the currency of other countries to help grow their economy. This, of course, would mean for you, a visitor in another country would have to exchange your own country’s currency for that which is spent in the country you travelled to. 

Exchanging currencies is usually a tedious task as you have to calculate the exchange rate before you get your cash exchange and what not. To top it all, all these currencies are controlled by a central system which dictates and oversee the administration of these currencies.

How Can Decentralization Make It Better?

Decentralization offers decentralized control over digitalized electronic currencies which is not controlled by a central bank or single currency overseer. It also offers a trustless instantaneous transaction with guaranteed security.

Already the technology for the decentralization is already available and is being developed to suit different systems and sectors. 

Benefits of Decentralized Digital Currency

1.    Security: for the different transactions that are being carried out, there is no room for fraud as the transactions are being recorded in an immutable ledger that is secured from third-party interference. 

2.    Instantaneous transaction: the transaction of the decentralized digital currencies is instant to any location around the globe. They do not require a central administrator to authorize these transactions. 

3.    Anonymity: Digital currency platform protects the identity of those who use the decentralized currency.