Over the past ten years, cryptocurrencies have swept the financial industry by storm, with Bitcoin at the forefront.
Yet, due to recent scandals involving cryptocurrency, there has been a widespread uprising and lack of confidence in this incredible piece of tech.
From Sam Bankman Fried's FTX crash, to the Quadriga CEO plane catastrophe, which resulted in the loss of millions of Bitcoin, all the way to the so-called stable coin crash of Terra Luna.
This raises the question of whether we can still have faith in cryptocurrencies and Blockchain technology in general.
What is Blockchain Technology?
A digital ledger called a blockchain is used to store data in a secure, decentralized manner.
It's a form of distributed ledger technology that dispenses with a central authority and enables data sharing and access between numerous parties.
It's possible that many of you readers won't comprehend this, so let's put our imaginations hats on for a better comprehension.
Consider that you and your buddies are preparing a party together, but there's a hitch: everyone keeps forgetting who is bringing what.
Thus, to keep track of everything, you construct a shared digital notebook. The list can be expanded by each person, but once it is written down, nothing can be amended or removed.
Now picture yourself and your friends using a blockchain in place of a notebook.
Each item in the list functions as a building block in a chain, and the list's unique code makes sure that nothing may be added or removed without the agreement of all other members.
Without the requirement for a centralized management system, it is a safe and open way to store and distribute information.
The question now becomes, What does this have to do with crypto or the money of individuals?
The blockchain network is used to safeguard and verify transactions using cryptocurrency, a type of digital currency.
in order to clarify things It operates as follows: Say you wanted to send some cryptocurrencies to a person in another nation.
The blockchain network, which is a distributed ledger shared by many nodes, stores the data from the transaction as soon as it is initiated.
To avoid us from losing our focus from the main topic, an Investopedia article might be of great help to explain further.
What Affects Our Trust in Cryptocurrencies?
I mean if crypto is so secure and sometimes unhackable why has it caused so much harm to people. You see Technology is always constant but humans are not.
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To have your crypto traded it has to be on an exchange which is controlled by humans.
Every cryptocurrency scandal has always been the result of human error rather than an issue with the technology. whether by improper financial management, a lack of software security, or the use of phony websites.
All of this has led to a steadily declining level of public confidence in cryptocurrencies and the efficacy of blockchain technology.
You see, three essential things must occur for cryptocurrency to become a currency:
1: Universal Acceptance: which we are not yet at but are steadily moving towards a trend in the right direction.
2. Stability: While many cryptocurrencies are prone to volatility, stable coins are
conceivable when they are pegged to real money, such as the US dollar.
3. Confidence: which is another name for trust and here is where the problem lies.
True Power of Blockchain
The core of blockchain is largely safe and nearly unhackable, and it has the potential to disrupt industries outside of banking. But, this layer of human mistake may prevent us from realizing its full potential, which is one of the reasons we are here.
Lazerpay is revolutionizing cross-border cryptocurrency payments by utilizing Blockchain technology.
Blockchain-based cross-border payments can be processed nearly instantaneously, with low fees and increased transparency, in contrast to traditional payment systems, which can take days or even weeks to process.
With this potential we help businesses to speed up, reduce costs, and increase transparency of cross-border payments.
By providing businesses with a secure wallet to accept and manage their cryptocurrency in one location, Lazerpay does more than just assist with payment processing.
We are here to help you take your business global. In addition, through our reputation and hard work, we seek to increase public confidence in the blockchain so that we may fully utilize this ground-breaking technology.
To do this, we developed our platform to be user-friendly, making it simple for you and your clients to utilize. Furthermore, we provide an easy-to-use interface and seamless interaction with your current payment methods.
Being a part of the blockchain and cryptocurrency ecosystem at this moment is thrilling, and there's no doubt that this ground-breaking technology will continue to find imaginative new applications.
The choice to trust cryptocurrencies ultimately rests with each person depending on their risk tolerance, however we hope this article will reduce your bias against the blockchain.
Cryptocurrencies are undeniably here to stay and have the power to completely alter the way we think about money and banking, so join Lazerpay in the future of payment processing right away.
