One of the main purposes of cryptocurrency is to achieve financial freedom.
With traditional currency or fiat money you are never really in control of your funds. There is always a central organization that manages and controls “your” money. You might think that it is “your” money that you see in your account but in reality it is not.
You might have a nice amount tucked away on a savings account but to access it you will have to go through your bank (a centralized organisation). The bank can also dictate what you can and cannot do with your money. You cannot store your digital wealth on an app or local wallet for example outside the reach or control of the bank.
If the bank would go bankrupt, you run the risk of losing all “your” money because the people managing your hard earned cash will not be able to pay you what they owe you.
As soon as you trust a bank with your funds, you are giving them control over your wealth. If you think that the bank will just put your funds into an account and leave it there until you wish to withdraw it, you are poorly mistaken, the bank will use your money to invest and keep the earnings of those investments for themselves, in fact there is no way to know for sure how banks are handling the money you put into their accounts.
Banks take a calculated risk based on the fact that it is very unlikely that everyone will withdraw or use their funds at the same time. So they make sure that only a percentage of the money on saving/spending accounts is available should people want to do payments or cash out. The rest is used for investments or other financial transactions. If every customer of a bank would withdraw his or her funds at the same time than that bank would immediately go bankrupt simply because the bank would not have the funds to pay everyone what they are owed.
A lot of banks even limit the daily amounts of money that you can withdraw, just think about it. Someone else is actually deciding what you can and can not do with your own hard earned money.
Cryptocurrency is everything that fiat money isn’t. It takes away the control of central organizations and puts it where it really belongs….with you. With cryptocurrency you have full control over your coins. With a private key you are the only one who has access to your funds and no one can take that away from you. You are also not tied to a single central organization, you can store your money anywhere you want it. You can leave it on an exchange of your own choosing, a mobile wallet, a wallet on your PC or even a paper wallet, you can decide to store it online or offline for even safer keepings.
for example for a long time I held my bitcoins in my Mycelium android wallet but then I decided to use the Coinomi wallet because it has more options. I simply imported my private keys into my freshly downloaded Coinomi wallet.... et voila, all my bitcoins were now in my Coinomi wallet. Let’s see you do that with a bank account!
Another advantage of crypto are the peer to peer payments. Instead of wiring money from one bank account to another, you can now directly make payments to another person's wallet. There is no interference from financial institutions between the payments.
SmartCash is a prime example of a cryptocurrency giving its users financial freedom. Besides the decentralized aspect of the blockchain, SmarCash also gives the users the means to pay merchants instantly (instantpay). The coin focuses on the community and holders of the coin can vote on how SmartCash funds are spent. The SmartCash funds are used to promote community projects that are submitted by the members of the community. So basically for the people by the people.
Freedom to decide
You can earn rewards by holding the coin but it is not a necessity. It is up to you for which purpose you want to use the coin. Either use it for payments or long term investment.
One of the many things that SmartCash has initiated to give their community (SmartHive) more freedom to spend their funds is the SmartCash debit card. This will allow the users to spend their SmartCash in conventional shops and online.
Freedom to participate
The developers use feedback from the community to decide which direction the project should go, even more they encourage the community to participate in the development of the project (Roadmap).
A bank will never involve you in their decisions, they will never ask you for your opinion how to invest (even it is your own money). The money that the banks are spending is actually money that has been deposited by their customers but those customers have no say in the way that the bank handles their money.
Freedom to support
The SmartCash blockchain is powered by SmartNodes that are setup by the community members and holders of the SmartCash coin. So in a way the SmartCash network is being maintained by the community members themselves.
To setup SmartNodes you will need 10,000 SmartCash as collateral.
Cryptocurrencies like SmartCash gives you all the benefits of other crypto like real ownership of your coins, independence from financial institutions but also a say in how SmartCash funds are spent, the possibility to setup community projects and participate in the development and direction of the project.
For a coin to succeed as a viable means of payment it needs to be user-friendly, instant, backed by the community and have real added value. If we add the fact that by holding the coin you get a say in the community and can help with the development we can conclude that SmartCash is providing a great and positive way for people to be free of the choking grip of centralized financial institutions.
If you would like to learn more about SmartCash please visit https://smartcash.cc/ (or click on the banner below)
thanks for sharing this with us
no problem, I hope that one day all of us will be free of centralized financial institutions.
decentralized currency is safest of all like crypto. we have access to our wealth. bitcoin and crypto is the only thing where middle class entered first then the big players moved into it. i really feel sad for the people who sold their bitcoin recently below 6k$. the guy who holds 10 btc by 2020 will be a multi millionaire for sure . good article.
True, the real test will be to avoid the FUD and FOMO and keep believing in the added value of crypto.
That's true, one you deposited your money in the bank. It is not your money anymore. Its there money, your only proof is a piece of paper.
And even that paper isn't really proof, it is to supposed to represent a value but in reality it doesn't add up.
@smartbot tip @xervantes 15
Σ$$$ Tipped @xervantes
Σ15 SMART! Comment@smartbot helpto claim. Currently the price of SmartCash in the market is$0.205 USDperSMART. Current value of the tip is$3.07 USD. To find out more about SmartCash, please visit https://smartcash.cc.