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Cryptocurrency is a rapidly emerging concept that is based on secure exchange of information through certain principles of cryptography. The idea of Cryptocurrency is continuously gaining the attention of shoppers that prefer buying online. However, the concept is not just limited to online shopping.
This text accompanies a video displaying a convincing speech by Overstock.com CEO Patrick Byrne, who has been supporting the cryptocurrencies and specifically Bitcoin for a long time now. The video describes the financial benefits of making transactions through digital currency.
Global Economic Crises
The great economic recession of 2007-2008 has challenged the integrity and reliability of conventional currencies. Patrick Byrne is of the view that digital currency can reduce the intensity and impact of such slumps. In fact, it is the same financial crises of 2000s that encouraged the cryptographers to work on a new money system like Bitcoin, Litecoin, Namecoin and other cryptocurrencies.
In video posted by Patrick Byrne on Twitter , he tells that the recession of 2008 was just the beginning. Such kind of global issues will continue to rise quite frequently in the future, and we must be prepared for that. Cryptocurrencies are more transparent and properly valuated.
Reclaiming Financial Freedom
It is obvious that in the current monetary system, rich capitalists dominate the overall economies. Families, companies and even the governments are into debt over their heads. Most of the economic issues on aggregate level arise due to the financial system that wrongly prints paper money. This money is often used to carry undesired expenses, and all of us voluntarily become a part of it.
Patrick Byrne in his lecture convincingly described how you can claim your financial freedom by opting out of hypocrite system and joining digital currency standards. Bitcoin and other cryptocurrencies allow people to control their own currency without the fear of banks failing and losing everything.
Ease of Transactions and Other Advantages
I believe, digital currencies provide a unified set of standards in every region of the world. That is why you can safely transact and exchange using such currency, while dealing internationally. Unlike the debit and credit cards that somehow reveal your identity through numbers, cryptocurrencies give your transaction more privacy and security, as they are built on public key cryptography.
Businesses and individuals have to face many types of unnecessary taxes that are even used to fund wars across the borders. Low costs of digital currencies allow you to pass along with savings or make fruitful investments.
Convenience is the most commendable aspect of the cryptocurrencies. They offer you instant and touch-less payments, changing your opinion about credit cards and their expediency. Indeed, you will start considering such physical instruments as being outdated.
Moreover, you don’t have to worry about continuously changing currency conversion rates while transacting internationally. Bitcoin provides you with the unified and worldwide acceptable value. You will come to know several other benefits of incorporating cryptocurrencies into your life, after watching the motivational lecture of Patrick Byrne. I highly recommend to check it out and leave a comment if you have any question regarding the content of the video.
About Patrick Byrne
Patrick Byrne is a renowned entrepreneur and e-commerce pioneer from Hanover, New Hampshire. He is the CEO and President of Overstock.com, an American online retailer. Being a Master of Mathematical Logic and Doctor of Philosophy, Byrne is known to be an accomplished person in financial sector. He was the one to identify the naked short selling at Wall Street.
For the past few years, Patrick Byrne has been a leading supporter of Cryptocurrencies like Bitcoin. He has continuously been coming up with convincing facts and evidences in support of the digital currency concept. Latest in this regard is his one hour video lecture that describes and discusses each aspect of cryptocurrencies.