By Prince Mhlanga
Hysteria lies what could be the most sophisticated invention in the history of mankind. The world is in the move, the world of the century of the Anno Domini era will look different from the world we have known for decades.
Not surprisingly, therefore,the people wait in anticipation as crypto-currencies are gaining mass adoption among legitimate businesses and this has spooked panic in most banks.
The sudden rise in cryptocurrencies will herald a new world order, taking back control from the elite.
Cryptocurrency is an intermediary instrument but conceived for the purpose of exchanging digital info through a process made possible by principles of cryptography.
Cryptography secures the transactions through the use of codes and also controls the creation of new coins. In 2009, a pseudonymous programmer invented bitcoin and released it as an open source software and since then other alternative coins have since emerged.
The differences between digital currency leocoin and fiat currencies
In our article this week, it is useful that we discuss indepth some notable differences between digital currency leocoin and fiat currencies.
It is worth noting that there are thousands of digital currencies. Every altcoin is trying to target any perceived limitations that bitcoin has and come up with new versions to improve it. Almost all the altcoins are built upon a basic framework provided by bitcoin.
It is interesting to note that LEO is a conglomerate company with a huge ecosystem consisting of leocoin, leo banking, leo tower, leo exchange, leo cafe, leo charity, leo skills. As such leo members get to be shareholders and get to receive yearly dividends. I will divulge more into that in my next article.
Digital currency, leocoin is a means of payment that exists purely in electric form, as we progress towards a cashless society, it is unbiased to say cryptocurrency will revolutionise the way we transact online.
As emphasized in the beginning, it is a more advanced and more secure algorithm and its transactions are openly verifiable and traceable by anyone in the real world.
Leocoin is a decentralised currency which works through a distributed ledger technology called blockchain which basically is the systematic recording of transactions made in leocoin and maintained across several computers that are linked in a peer to peer network.
In contrast fiat money is government money.
As such, central authorities have power and can censor peoples privileges to move money in any way they see fit.
The government or central banks cannot control or intervene in the valuation of leocoin, neither its creation nor distribution.
There is a widespread belief that access to banking facilities help people to better manage their life and finances,surprisingly over 2 billion people in the world don’t have access to banking facilities.
Transfering value from anywhere in the world
This can be attributed to financial literacy or failure to provide valid identification documents.
One of the salient features of leocoin is that it makes it possible to transfer value from anywhere in the world and allows you to be in control of your money.
You can do this by creating a leo wallet on exchanges, there is no verification needed to create a wallet, you can also keep your leocoins in there,the money belongs to you 100percent and there are no corrales or accounts to be frozen.
An important distinction is that when you transact in fiat currencies,cross currency transactions and transfers are expensive and have friction,in sharp contrast leo transactions are quick and transaction costs are very low.
International wire transfers take long,suppose you are sending R50 000 from South Africa to China, it may take up to 5 days for the recepient to receive the funds additionally the remittance costs are very high.
There is obviously a considerable difference when you are using Leocoins. Basically when you send leocoins to someone in any part of the world they receive the money in an instant and can start using it in the next second.
Very safe and has most advanced cryptographic systems in existence
Note in particular that leocoin is encrypted meaning its very safe and has most advanced cryptographic systems in existence, more so than the ones used by banks.
A further distinguishing feature is that leocoins have a finite supply which is pegged at 1 billion leocoins whereas fiat money is unlimited in supply.
This poses a serious problem as governments print more money to finance their deficits.
An increase in the nominal money supply creates an excess demand of goods and this increases the inflation rate which adversely affects the real standard of living.
Leocoin transactions are transparent and visible to the public in real time under pseudonyms in the form of bitcoin addresses.
Enthusiasts are eagerly awaiting and have already predicted the demise of fiat currencies as cryptocurrencies are gaining mainstream adoption on a large scale.
We will continue with our article next week as i take you on a journey of how you can position yourself and make money with leocoin.
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