by Marvin Dumont
There’s paper currency, and there’s money powered by blockchain.
Cryptocurrency is a reflection of the times: It’s digital, global, and mobile. In many ways, the financial technology inspired by Satoshi Nakamoto is becoming a better alternative to paper-based fiats. The smartphone we carry in our pocket is a mobile computer that gives real-time access to powerful innovations. These include cryptographic wallets, multi-factor authentication, ID security, and decentralized apps (dApps) that run on blockchain.
Inflationary paper fiats are legacy tools more appropriate as a relic at museums.
Apollo Foundation is developing an all-in-one cryptocurrency (APL) that will be the most feature-rich crypto in the market. Our mission is to give users the ability to perform any blockchain-related task offered by mainstream cryptocurrencies in one platform. Moreover, we’ll offer the best privacy so you can send and receive payments in total anonymity. Apollo will be unregulatable and untraceable.
There’s more. We’re developing mobile options — recognizing there are five billion phones globally. These cutting-edge mobile solutions will allow anyone with a phone to buy and transfer Apollo which should boost mainstream adoption.
There are other advantages of blockchain-powered money in general.
Cryptos can be less inflationary than sovereign fiats. (Apollo actually features 0% inflation.)
It allows for frictionless, cross-border payments that can settle in seconds, not hours or days. It’s also cheaper to send and receive than traditional wires. When you send cash through remittance services (such as Western Union), the fees can be expensive, and there can be long wait times. Cryptos enable you to do the same simply by swiping a mobile or computer screen.
Blockchain-powered monies are decentralized, which means distributed computer nodes that operate the network are located around the world. Thus, governments and central banks can’t take cryptos away from you. And their regulations are limited to local jurisdictions whereas users can navigate through borderless exchanges and services.
Distributed ledger technology (DLT) makes cryptos tamper-proof and resistant to fraud. That’s because mining nodes are constantly validating transactions to ensure all records are legit. That’s in contrast to counterfeiting of paper cash and fraudulent use of credit cards that lead to chargebacks.
Cryptos offer better privacy, especially privacy coins that feature anonymous transactions and addresses. With credit cards, your identity and location must necessarily be compromised. And some governments monitor bank accounts, perhaps against their own laws.
Growing adoption is taking a bite off banks’ profits. Cryptos are cheaper to send and receive, while banks operate an expensive rake system similar to what casinos do to their patrons.
Rational consumers and investors are embracing cryptos as a new asset class for good reasons.