Bee Node

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Cryptocurrencies in the real economy

June 26th 2019

Many officials and representatives of large and international business look down on cryptocurrencies — supposedly digital assets will never achieve comparable capitalization with the securities market. Many of the skeptics are even convinced that cryptocurrencies are created exclusively for the needs of the shadow economy.

Law enforcement agencies in many countries see cryptocurrencies as a tool used by drug dealers and terrorists. Of course, this is a misconception, cryptocurrencies are not created for the shadow economy, although they are partially used, but still the potential of cryptocurrencies is much wider and is not limited to questionable Internet resources. Let’s look at how cryptocurrencies eventually fully integrated into the real economy through processes that are already in full swing.

Examples of the use of cryptocurrencies and blockchain

In order to fully assess the potential of cryptocurrencies, it is necessary to understand the possibilities of the technology behind them. The first blockchain appeared in 2009 and formed the basis of the most popular bitcoin cryptocurrency, the capitalization of which today is half of the total capitalization of the cryptocurrency market. However, cryptocurrency blockchain enthusiasts have not stopped.

A distributed registry is primarily a mechanism for absolutely secure processing, storage and transmission of data. This technology can be effectively implemented and transform a variety of industries, from copyright to elections to the government.

We consider cryptocurrency as a mean of payment, not just a speculative digital asset, so we consider blockchain as a tool for making complex transactions that today require weeks or even months of time, as well as the processing of countless various documents.

In some jurisdictions, such as the UK, even the simple opening of a Bank account for an individual can take a couple of months of time due to numerous checks and paperwork. If it comes to the re-registration of land or other real estate, the process may take three to four months, or even six months.

By and large, everything that needs to be refined in such processes to make transactions faster, but at the same time remain safe: an automated escrow mechanism that will transfer funds from the buyer and at the same time rewrite ownership rights. Blockchain completely excludes the possibility of forgery, which means that such schemes will soon become part of our everyday life and kill the bureaucracy in many different industries.

Technology as a neutral tool

The attempts of many even high-ranking and respected personalities around the world to denigrate the blockchain technology on which cryptocurrencies are based look very stupid. Digital money is being branded by creating a strong Association with illegal transfers and other aspects of the shadow economy.

Everyone who tries to evaluate the technology of distributed registries and cryptocurrencies themselves as a phenomenon within the terms of morality and ethics does not understand that the tool can not be responsible for who and how it is used.

BeeNode as a competitor to fiat money

Blockchain and cryptocurrencies developed on it can bring many innovations to the world economy that will make the financial industry much more modern and meet the needs of society. Transfers of funds from one end of the world to another through the Bank can take up to 10 days and include a serious Commission, and with the help of InstantSend technology used in BeeNode, the transfer will reach the recipient instantly and with almost no Commission.

In addition, today the Internet is quite acute problem of anonymity of users. This problem has nothing to do with terrorism or drug trafficking: the most ordinary people also want to remain anonymous and not give advertising corporations data about their payments and other personal information. Unfortunately, existing payment systems want to know too much about users.

Cryptocurrency BeeNode, in turn, guarantees absolute anonymity to each user — thanks to the PrivateSend function it is almost impossible to track the source of the transfer. Skeptics may say that States and jurisdictions will not let millions of payments out of their sight, but such payment systems have a social order, which means that their popularity will grow from year to year.

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