In centralized financial systems, such as the Bank of England and the U.S. Federal Reserve central bank systems, governments and central banks control the supply of currency (US Dollar & Pound Sterling, Euro). They essentially "print" units of this currency, which is called ‘fiat’ currency. In centralized systems such as the ones described the value of the unit can decrease by inflation if the supply is increased and too many units are printed by the governments and central banks (a process called quantitive easing which has been adopted by many governments).
In contrast, most cryptocurrencies like bitcoin have a capped supply, this means currencies like bitcoin are produced by a cryptocurrency protocol at a predetermined, set rate. The supply is capped at a specific amount and their value is directly linked to the demand the markets are generating at any one time. Bitcoin's cryptographic financial system is built on a peer-to-peer, open source, and decentralized network, which means it’s not controlled by any government or organization, their specifications are not easily altered without consensus on the entire network.
On a personal level the great thing about cryptocurrencies is that you can send and receive money to anyone anywhere in the world at any given time without going through a bank or third party. You don’t have to worry about bank hours, formal permission or any other limitations. It is also anonymous and confidential so you can make and complete payments without anyone’s personal information being tied to the transactions, which therefore protects your privacy and protects you against identity theft. The fees involved are also usually low, compared to legacy systems like Western Union and normal bank transfers. Cryptocurrency payments are irreversible and secure, meaning that merchants don’t have to worry about the cost of fraud.
Cryptocurrencies could be adopted to simplify and cheapen financial transactions in the international recruitment industry in the future, instead of the using the traditional banking systems with its high transaction fees and long completion times.
The future for secure and faster payments is here, the international recruitment industry with its complicated payment systems could only gain from adopting this new technology.
Gustavo Pellizzaro - Recruitment Consultant
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