Persuasive Essay: Adopting Cryptocurrencies for a Secure Financial Future

Introduction

Ever since the Great Financial Crisis of 2008, people have been wondering how they can protect their wealth. With fiat currency like the US dollar (USD) in the hands of a Federal Reserve system that has no problem flooding the world with new cash to prop up markets, people have seen the value of their USD plummet ever since. Even just in the last few years, since the Federal Reserve printed off trillions in new dollars in response to lockdowns that would have destroyed the global economy, inflation has skyrocketed. Homes are now more expensive in terms of USD; cars are, too; and so are groceries. People are finding it harder and harder to keep up. What can they do?

The answer is to get out of USD and get into crypto. Yes, it is volatile. No, it has not been heavily adopted by people around the world. But volatility may become less and less, and with BlackRock getting into Bitcoin via its IBIT ETF, more every day people are getting their first taste of crypto (Maxwell). Cryptocurrency will become more and more mainstream in direct response to an out-of-control Treasury that is issuing debt as fast as it can and an out-of-control Federal Reserve that cannot help but continue to print cash to keep markets afloat. If the era of Quantitative Easing (QE) has taught us anything it is this: the US dollar is doomed along with every other fiat currency on the planet. You can get into gold, silver, platinum, or propertiesbut the easiest and best solution is to get into cryptodecentralized, secure, and scalable crypto. Bitcoin was the first and for now is the greatest. But a new technology by Israeli researchers called Kaspa has solved the trilemma that keeps people from mass adopting Bitcoin and crypto in general (Sutton, Sompolinsky). The trilemma is that a cryptocurrency can achieve two of three conditions that make it strong: 1) decentralized, 2) secure, and 3) scalable. The common consensus is that a cryptocurrency can have two of the threebut not all three (Reno, Haque). Now, Kaspas team is saying that it has solved the trilemma and is giving the world its first taste of what Bitcoin set out to be: true, peer-to-peer cash that works, is safe to use, and can handle everyday transactions with incredible speed all while using a proof-of-work consensus on a truly decentralized network. Are you interested yet? You should be. If you thought Bitcoin was a good answer to the problems of fiat, you will love Kaspa.

Nonetheless, even if one is unfamiliar with crypto, there is good reason to give it a serious look. This essay will show why everyone should consider holding some form of cryptocurrency. Ultimately, it will explain why due to its decentralized nature, limited supply, and the ease of transactions, it makes a good case for broader adoption as an alternative to fiat.

Decentralization: Freedom from Central Authority

One of the defining features of cryptocurrencies is their decentralization. Unlike traditional fiat currencies, which are issued and regulated by central authorities such as governments or central banks, cryptocurrencies operate on the blockchain. The blockchain is a distributed ledger that is good for transparency and security without the need for central oversight (Sutton, Sompolinsky). No one can shut it down because it is supported by a network of miners spread all around the world. This decentralization protects against government interference and manipulation and adds a layer of security, which is why it is difficult for...

…cryptohidden away for the time being. As more and more people, however, become disillusioned with fiat and see their wealth evaporating away thanks to inflation, they will by and by come to crypto because its value is in its use. Kaspa has the greatest use case because it can be peer-to-peer decentralized cash: no governments involved in controlling it, secure from attacks, and scalable on the level of the fastest credit card companies without having to rely on an external network like Lightning. It does everything on the base layerwhich is a sign of the genius of its developers.

Are you interested yet?

Conclusion

The adoption of cryptocurrencies is real and is happening faster and faster. It represents a forward-thinking approach to personal and global financial healtha necessary approach, even, as fiat around the world crumbles into ashes. Inflation is still hot in the US, and no one knows if it will ever come down. Crypto is not waiting around, either. The decentralized nature of the best cryptocurrencies offers a new level of security and autonomy, and their limited supply protects against inflation, and their transactional ease supports modern, globalized commerce. Given these compelling benefits, people should consider investing in and adopting the use of crypto. It is not just a hedge; it is a new way to spend.

Works Cited

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in the digital revolution era." Aptisi Transactions on Technopreneurship (ATT) 4.1 (2022): 9-15.

Maxwell, Mutuma. BlackRocks IBIT leads with record $192 million inflows. MSN, 2024.

BlackRocks IBIT leads with record $192 million inflows (msn.com)

Reno, Saha, and Md Mokammel Haque. "Solving blockchain trilemma using off?chain storage

protocol."IET Information Security17.4 (2023): 681-702.

Sutton, Michael, and Yonatan Sompolinsky. The DAG KNIGHT Protocol: A Parameterless

Generalization of Nakamoto Consensus. White Paper, 2023.

https://eprint.iacr.org/2022/1494.pdf

Zakarneh, Shadi Khaled, Zaer Qaroush, and Ammar Dawabsheh. "Cryptocurrencies advantages

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