For the longest time since paper money has been invented, traditionalists have always had a consistent definition of what a currency is. According to Investopedia, a currency is “a generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Used as a medium of exchange for goods and services, currency is the basis for trade.”
In the advent of cryptocurrencies, particularly the rise of the major ones such as Bitcoin, Ethereum and Litecoin, and the emerging ones like Ducatus Coin, that definition is slowly being challenged. While cryptocurrencies are now being used for trade, albeit in a limited fashion, there is no doubt that it still lacks regulations or enough government support for it to be considered a ‘currency’ in the traditional sense.
But whatever the financial definition is, cryptocurrencies have clear advantages in some areas. Among them are:
At the time Bitcoin was initially launched, public trust in the financial system was very low. The Great Recession had just happened, and the U.S. government was bailing out financial services firms and auto companies alike. Liberating the monetary system from this sort of manipulation was a major impetus for the foundation of Bitcoin. Decentralization is the feature that allows cryptocurrencies to operate freely of manipulation by those in control. Since the cryptocurrency is managed by nodes that are not easily manipulated without significant effort, the currency could never be manipulated for such purposes and this maintains the integrity of the currency.
Decentralization is the feature that allows cryptocurrencies to operate freely of manipulation by those in control. Since the cryptocurrency is managed by nodes that are not easily manipulated without significant effort, the currency could never be manipulated for such purposes and this maintains the integrity of the currency.
Since cryptocurrencies are validated using cryptography and stored in ledgers distributed throughout the blockchain network, it is incredibly secure against theft or loss. As long as you take steps to protect your wallet and are not careless, the security of cryptocurrency greatly exceeds that of fiat currency. Cryptocurrencies that are not affiliated with a government are designed to be free of manipulation, so even if governments request seizure of funds, they would be loath to do this. Many cryptocurrencies are at least pseudonymous, meaning a great deal of effort is required to determine who is behind each transaction.
The digital nature of cryptocurrency and the sidestepping of middlemen generally make the speed of cryptocurrency much faster than fiat. This is particularly true of those financial transactions involving large sums of money. This and the next benefit are greatly contributing to financial institutions taking notice of cryptocurrency as a tool for their own financial transactions.
Another benefit of avoiding middlemen is that transactions are much cheaper than traditional fiat money transfers. Fees on the blockchain do exist and are vital to rewarding the miners who validate these transactions. But the fees are miniscule compared to the large fees charged by those who carry out transfers and exchanges in the traditional financial services industry.
The Ducatus Cryptocurrency
Having a strong belief in the benefits of cryptocurrencies over traditional currencies, Ducatus has embarked on a mission to build tomorrow’s crypto-economy, today. The vision of making Ducatus the world’s most popular cryptocurrency is, by no means, a tall order but one that is forged by commitment and right strategies.
Ducatus is being developed as a commercial initiative with a truly global scope and this is different from almost every other legitimate cryptocurrency. The management believes that a project this large and this complex needs to be underpinned by a real company with a real management team and the traditional functions and capabilities of leading companies in all other sectors. In short, because there is a phenomenal amount of work required, if the right team is not in place and if that team is not 100% focused on the business, the chances of long-term success are close to zero. Without a stream of revenue and a team of suitably experienced senior executives to implement a well-considered development plan, success becomes a matter of luck.
Ducatus is being developed as a commercial initiative with a truly global scope and this is different from almost every other legitimate cryptocurrency. The management believes that a project this large and this complex needs to be underpinned by a real company with a real management team and the traditional functions and capabilities of leading companies in all other sectors.
This is where Ducatus sets itself apart from other cryptocurrencies. Ducatus’ approach is much broader. The management team is looking to establish a more usable and user-friendly cryptocurrency to stand alongside the larger, better established ones and to help holders of Ducatus Coins (DUC) have greater flexibility and usability than those other coins currently offer. This can be achieved by accomplishing three (3) main tasks, namely:
Distribution. A currency needs to be distributed. It needs to be global. If it’s not in the hands of a large number of people in many countries then it can’t really fulfil its function. So, the first plank of the strategy is to ensure wide distribution of the Ducatus cryptocurrency and this can be achieved through Ducatus’ particular model of network marketing.
Usability. It needs to be accepted by third parties in exchange for goods and services, which is driven by distribution. If you have a million people holding your currency, then you’ll be able to find a large number of merchants who will be willing to accept your currency. Then the wheels of crypto economy will start to turn.
Convertibility. Merchants accepting the coins or people holding the coin looking for liquidity need to be able to convert those coins into other forms of value, be it a fiat currency or goods and services. They should be able to use it to say, pay the salaries of their workers. Convertibility is key.
The Day Cryptocurrencies Rule
With the right people and strategies in place, there is no doubt that the goal of building a Crypto-Economy is not a matter of “if”. It’s only a matter of “when”. Rome was not built in a day, but they were laying the bricks every hour. This best describes the steady shift happening in the financial world today. Every day, the vision that cryptocurrencies will rule finance and commerce slowly becomes a reality.