Crypto-Currency for Academic Writers: Simplification or Sophistication of the Work?

In the last few years, currencies such as Bitcoin have taken the world by storm. As in the early days of the Internet, the implications of how cryptocurrency will affect day-to-life in the future are still unknown. As an academic writer, you may appreciate some of the convenience that this new technology opens up, but there are many potential problems, too. Here are the pros and cons of crypto-currency for academic writers.

Pros:

• It’s easy and inexpensive to move large amounts of money internationally. In the past, academic writers had to rely on person-to-person bank transfers to receive payments for their works. This process was lengthy and expensive. Crypto-currency cuts out the “middle man” and makes it easy for people who live on opposite sides of the globe to do business.
• It can connect writers who are from poorer, “unbanked” parts of the world. Perhaps, you are a writer who lives in a country that is not well-connected to other places in the world. If so, crypto-currency opens up new possibilities for you to connect with clients internationally.
• It may force banks to become more competitive in the services they offer. Banks may lose their businesses if they can’t compete with the convenience and low cost of using crypto-currency. Writers who rely on the banking system, may find improved service and lower costs as a result.
• It is decentralized and free from control. Money that you’ve earned in crypto-currency is yours alone. It cannot be regulated or taken away by the government or any other entity. This is different from banks, which have the power to freeze your assets without warning.
• It’s very secure. Unlike credit cards, which authorize merchants to pull currency from your account, cryptocurrency pushes out the specific requirements that are needed to access the payment. That means reducing any anxiety you may have about identity theft.

Cons:

• Subject to a loss due to human error or technical glitches. You are at risk of losing your money if you can’t remember your password or if your computer malfunctions due to a virus or some malware. The technology is still so new that a good solution has not yet been found for these problems.
• No one knows how the government may regulate it in the future. Crypto-currency is still in its infancy. While it is presently free from government control, there is no telling what kinds of laws or limitations may be placed on it in the future. If you rely on it too much as a form of payment, you risk losing your assets due to changes in the laws.
• The number of transactions is limited. Due to its design and the newness of the technology, there is a limit to the number of transactions that can take place. For that reason, it cannot entirely replace credit cards or banks.
• It’s volatile. Since it first came on the scene, the value of Bitcoin and other forms of crypto-currency have fluctuated wildly. You may put yourself at risk of losing your money due to market fluctuations.

Several writers from DoMyCaseStudy.com were asked to provide their opinions concerning this issue so we can come to some conclusions. Crypto-currency is revolutionizing our financial system and may present solutions to many of the problems encountered by academic writers. But this technology is still new so it’s in your best interest to exercise caution.