Cryptocurrency - Liberal Democrats WA

Cryptocurrency

As Liberal Democrats, we believe in the decentralisation of the financial system and moving the power back into the hands of the people and away from the CEOs of the banking world. Blockchain technology is incredibly new but we believe that the benefits far outway any negatives. Firstly, blockchain is designed that everyone has their own copy of every trade, meaning that fraudulent transactions would automatically get rejected by the system.

Anyone with a phone or computer would have the ability to store any currency for free and trade with anyone they choose in any country at any time, instantly.

There is Immediate Settlement: Purchasing real property typically involves a number of third parties. In many ways, blockchain is like a large property rights database, Crypto contracts can be designed and enforced to eliminate or add third party approvals, reference external facts, or be completed at a future date or time for a fraction of the expense and time required to complete traditional asset transfers.

And the best fact of all, lower fees. Banks charge you ridiculous fees to hold, store, protect and transfer your money, the only cost to you when sending money through a blockchain would be the cost of the transaction to the whole network.