Speed, Security or Stability; which is the most important to us?

Executive Brief

It is surprising how many people don’t value the security of their money as much as they do about how quickly they can spend it! In the modern era people are more concerned about the speed at which they can access their funds than they are about how safe their funds are and very few people ever even consider the stability of their money. It is important that companies do not forget about security and stability when developing their systems and trying to increase the speed of their systems, otherwise cryptocurrencies will never be able to become fully integrated methods of accounting.

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When it comes to money, you would think that everyone’s priority would be security, hopefully followed by stability. This is why banks were invented, because people were no longer happy to store all of their money under the bed, and the banks have taken advantage of this to become immensely rich and powerful organisations who are responsible for looking after all of their customers’ money!

However in the modern age of science and technology people have become far less concerned with security and far more bothered about speed. People happily give their details out online for all sorts of reasons, they no longer pick their bank based on how safe their money will be, they pick them based on things such as interest rates (a.k.a. how quickly they can get more money) or how fast they can access the funds in their account. Everyone seems to believe that in this day and age security is guaranteed and so never seem to actually look into it, the expression blissfully happy springs to mind. Thankfully they are not often wrong and for the most part money is stored used immensely safe methods including backups and fail-safes to protect customers.

Stability is something which causes a great deal of bother but only to a few people (in the grand scheme of things when considering the population of the world as a whole). Bankers and investors base their whole profession around secure currency so to them it is of upmost importance. But to the regular man on the street stability is another thing which people just assume to be a given, they never give much thought to the fact that if their currency was to collapse then it could ruin them financially.

Speed however, is something which almost everyone cares about. We are used to having everything at our fingertips; if we have money then we should be able to access it immediately whenever we want to instead of having to wait for days for the bank to deposit your funds into your account or to transfer funds. Cryptocurrency is always advertised as being a fast and efficient method of financial transfer, which for the most part is true. Lots of the rival currencies try and outdo each other by being able to provide faster services then their competitors. This means that some services are promising services such as fund deposits can be carried out in less than 10 minutes which the modern man loves!

This, whether right or wrong, seems to be the modern priority and therefore is what many cryptocurrency businesses are basing their systems around. Although this isn’t a bad thing, it is important that stability and security do not become things of the past.

The views expressed by the authors on this site do not necessarily represent the views of DCEBrief or the management team.

Author: Thomas Moore

Thomas Moore is a writer and researcher with a love for the eclectic, family and the world we inhabit. He spends his spare time photographing the varied wildlife that surrounds us daily and contemplating why Firefly never made it past season one.

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