Cryptocurrency has been constantly gaining popularity in the past few years. People are understanding the cryptocurrencies, how they can be used and investing in them. At first, the cryptocurrencies seemed scary just like credit card to the users, but now with time, terms like Ether and Bitcoin have become familiar to the people. Besides these, there are many other cryptocurrencies that are in trend. You can simply google the most popular cryptocurrency and check their growth rate right from their initial time. Apart from Bitcoin and Ethereum, Zcash, Monero, Dash, and Litecoin are other cryptocurrencies that have numerous benefits. To make you informed, we discuss how cryptocurrency will help you and what are the benefits of using a cryptocurrency? Take a look!
All the cryptocurrencies are digital and they can’t be reversed or counterfeited by a sender just like the charge-backs of credit card. They are more secured as a form of payment because there is no third party involved in these cryptocurrencies.
2. Immediate Settlement
When you purchase a property, it involves the third parties (notary, lawyers) and fee payments. The Bitcoin or cryptocurrency blockchain is more likely a “large property rights database” Gallippi said. The contracts of Bitcoin can be enforced in order to eliminate the external facts and third party approvals. If you trade in Bitcoin and other cryptocurrency, there will be no third party involvement and will be immediate settlement.
3. Lower Fees
For cryptocurrency exchanges, there is no transaction fees is involved, as miners are included in the network. Even when there is no transaction fee for Bitcoin/cryptocurrency, many people expect that most of the users must be engaged into a third-party service. Paypal provides Bitcoin online exchange system and they charge the fees.
4. Access to Everybody
Bitcoin and other cryptocurrency network provides an access to everybody. There are around 2.2 billion individuals that access the mobile phones or internet and do not have an access to the traditional exchange. To cater to this issue, Kenya’s M-PESA system (a mobile-based money transfer system) announced a device for Bitcoin, because of which every one out of the three Kenyans owns a bitcoin wallet today.
5. No Identity Revelation
Usually when you pay through a credit for any product or to a merchant, you give him/her a full access to the credit line. Credit cards works on a ‘pull’ basis means when the store owner initiates the payment and then pulls the bill of a particular amount from the account. Similarly, cryptocurrency works as per push mechanism and allows its user to send the amount that he/she wants to send the merchant, but without any more information.
One of the biggest benefits of dealing with cryptocurrency is decentralization. To record the Bitcoin or other cryptocurrency transactions, the computers all across the world uses the blockchain technology to manage the database. Decentralization means peer-to-peer or user-to-user basis.
7. Recognition at Global Level
Cryptocurrency is not bounded by transactions charges, interest rates, exchange rates, or any other charges of any state, country, or province all across the globe. Hence, it is used globally without any hassle. Using cryptocurrency not only saves loads of time, but also the transferring money that is required to send from one to another country. So it operates freely at the global level and also make transactions easy.
Cryptocurrency is the only electronic cash system that is not owned by someone and free up a user to send and receive the altcoins in the easiest way. The cryptocurrency address is made up of your own private and corresponding public key. And the best part is nobody can take that key from you (except when you lose it or in case a wallet lose that key). All-in-all, cryptocurrencies have to cover a long way in order to replace fiat currencies and credit cards for global commerce. But before that, people need to be aware about these digital currencies. They need to read about it and businesses should also start accepting them.
If cryptocurrencies will be regulated in place of fiat currencies and credit card, then people will get facilitated with fast and secure global transaction in just a couple of minutes, and lower transaction fees. When these digital currencies will be used properly, they will surely change the global economic system in a positive way.