With emerging technology, the payment system is also moving towards a digital ecosystem. And one of the latest additions to this paperless system is cryptocurrency.
If you have ever heard about Bitcoin, you may already know what cryptocurrency is. It’s a decentralized medium of virtual currency that uses Blockchain technology for security, making it extremely tough to counterfeit.
Over the last couple of years, different types of cryptocurrencies, such as Bitcoin or Ether, have been gaining popularity among people. While it seemed unfamiliar and scary at the beginning, people are slowly getting used to it.
Why You Must Go for Cryptocurrency
If you’re tired of dealing with cash and the unusually high charge of credit cards, now might be the right time you invest in this technology.
Here are some reasons why you should say yes to cryptocurrency.
1. Strong Security Service
If you are using credit cards, you may have experienced the “charge-back” transactions at least once in your life.
Considering this fact, tokenization platforms are one of the most secure transaction systems you can invest in. It’s because, once your transfer has been authorized, there’s no way it can be reversed.
Besides, this virtual currency is built on a secure encryption system such as Blockchain, which acts as a safeguard against fraud and account tampering.
2. Easy to Access
Since the cryptocurrencies are facilitated by the internet and digital data transfer, it means that anyone with a laptop or smartphone, a viable internet connection, and a bit of knowledge of this technology can access the relevant portals and websites.
Things have become more accessible, thanks to mobile application developers. You can sign in to a good crypto alerts app and get real-time notifications on cryptocurrencies.
There are more than two billion people in the world who have access to the internet but not to the traditional banking system. It means, once the required infrastructure is put in place, this technology can make transactions and asset transfer available to these vast populations.
3. No Middleman Involved
With the traditional banking system, your funds can be controlled by a central authority such as the government or a third party. This is quite risky as your account may be closed without prior notice.
On the other hand, no third party or government has any control over the circulation of cryptocurrencies. They can’t even access the data related to financial operations done with this technology.
By investing in this virtual currency, you will be the sole owner of the corresponding encryption keys, which make your cryptocurrency network address.
4. Easy to Use
Investing in cryptocurrency is simpler than you think. If you have a smartphone, high-speed internet, and free funds, you can easily make an investment.
First, you need a plastic card, which you can use to purchase the crypto online. Then you need to create a wallet and find out where to invest.
You can create a purchase offer or find some ready requests to answer. Once you pay for the crypto, coins will be transferred to your wallet.
5. No Chance of Identity Theft
When you give your credit card to someone, even for a small transaction, you provide them with access to your full credit line. With cryptocurrencies like Bitcoin or Ether, nothing like this is going to happen.
Unlike credit cards, cryptocurrencies use a more secure mechanism, which allows you to send precisely what you want to the recipient without sharing further information.
It’s because the Blockchain technology ensures safe transactions and makes your entity virtually unhackable, meaning that there’s no chance of identity theft.
6. Great Adaptability
You will be surprised to know that currently, there are more than 1200 unique altcoins and cryptocurrencies circulating across the world.
While some of them are ephemeral, a certain proportion has been created keeping the specific use cases in mind, illustrating how flexible they can be.
For example, the “privacy coin” lets you mask your identity on the blockchain, while “supply chain token” can help you to manage different supply chain operations.
Usually, there are no transaction fees for cryptocurrency exchange. It’s because the miners are remunerated by the network.
However, experts are suggesting that most users will engage a third-party service, which will provide the online exchange system for bitcoin. These services are likely to charge some fees, which is quite affordable.
8. The Money Will be Always Yours
When you keep your money in a bank, there is a high possibility that it can be robbed or simply closed after claiming bankruptcy.
With cryptocurrencies, there’s no chance of losing your money in the event of such accidents. At every stage of the transaction processing, the blockchain uses encryption for the data, preventing access from all internal sources.
The blocks that contain data are stored in such a decentralized manner that there’s no chance of forgery.
9. Universal Currency
Most of you have faced troubles while doing business in a foreign country. Different exchange rates and charges can sometimes make it difficult to make international transactions.
Cryptocurrencies are not bound by any of these limitations. There’s no transaction charge, interest rate, exchange rate, or other charges of any country. You can easily use them at an international level without facing any troubles.
This, in turn, saves a significant amount of money, which you were planning to spend on transferring money from one country to another. Cryptocurrency operates at the universal level, meaning that your transactions will be effortless.
There is no other digital cash system where you are the sole owner of your account. You will be the owner of your private key, as well as the corresponding public keys that no one can take from you.
However, the concept of Bitcoin or any other cryptocurrencies is still new to many people. So there’s a long way to go before it can replace all traditional currencies for good.