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 a 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?1. SecurityAll the cryptocurrencies are digital and they cant be reversed or counterfeited by a sender just like the charge-backs of a credit card. They are more secure as a form of payment because there is no third party involved in these cryptocurrencies.
2. Immediate SettlementWhen 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 cryptocurrencies, there will be no third party involvement and will be an immediate settlement.
3. Lower FeesFor 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 in a third-party service. Paypal provides Bitcoin online exchange system and they charge the fees.
4. Access to EverybodyBitcoin and other cryptocurrency network provide 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, Kenyas M-PESA system (a mobile-based money transfer system) announced a device for Bitcoin, because of which everyone out of the three Kenyans owns a bitcoin wallet today.
5. No Identity RevelationUsually, 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 work 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.
6. DecentralizationOne of the biggest benefits of dealing with cryptocurrency is decentralization. To record the Bitcoin or other cryptocurrency transactions, the computers all across the world use the blockchain technology to manage the database. Decentralization means peer-to-peer or user-to-user basis.
7. Recognition at Global LevelCryptocurrency 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 makes transactions easy.
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.
