The world is becoming more economically unsafe and cryptocurrencies might help you fight the feeling of someone harming your economic status. Cryptocurrencies or as we know it today „digital money“, is based on blockchain technology. This kind of technology creates a digital ledger of all assets, whether it is money, tangible property, vehicles, or stocks. Bitcoin is the most famous one, but it is just a drop in the ocean. As these platforms are becoming increasingly popular, and are becoming more accessible, it is important to know what are the actual benefits of this currency.
Before taking a look at the benefits of cryptocurrencies, here is a list of the cryptocurrencies that are already widely used:
- Bitcoin
- Dash
- Ripple
- Dogecoin
- Litecoin
- Peercoin
- Ether
Here is a list of benefits you might get by using cryptocurrencies:
1. The integrity of transactions – this type of currency cannot be transferred to a third party without the user. Hence, with this kind of transactions, there will be no risk of fraud or cheating. The user will be in complete control of the transaction and currency, which is hosted on centralized technology. There will be no chance of any third party to interfere or manipulate the payment or the sender reversing the payment. It requires less trust and worry than in traditional banking.
2. 24/7 tracking of payments – traditional systems require the senders to track their payment by using the bank systems throughout three days or, sometimes, even more. This creates doubt for the sender, as well as the receiver of the money. With crypto transactions, you will be able to track it every second, and you will be able to know the exact time the funds are delivered. This, on the other hand, creates trust between the sender and receiver. These kinds of deliveries are more safe and secure in the digital form, and that is one of the main reasons banks are starting to use this technology.
3. Security of currency and transactions – you are already familiar with credit card fraud and identity theft. Instead of worrying about purchasing something online, cryptocurrencies are at the moment, the safest and easiest means of shopping online, without risk or loss of money.
4. Confidentiality and privacy – banks will require full knowledge of all your details, while cryptocurrencies do not require more information than you are willing to give. Your payment is strictly made between you and the receiver of the funds. Hence it is perfect for people who want privacy and anonymity. Of course, you should keep in mind that different coins come with a different kind of anonymity, and before purchasing anything, you will need to do some research.
5. It is available to everyone – since all cryptocurrencies are easily and without effort accessed on a decentralized network, anyone can earn cryptocurrencies. The wide range of Blockchain applications that are developed or are being developed is designed to make access to banks, bank charges, and high-interest loan rates less severe. They are designed to be available to everyone in the marketplace.
6. Quicker transactions – when buying property or vehicles, the costs, time with bank approvals, and drawing up contracts can be stressful and time-consuming. Cryptocurrencies enable you to make immediate payments on property and asset transactions. These transactions do not require a middle-man, and since the blockchain is decentralized, it is solely based on a peer-to-peer system that also avoids any kind of currency exchange difficulties in cross-border transactions. The smart contract process will make sure that the transactions are recorded and legitimate, without any legal or broker costs.
Conclusion
In short terms, you can see that cryptocurrencies are not only beneficially for the wealthy and privileged, it is something that will be able to enhance the lives of everyone, even ordinary people, doing ordinary things. It is the way of future payment methods.