Cryptocurrencies have been around for quite some time, and Bitcoin was even at $20.000 at some point! There have been many controversies surrounding Cryptocurrencies in the past and while some of them were real, they continue to be a viable option for companies around the world to transfer money faster, easier, safer, and with fewer fees involved.
Bitcoin transactions, as well as Ethereum, have been used by many companies and have proven to work. There’s no doubt that Cryptocurrencies will have a future in our world at some point; it’s only logical as so many things are becoming digitalized.
Think about the first time in history when people traded goods. This was the first form of early “transactions”- people would trade milk for leather. Fast forward a few thousand years and we keep our money digitalized in bank accounts. It’s only natural to speculate that a new form of money will appear. And that came in the form of Cryptocurrencies.
Cryptocurrencies are a touchy subject with many labeling them a fraud, and many praising them for what they can achieve.
So this begs the question, why should you use Cryptocurrencies?
In this short informative article, we are going to explain everything you need to know about Cryptocurrencies, how they could be used, and what they can be used for.
1. Cryptocurrencies Will SAVE You Lots of Money
A well-known fact is that Cryptocurrencies are decentralized, but what does this mean to the average person? This means that they are not tied to any bank, or financial institution, and do not require you to pay expensive fees for each transaction. United States merchants have paid more than $100 billion in fees closely related to credit, card processing, and feed set by financial institutions.
Cryptocurrencies eliminate the use of banks and such institutions as they are decentralized. Meaning you can send money to WHOMEVER you like, pay for WHATEVER you want, and not get ripped off by banks.
This is why more and more businesses are using Cryptocurrencies as a way to transfer large sums of money.
2. Transaction Processing is SUPER Fast
Transferring money from PayPal to your credit card can sometimes take 24 hours to process. The Ethereum network takes only a couple of minutes to process, depending on the sum of course. Cryptocurrency transactions happen in real time and they offer high transaction speeds.
3. They are used Worldwide
Cryptocurrencies such as Bitcoin, Ethereum, Ripple XRP, and many more, are widely used around the world. You can purchase goods, materials, services, without needing to pay for the huge foreign transaction fees and exchange rates.
4. Cryptocurrencies are Safe
Cryptocurrencies work very simply; you eighter have them, or you don’t. What does this mean exactly? This means that you cannot spend more than your own. As soon as a transaction is made, it is being added to the blockchain and confirmed via miners. Cryptocurrencies are verified by the blockchain system and both parties approve the transaction. This eliminates fraud, chargebacks, and disputes. When paying with Cryptocurrencies, you cannot be scammed.
5. They are Being Integrated Very Fast into our Society
On January 1st, 2019, a sum of around 1 billion Ripple XRP coins were transferred, which equivalates of around $400 million dollars. Are you curious as to how much was paid in transfer fees? The result shocked the world as only 0.0005 Ripple XRP was lost in that transaction- That equivalates to around $0.0001597 by the current price of Ripple XRP which is 32 cents.