It is not always obvious why someone would prefer to use cryptocurrency over that of physical money. Even so, the popularity of cryptocurrency has been rising over the last ten years. At first, many people were unsure of this type of currency because it was new and not yet understood. Below, we are going to talk about some of the amazing benefits of using cryptocurrency and why you should consider using it yourself.
Recognition At The Highest Level
One of the most incredible benefits of cryptocurrency is that it is not bound by exchange rates. It is also not bound by interest rates, transaction charges or any other charges from any country. This makes it possible to use cryptocurrency on an international level without experiencing any issues. Due to the currency operating on this international level, it makes transactions easier and more efficient. What this means is that you can save time and money by using a form of cryptocurrency. So, the money that you would ordinarily use for transferring money to different countries would be saved, and it would cut the amount of time a transaction would take.
If you are going to carry out a transaction through cryptocurrency, there is usually no fee for this. This is the case because the network will typically reimburse the miner, so there is no need for a fee. It is thought that most users will engage in a third party service and this would be something like Coinbase. What Coinbase does is create and maintain a users cryptocurrency wallet, sort of like PayPal does for debit and credit card users. Coinbase will provide the online exchange system for the currencies such as Bitcoin, and this is where the user will likely have to pay a fee. However, even though this may incur a small charge, it is still far better than looking through your bank statement each month to find that you have been charged for all sorts of things.
Identity theft is far less common with cryptocurrency than it is with traditional methods. If you give your credit card to a salesperson, they then use a pull mechanism to complete the transaction. This means that you will have given them access to your credit and they can take the agreed upon price from your card. Cryptocurrency operates on a push mechanism instead of a pull, which allows the holder to send the exact amount specified without any further details. This makes the transaction far safer, and as there is no need to send the recipient all of your information, it greatly decreases the risk of any identity theft.
Access Available To All
Roughly 2.2 billion people have access to the internet or a mobile phone but do not have access to the current exchange. These are the individuals who should be thinking about using cryptocurrency. Vodafone has launched M-PESA in Kenya which just means ‘Mobile Money.’ This is a mobile phone based micro-financing and money transfer service that announced a bitcoin device. This led to high numbers of Kenyans now owning a bitcoin wallet with the estimated total being at 1 in 3.
Immediate, Not Delayed
To purchase a property in the real world, third parties will need to be involved. This could be a lawyer or surveyor and due to this, many delays can be caused. A cryptocurrency blockchain can be used, and it is similar to a property database. You can design a specific contract with cryptocurrency to eliminate the third party. You can also have it so the transaction can be completed at a date in the future or time. This is going to be just a percentage of the cost and time that it would take to do it in the real world.
We hope that you find this article helpful and now see that there are some amazing benefits when you use cryptocurrency. For more information about Crypto Trading online, click here.