Reasons to Use Cryptocurrency
Having people to change to a new thing usually takes time and it is similar case with cryptocurrency that has had alternative points of view since it hit the market over a decade ago. Similar to when credit cards were introduced ad people were reluctant to use them, it’s the same scenario with cryptocurrency and it might take time before people fully embrace the benefits it brings. Unlike other traditional transaction means that are closely watched by the government, cryptocurrency is digital money free of government supervision or interference. Cryptocurrency has been thought to have some advantages over the traditional modes of exchange, continue reading to find out.
Paperwork, brokerage fees and commissions among others are usually very common when closing a real estate deal and usually serve to increase the transaction fee and this is not applicable with cryptocurrency. Cryptocurrency transaction are usually one-to-one; precisely between a buyer and seller and requires no middle man at all. Every month, the amount of money you pay for transactional charges can be very high but you can avoid paying that amount if you are using cryptocurrency. Since the people who generate cryptocurrency receive their payments from the network involved, you don’t have to pay anything.
Cryptocurrency has more confidentiality that you cannot enjoy under a cash or credit card system where your transactions and account are usually closely monitored. With cryptocurrency, each transaction you make is unique and you only get to submit the information you want, this helps in securing your privacy and protects you from the threat of identity theft. Since cryptocurrency transactions are facilitated by digital data transfer and the internet, these services are potentially available to anyone who has a viable data connection and knowledge about the cryptocurrency on offer.
Trading internationally is usually expensive because it involves a lot of fees to be paid to the specific country, however, if you are using cryptocurrency you can avoid all these since they are not subject to those charges. Currency exchange fluctuations using hinder international trade but with cryptocurrency, you can use a peer-to-peer transaction to eliminate that. Cryptocurrency eliminates the power that a financial institution has over your assets by making you the sole owner of the keys to your wallet unless you decide to hire a third party for the job.
Unlike traditional modes, cryptocurrency is quite adaptable; some have been created to mask your identity on the blockchain and those that facilitate supply chain operations for various industries. Once a cryptocurrency transaction has been authorized, it cannot be revised as in the case with credit card companies, which usually promote fraud. Throughout a cryptocurrency transaction, there are strong encryption techniques that guarantees a consumer’s privacy. Elaborated above are the reasons why you should consider cryptocurrency.