If you have been following crypto, bitcoin, blockchain and crypto news, the you might be farmiliar with the various digital currencies. The most familiar of them is bitcoins. All this are forms of crypto currencies that utilize the blockchain technology to ensure that their transactions are safe and that the technologies that are involved are not interfered with.
At first when the use of cryptocurrencies was in its initial stages, and it was unfamiliar to many, most people were scared of using them, this is the same case with what happened with credit cards. But on realizing the benefits that come with using them people a reverting to their use, hence the rise in their popularity.
So what are the benefits of using crypto currency? One other factor that has to lead to the rapid rise in the use of such currencies is that, the individual cryptocurrencies are digital values hence cannot be copied or counterfeited or can they ever be reversed by the sender as it happens with credit cards when charge backs are affected.
Benefits that come with using cryptocurrencies
Offer better security
Unlike when you are using the traditional methods of payments, like credit cards or cash, crypto currencies are digitally protected, and they are encrypted too. What this simply means is that they offer more security as compared to these other modes of payments. You can never be ripped off when transacting using them, and those who have used them will tell you that it is very difficult to steal crypto currencies as compared to stealing a wallet that is filled with cash. All transactions, savings, and credit ratings are online. All you need to do is secure your info, and you are fully secured.
Cut out middlemen
Another very big advantage of using cryptocurrencies more especially when you are making high-value payments, for instance, the purchase of real estate property, is that you cut out all the middlemen who are traditionally involved in the whole process. This can include lawyers, expensive brokers, and other middle men. Its use will ensure that you reduce your cost by eliminating the expensive brokerage and the legal fees that are always involved.
Accessible to everyone in the market
Since most of the people all over the world have mobile phones that are internet enabled and use the internet to carry out most of their transactions. The use of cryptocurrency is surely going to revolutionalise how the business will be done. With their characteristic low cost and no-fee transactions, they are surely going to be the better option for most people.
For those who are global business people or those who travel frequently, you must have known that you are exposed to a lot of rate risks when you are converting your currencies. But with the introduction and use of the cryptocurrencies which are universally recognized, this will be a thing of the past. You will be able to use cryptocurrencies whenever you go to.