Cryptocurrency is gradually becoming a norm in today’s world. Since the invention of Bitcoin in January 2009, crypto has become a household name and has sparked a plethora of debate in the world. Some people are all for it while others can not accept this new currency.
Despite this divide, lots of merchants and institutions have gradually accepted cryptocurrency as a valid payment method. Some governments around the world are also looking into adopting it fully as a valid currency. Investors have poured millions into this ‘currency of the future’ as they see it as a solution to easy trading.
If you are new to the crypto space, you might be wondering: “why all the fuss?” “What is so special about cryptocurrency?” After all, the regular currency still works. This article presents 4 advantages of cryptocurrency that shows you why it is fast becoming a favorite.
Cryptocurrency provides massive rewards on a level that regular currency will never reach. The crypto market is very volatile. It experiences crazy fluctuations and the prices rise and fall daily. This rise and fall are usually caused by the rate at which miners supply the coin in question and the rate at which buyers demand the coin. This big risk/big rewards system is one reason why crypto is attractive to investors. The rewards are great if your investment and timing are just right. However, due to the risk involved, it is advisable to only invest money you do not mind losing.
Crypto, unlike regular, fiat currency has no central body that controls and determines its flow. This is a good thing as the coins can enjoy greater stability and security. No single organization can determine the value of a coin. Besides the transaction history are all publicly available on the blockchain and this is a better, more transparent system than what the regular banks offer.
One might think that since all transaction histories are public, they can be traced back to the user. This is not the case, because you do not have to open an account with your private information like banks. The only link to you on the blockchain is your wallet address which contains no personal information about you. In addition, cryptocurrency offers a higher level of security because your wallet address has a key that is known only to you. So if you keep that key safe, your funds are safe and nobody can access it.
Cryptocurrency is easily accessible to anyone. All you need is a device and the internet and you are good to go. It is easy to open an account, easy to use, and easy to make transactions. These make it a favorite to many people. Unlike banks, you do not need to go through a lot of verification processes before you open an account.
Cryptocurrency has changed the face of the financial industry and the signs are there that it will only keep growing. The 4 advantages of cryptocurrency mentioned in this article are just a few compared to the other benefits that come with using cryptocurrency. It is a topic that will continue to cause plenty of debate. However, it does not change the fact that cryptocurrency is here to stay. At least for now.