Top Benefit of Cryptocurrency - As a digital asset that serves users online, Cryptocurrency has many appealing benefits.
It is a strictly monitored process with encrypted transaction and control thus, making this online money a thing for the future.
There are 4 top advantages of Cryptocurrency but for this report, we are going to talk about only 2.
No Third-Party Involvement
The first advantage of Cryptocurrency is its well-known 'No Third-Party Involvement'.
There's always a pattern when using traditional money to buy yourself a new property, setting up your own business, or buying a new car.
One way or another, the process requires a third-party involvement. We are talking lawyers, owners and some others external factors such as, delays, documentations and extra fees.
This in general will consume unnecessary time, money and energy to the point of giving up.
A good example of this scenario would be you buying a new house. You need to pay the Financial Advisor who in general, advise your financial statement to ensure you are have a stable income.
Some property requires you to pay for a booking fee to 'lock' your house of choice and many other add-ons. In short, there's a lot of third-involvement and it charges you even before you own the property.
But that is not the case with Cryptocurrency. As mentioned previously, the blockchain system is similar to self-rights database.
The contract is capable of being design and enforces to remove any involvement of the third-party mentioned before. Moreover, the contract can be customized to complete a certain transaction at a set date at a fraction of any expenses.
Yes, you can eliminate any third-party involvement options, in fact, you don't even need one.
In short, you are in control of your own money using Cryptocurrency.
This is what we call the 'Decentralized' system, which means there's no 'Central or Federal Government' regulating it for you.
Your transaction is practically immune to any influence from your government and its distinct manipulation.
So, it is possible to be able to pay and receive money anywhere in the world at any given time.
That transaction is done with minimum processing fees, thus preventing users from having to pay extra charges from banks or any financial institutions.
Lower Risk Than Traditional Currencies
Another prominent advantage of Cryptocurrency is its risk is lower than traditional currencies.
In this era, most people rarely have their cash in their possession now. Instead, they have an array of credit cards, debit cards and other payment cards available as their nations' method of payment.
Nothing's wrong with that, except however if the store's connection to the server is disconnected or their machine is out of service, and you who do not possess any cash just ended up holding the line.
The thing about these cards are, any purchase you are making, you are giving the end-receiver access to your full-credit line. No matter how small the amount of the transaction is, the fact that you are giving someone your card to gain access to your account is already a form of 'breach'.
Most of this 'breach' is considered secure nowadays using differing safety measures like 'PIN enabled' or 'Pay wave' methods.
Then, the store initiates payment by 'pulling' the designated amount from your account using the information provided within your card.
Cryptocurrency doesn't work that way. Instead of a 'pulling' mechanisms, it 'pushes' the amount that needed to be pay or receive to other cryptocurrency holder without any further information needed.
Payments are possible without your personal information being tied to you the transaction. Your account can be backed up and encrypted to ensure the safety of your money.
By allowing users to be in control of their transactions helps keep Bitcoin, Ethereum or other distinguish Cryptocurrency safe for the network.
Conclusion
From the previous chapters, I'm sure you already have an idea on how cryptocurrency works and why it is currently trending. The market of cryptocurrency constantly fluctuates and nearly every day new cryptocurrencies emerge and some may even die. Some investors get lucky and some lose their money.
Yes, the cryptocurrency market is unpredictable and possess a huge risk to their investors. But as predicted by experts, cryptocurrency is here to stay and is already making a known impact on the world of finance. Institutional investors are starting to purchase cryptocurrencies. Banks and governments are also starting to acknowledge the potential that cryptocurrency holds.
There are already a lot of people buying Bitcoin to prepare against the devaluation of fiat currency.
In Asia especially, the Bitcoin market is flourishing. More and more companies have come across the effectiveness of Ethereum as a Smart Contract or token. This shows how blockchain technology is slowly taking its place in organizations for its security networks.
Cryptocurrency is definitely an investment vehicle worth looking out for. It is no doubt growing in use and acceptance and one day, may emerge as the currency of the future!
