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Over the last couple of years, slowly and steadily the term cryptocurrency has been gaining significant attention. You might be more heard the terms like Bitcoin and Ethereum. In fact, there are many! Just take a quick look
Bitcoin, Litecoin, Ether, Dash, Dogecoin, Ripple, Peercoin
Cryptocurrencies is a technology that can change the fundamentals of how the world works. It is a digital currency that can be used as a standard currency where ever it is accepted. The benefits of cryptocurrencies are many. If you are concerned with the real benefits of cryptocurrencies, you should read on.
Here are the 6 amazing benefits of cryptocurrencies over traditional money exchange system:
Cryptocurrencies are digital and the transaction is immutable. Unlike credit card payments, once a customer has paid for a product or service, the money cannot be reversed it will be there in your account. That is, the transaction cannot be counterfeited or reversed arbitrarily as with credit card chargebacks by the customer.
With Cryptocurrency, you can make payments in just a matter of a few seconds. When you use your credit/debit cards, you have to give the access to your full credit line to the merchant, even if the transaction is for a small amount.
Credit/debit cards operate on a “pull” basis that is, when the merchant initiates the payment request the requested amount will be pulled from your account. Instead, “push” mechanism is utilized by cryptocurrency which enables the cryptocurrency holder to send what exactly wants to be paid for the merchant or recipient with no further information.
Cryptocurrency payments are very fast as you don’t need to provide too many details, not even need to enter your credit/debit card details. All you need to feed is the address of the wallet of the person or enterprise to whom you wish to make the payment. And the amount shall credit to the receiver within few seconds to a few minutes depending on the crypto.
Unlike traditional asset transfers, there is no third party-dependent waiting period. Here you are the master of your money. That means cryptocurrencies are designed and executed to avoid interference of third party approvals, payment of fees, delays, reference external facts etc.
In cryptocurrency once the payment is successful, you can keep it in your wallet and make use of it immediately as per your requirement. Like bank-owned systems, there is no third party involved where you need to trust.
With cryptocurrency, there is greater access unlike what is prevalent in the traditional exchange systems as the medium(internet) by which cryptocurrency exist. Like the traditional financial systems in cryptocurrency you don’t need an account or a withdrawal software, a smartphone and internet is enough to get started.
Cryptocurrency opens up a new world for everyone to access and benefit from an exchange system. So, these services are potentially filling the huge gap between in the traditional exchange system to make fastest asset transfer and transaction processing with a viable data connection.
We’ve all been once shocked at the expensive transaction fee of the exchange systems as they levy considerable fees for each transaction. Sometimes the charges are hefty too. But it is not same with cryptocurrency, usually transaction fees are a low flat fee or negligible (note: This is the case for now).
With credit cards or debit cards, the merchant is the one paying a fee but for crypto’s, only the customer gets hit with it. In cryptocurrency exchanges there are third-party service engaged with the users, such as Coinbase, creating and maintaining their own cryptocurrency wallets. These third-party services work same as Paypal does for cash or debit/credit card users, for the cryptocurrencies and in a similar way they’re likely to amount the transaction fees.
With Cryptocurrency, it’s more about its public acceptance than technology. As it is still in its infancy some benefits above only apply to certain cryptos and not all. Perhaps, the exceptional aspect of cryptocurrency is its ascension to initiate secure and untraceable transactions. Now, the technology is at the growing state, only time will let you know whether it’s here to stay or not. One thing is for sure: Cryptocurrency is not synonymous with speculative investment.