The terminology “cryptocurrency” has rapidly gained worldwide popularity in the past few years. You may be more acquainted with the names, such as Ethereum, Bitcoin, Ether and more. All of them are cryptocurrencies that are digitally created and administered by employing state of the art techniques of encryption recognized as cryptography. The academic conception of cryptocurrency practically turned into the virtual reality when Bitcoin was created in 2009, and since then the bitcoin price prediction efforts are in continuous motion.
It is hard to ignore this fact that the world’s becoming economically unsafe with time. It does not imply that the global economy is shrinking. The point refers to is how fragile the global economic machine has turned out to be. A small punch thrown by several factors and it can crash in a snap. It is definitely not good for those people who work day in day out to achieve a better lifestyle. Cryptocurrency can resolve many of the issues that are faced by the conventional economy and banking system. The following are some benefits that you can reap when you invest in cryptocurrency.
1. Can’t Be Taken Away By Central Governments
If you go seven years down memory lane you might remember the events that occurred in Cyprus in 2013. The central bank of Cyprus wanted to repossess all the uninsured deposits that were larger than one hundred thousand dollars in an effort to recapitalize itself. It naturally caused colossal turbulence in the whole population.
Things like this cannot happen in the case of cryptocurrencies. The reason behind it is that crypto coins are decentralized and they are not controlled by any central authority. If you are one of those individuals who are constantly losing trust in the conventional banking system, then it would surely be a huge benefit for you.
2. No More Identity Theft
You go to a shop, purchase some goods and hand over the credit card to the staff in order to checkout. By doing this you practically give the staffers accessibility to your entire credit line, regardless of how small the amount you are supposed to pay. It can lead to complications like identity theft. The problem is that credit cards work on a system that is “pull-based”. Stores start the payment process and pull out the designated amount of money from your bank account.
On the contrary, cryptocurrency employs a push payment mechanism. It does mean that when you invest in cryptocurrency and have some coins in your virtual wallet, you can send the exact required amount to the recipient or merchant without providing any further information. It can save you from a great deal of trouble.
3. Effortless Transactions
In the conventional business dealings, players like legal representatives, agents, and brokers can add up considerable expense and complication to what otherwise should be a clear-cut, straightforward transaction. There are commissions, brokerage fees, paperwork and countless conditions that might apply. When it comes to the crypto transactions, there is no need for any third party as they are done one-on-one over a networking structure that is based on a peer-to-peer mechanism. This way you can avoid tons of confusion.
4. Easy Accessibility to Everyone
Currently, there are over two billion people in the whole world who do have mobile phones or internet access, but they are unable to utilize conventional exchange systems because of multiple reasons. These people are fit for the market of cryptocurrency and should be trying to find bitcoin price prediction as crypto transactions are easily made via the internet.
5. Lower Transaction Fees
Simply grab your recent monthly bank statement and go through the fees that you paid for transferring funds to other accounts, writing cheques or when paid your utility bills. The transaction fees that traditional financial institutes charge can put a noticeable dent into your assets particularly when you are performing quite a few transactions every week or month.
In the case of cryptocurrencies, the data miners that generate various crypto coins directly get compensated from the networks. Therefore, transaction fees often do not apply. You might have to pay some small fees to the 3rd party, external management services who maintain your crypto wallet.
6. Rock-solid Security
Solid encryption techniques are utilized throughout the blockchain. In addition to it, cryptocurrency transaction procedures provide strong protection against account tampering and fraud and offer the highest level of privacy.