In search of creating an alternative for cash and credit card, we created Cryptocurrency. From the day cryptocurrency was launched it took over the digital market by storm. Right now there are many cryptocurrencies whose values have touched the sky and many companies have started accepting payments through cryptocurrency.
Well, the cryptocurrency uses the help of blockchain technology to provide strong security for its users.
Here are 5 advantages of cryptocurrency as a financial medium:
Well, you might know that every time you do a business transaction through brokers or legal representatives, you have to pay transaction fees. Along with that, there is a lot of paperwork, commission, and brokerage fee that you need to complete. But using cryptocurrency can remove the need for a third person as it provides secure one-to-one transactions to its users. The Bitcoin Lightning Network is one of the best examples of that.
The cryptocurrency can be very helpful in transferring the ownership of an asset from one person to another but you will need to pay the seller through bitcoin. Every transaction is safe and secured with the help of blockchain technology. The cryptocurrency also allows the owner to reduce the time and expenses that are required in every transaction of your assets.
Whenever you do the transaction through cash or credit, your bank will record each of your transactions. If anything irrelevant is found in your transactions then the bank will put a flag and they will do a complete check-up of your all transactions. But it doesn’t happen in cryptocurrency because every transaction will be unique and only you will have the access to check your transactions records.
Low transaction fees:
Banks indeed deduct a transaction fee every to do a transaction. That means if you do lots of transactions in a month then there will be a huge transaction fee that you need to pay to your bank. But there is no transaction fee if you are using cryptocurrency, you just need to pay some service charges if you’re taking the help of a third party to maintain a crypto wallet.
“Any time a country transitioned to a fiat currency, it collapsed. That’s just world history; you don’t have to know about cryptocurrency to know that,” said, Nipsey Hussle, an American rapper.
If you have an account in a traditional bank and you die due to some reason then your amount will be sent to the nominee and sometimes there can be a chance that your account will be closed if you break the terms of service.
In Cryptocurrency you are the sole owner of your account and only you have your encrypted keys.If you want to track your cryptocurrencies in real-time the CoinTickr will be your best option. Crypto Ticker partnered with CoinStats to bring crypto users with a more convenient asset tracking solution — the minimalist and portable IoT gadget that displays the real-time price changes of cryptocurrency in front of your eyes, so you don’t have to stress check your phone every second.