The Seven Best Advantages of Using Cryptocurrency

Cryptocurrency has emerged as a very strong digital alternative to fiat currency, and many people have now begun to use crypto as a means of daily transactions when compared with other options such as credit cards or cash. There are even a number of cities in which Bitcoin ATMs have opened up. Some people also think that cryptocurrency is a viable financial medium that is used by terrorists and other financial hackers, especially when you consider that almost all ransomware demand hackers usually require payments in Bitcoin. But, when you consider the recent upsurge in the price of Bitcoin and the advantages that it offers, it is easy to see just why so many people want to buy Bitcoin. So, if you are thinking of buying cryptocurrency, here are some of the biggest benefits that you get.

1. Transactions

When compared with conventional brokers and agents as well as legal representatives that can complicate transactions by a considerable margin, cryptocurrency has no such issues that you have to deal with. One of the biggest advantages of crypto transactions is that the whole thing works on a blockchain, which is essentially a peer-to-peer networking structure that helps cut out the middleman. This makes it easy to establish audit trails and also improves accountability.

2. Transfer of Assets

Think of the blockchain as a large database of property rights. This makes it easy for ensuring and enforcing contracts between two parties. More importantly, the ecosystem created by the blockchain also makes it easy to enforce particular modes of transfers as well.
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For instance, a contract that involves cryptocurrency can be used to add third-party approvals as well. It can also be required to make references to external facts or could be scheduled to be completed at particular dates or times in the future too. Because you don’t have to consult with anyone and because you will be the sole owner of the crypto account, it’s going to be considerably easy for you to execute the contract without worrying about any third parties.

3. Confidentiality

Transactions made under the cryptocurrency ecosystem are designed to be much more confidential. When you make a transaction using a conventional cash or credit system, your entire history will be exposed to the bank, the credit agency, or any other person who is involved in the transaction.

At the lowest and most basic level, it may even involve a check of your credit score or your overall account balances. Many people often take objection to this, and don’t want to reveal their personal history. With cryptocurrency transactions, you don’t have much to worry about.

Each transaction that you make under a cryptocurrency exchange is completely unique and separate from others. The terms negotiated between the two parties are separate from other transactions, so there is no need to review previous history.

On top of that, all informational exchange is carried out on a “push” basis, which simply means that you get to decide what information you want to share. Everything else apart from that will be completely hidden. Simply put, this closely guards your financial history and ensures that no one else but you are able to see the transactions you have made in the past.

4. Increase in Value

If you buy Bitcoin now, when it is at a low, there is a pretty high chance that within the near future, your investment is going to increase by a considerable margin. There are plenty of people who have managed to make a fortune by investing in Bitcoin when it was dirt cheap, and then selling it off when the amount reached upwards of $20,000.

You can search online for people who identify themselves as Bitcoin millionaires, and you will find that there are quite a few of those. If you want an increase in value and are looking to use crypto as an investment vehicle, you could easily make quite a bit of money. Crypto is completely safe, you just need to make sure that you buy from a reliable exchange if you want to make profits.

5. Transaction Fees

Many people, especially business owners, are tired of paying the exorbitant transaction fees that they have to pay each month on the transactions. If you just go through your account statement, you will find that every transaction comes with a fee attached to it.

From writing a check to an online bank transfer, you are paying a fee for every service that you use from a bank. With cryptocurrency, you don’t need to worry about this.

Most of the data miners and other professionals who work on particular crypto networks usually get their compensation from the network itself. As a result of that, you don’t need to worry about any transaction fees.

There is likely to be a minuscule external fee involved if you make use of a third-party service like Bitbuy to maintain your crypto wallet, but apart from that, you don’t have to worry about any additional fees involved.

6. Easier Trade Options

Companies are now developing their own blockchain networks to facilitate international trade. If you are running a large business and need to improve your payment options, you should definitely consider using cryptocurrency as the primary medium.

Currently, there are plenty of countries that are slowly moving toward crypto transactions. It significantly simplifies transactions across the border and makes matters easier. However, you should know that many countries still do not identify cryptocurrency as a legal tender, so you might have to check the local regulations of the country that you are trading with before coming up with a solution.

7. Security

Cryptocurrency is considerably secure, and because everything is stored in a digital wallet, you don’t need to worry about any kind of losses whatsoever. There is considerable proof that crypto is incredibly secure and cannot be stolen or manipulated unless a person wants to.

These are just some of the main advantages that you get for using cryptocurrency.