What started as just an idea in 2009 has now taken over the world in what is becoming a global trend. Cryptocurrency and coin trading has become a very common action especially in the last couple of years and it is only expected to grow. People who have been doing it for years will tell you that it is beneficial. Others who have not tried it are looking to start their own accounts right now. All we know is that trading and purchasing cryptocurrency is only going to grow and there are multiple reasons why.
1) No Middle Man:
Usually what happens in digital transactions, there is a third party involved who takes a cut. There is no transfer cost with cryptocurrency ensuring that all the money you send will be received at the other end.
2) Safe information:
With traditional systems, banks are involved in every transaction and along with the transaction details, your personal details are also shared making it a bigger risk of fraud. With crypto, since everything is on one to one basis, not only can you keep your information to yourself, you can view all the details of the transactions as they happen.
3) No transaction fees:
With the old system, every time an individual had to send over some money, the bank or third party involved would take a percentage of the total cost and add that into the final bill. With cryptocurrency, no other party is involved making transaction fees zero.
4) More Access:
Cryptocurrency and its mechanism use the internet to operate fully. Out of the total population of the world, 2.2 billion people have access to the internet but not all of them have access to traditional systems or exchanges. Thus, with greater potential of spreading to other individuals as well, cryptocurrency can become a great tool for those looking to start this practice.
5) International Trade:
With globalization increasing everyday and transactions taking part every second between borders, there needs to be a mechanism in place that does not exceed costs due to exchange rates, tax and other transaction costs. With the help of blockchain technology, not only with it be secure but it will also be less costly if you are sending and more beneficial if you are receiving.
Final Note:
With cryptocurrencies, you are the sole owner of your assets so no one else can have access to your money. There is limited chance of hacking and it is more secure than traditional methods. Being used for multiple purposes, the era of crypto has just begun.
