Why Use Cryptocurrencies

Why Use Cryptocurrencies

 

Cryptocurrency is revolutionary as it provides many possibilities that fiat currency (aka traditional money) cannot offer. Let’s take a look at some of the benefits of cryptocurrency.

1. Decentralized System

One of the main aims in the creation of Bitcoin was to ensure that the currency is independent from any governing authorities. Every single user of Bitcoin will play a part in maintaining the blockchain. This gives users total control over their finances.

2. Anonymous

One only needs a digital wallet to transact with cryptocurrency. No need to provide a significant amount of personal information to banks in order to engage their services.

3. Transparent

Since every transaction is recorded in the blockchain, all cryptocurrency movement can be traced. Any erroneous or fraudulent input can also be easily spotted and corrected.

4. Fast Transactions

The blockchain network processes transactions almost instantaneously. Normally, it takes only minutes for someone on the other side of the world to receive a payment. On the other hand, bank transfers often take days – and they still charge you for it!

5. Irreversible

In P2P transactions, this feature helps prevent scams where the payee denies having received any funds.

6. Counterfeit-proof

Cryptocurrency cannot be forged. Ever.

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