The Benefits of Cryptocurrency

The Benefits of Cryptocurrency

The number of cryptocurrency enthusiasts has exponentially increased over the last months. The cryptographic currency concept exists since almost ten years, but it is part of the daily life of many people since a few months only. Here is what makes this product so attractive.

Counterfeiting and fraud are infeasible.

Cryptocurrency is a completely digital product and cannot be counterfeited, unlike fiat currency. Moreover, a person who sends cryptocurrency cannot claim their virtual money back; the operations are irreversible, unlike the credit card ones.

Identity theft is impossible.

Since cryptocurrency transactions are anonymous, no one can steal a person’s identity. A card transaction grants access to all your banking and personal information, regardless of the amount of the transaction. This is because the recipient of the payment must withdraw the amount from your credit or debit account to access the funds. Cryptocurrency transactions operate the other way around. The transaction’s issuer sends the money to the recipient. The latter only needs one information: the amount of the transaction.

No third party is involved in the transactions.

A card purchase involves a third party. The implication of an external entity means long transaction delays, high fees and the disclosure of your personal information to an entity that is not even concerned by the said transaction.

Cryptocurrency is accessible to all.

Many people in remote areas or in underdeveloped countries do not have access to traditional financial services, although many have access to the Internet one way or another. A simple Web connection allows to make cryptocurrency transactions, regardless of the geographical location of the user.

A cryptocurrency account entirely belongs to one person.

No other system allows the ownership of an account by a single person or entity; it remains the property of the issuing company. For example, PayPal may decide to freeze your funds at any time without consulting you. If the company deems that you are violating their policies or believes that you are using your account for dishonest purposes, it may withdraw your rights to use the platform. The cryptographic currency wallets belong to the account holder only. Nobody and no legal entity has access to the transactions. Therefore, the account owner is the only one to decide of how to use it.

Cryptocurrency enjoys a worldwide recognition.

Cryptocurrency is not subject to exchange rates, inflation rates, interest rates or any other fees charged by countries. It can therefore be used worldwide, without any problem. No waste of time, no loss of money!

Cryptographic currency is therefore an appealing financial product for anyone who means to take full control over their money. Cryptocurrency is progressively becoming well-received and many companies are adopting the concept. It can help people achieve wonders when properly used. Will you jump on the bandwagon?