Table of Contents
Almost no chance of Fraud:
Cryptocurrencies are digital and cannot be arbitrarily counterfeited or reversed by the sender, such as chargebacks on credit cards.
Immediate settlement:
the purchase of real estate generally involves third parties (lawyers, notaries), delays and the payment of costs. In many ways, the bitcoin/cryptocurrency blockchain is like a “big database of property rights,” says anonymous; Bitcoin contracts can be designed and executed to remove or add third-party approvals, reference external facts, or be completed at a later date or time for a fraction of the expense and time required to make traditional asset transfers.
Reduced fees:
There are generally no transaction fees for cryptocurrency exchanges as the network pays miners. Even if there are no bitcoin/cryptocurrency transaction fees, many expect most users to hire a third-party service, like Coinbase, to create and maintain their bitcoin wallets. These services act “like Paypal for cash or credit card users, providing the online bitcoin exchange system, and as such are likely to charge a fee. It is worth noting that Paypal does accept or transfer bitcoins.
Identity theft:
When you give your credit card to a merchant, it gives you access to your entire line of credit, even if the transaction involves a small amount. Credit cards operate on a “pull” basis, where the store initiates the payment and extracts the designated amount from your account. The cryptocurrency uses an insertion mechanism that allows the cryptocurrency holder to send exactly what they want to the merchant or recipient without further information.
Access to all:
around 2.2 billion people with access to the Internet or mobile phones currently do not have access to traditional exchanges, these people are ready for the cryptocurrency market. Kenya’s MPESA system, a mobile money transfer service, and a microfinance service recently announced a Bitcoin device, with one in three Kenyans now holding a Bitcoin wallet.
Decentralization:
A global computer network uses blockchain technology to jointly manage the database that records Bitcoin transactions. In other words, Bitcoin is managed by its network, and not by a single central authority. Decentralization means that the network operates from user to user (or peer to peer). The forms of mass collaboration that this makes possible are beginning to be explored.
Global Recognition:
since the cryptocurrency is not subject to exchange rates, interest rates, transaction fees or other fees from any country; therefore it can be used internationally without encountering any problems. This, in turn, saves a lot of time and money from any business that is otherwise spent on transferring money from one country to another. The cryptocurrency works on a universal level and therefore makes transactions quite easy.
There is no other electronic payment system where your account does not belong to someone else.
Let’s take the example of PayPal: if the company decides, for whatever reason, that your account has been misused, it has the power to freeze all the assets it has in the account, without consulting yours.
It is up to you to skip the hoops necessary to make it disappear and access your funds. With the cryptocurrency, you have the private key and the corresponding public key that make up your cryptocurrency address. No one can take it away from you (unless you lose it yourself or host it with an online wallet service that loses it for you);
Overall, cryptocurrencies have a long way to go before they can replace credit cards and traditional currencies as a tool for global trade.
The fact is, many people still ignore cryptocurrency, the digital currency. People have to be educated in order to apply it to their lives. Companies have to start accepting it. They must facilitate registration and commissioning.
The future appeal of cryptocurrencies lies in allowing you maximum control over your money, with a
transactions and lower transaction costs compared to all existing currencies.
Used correctly and fully understood, it would be the initiator of many emerging systems that will fundamentally change our global economic system.
Get more similar news about cryptocurrency visit
