If you are new to this cryptocurrency concept, you must be eager to know about some of the advantages of cryptocurrency investments. Cryptocurrency has proven to be one of the most tech savvy and money making investment opportunity currently. It’s been less than 8 years, that bitcoin was launched and people are already making a lot of money from it and enjoying the advantages provided by this early investment opportunity. For the new comers to this industry, below is a list of some of the advantages provided by investment on cryptocurrencies.
Money transfer freedom:
Cryptocurrency has made the transfer of money free from any third party dependency. Using a digital currency, you can transfer money to anyone, anywhere at any time. You have complete control of your money as well as complete freedom of transfer. There is no central authority to control or stop your money transfer nor are any verification or form filling required. You face no delay issues like bank holidays, international transfer time etc.
Your transactions are completely anonymous and each user’s identity is represented by an alpha-numeric code. Money can be transferred from one account (wallet) to other account (wallet) without associating the sender details. You just need the identification code of the sender. Your personal information is never tied to the transaction. Only a public address key is available and that does not disclose your identity.
Safety and security:
Cryptocurrency is quite secure and safe as compared to other fiat currencies. As transactions are completely encrypted so nobody can fudge any transaction and/or perform identity theft. Your personal information remains secured, your money is safe and your transfers are completely in your control.
Everything in cryptocurrency is transparent but identities are represented by Alpha-numeric codes, as explained above. Block chain maintains a complete record of all transactions. Be it a block mining or a transfer details. Software verifies every block and it’s transactions before adding transactions to the blockchain. The protocol of cryptocurrency and blockchain process cannot be manipulated by anyone. Persons, organizations and governments cannot interfere in the block chain authentication process.
No or less fee:
In cryptocurrency industry, either there are no transaction fees or minimal fees being charged for transactions by third party exchanges, if you like to convert your currency or buy more from an exchange. Merchants cannot apply any hidden charges to any transaction without a prior notice to the consumers. Even if some charges are levied, they are fairly nominal and significantly less than PayPal, credit cards or other mediums.
Introduction of cryptocurrency has reduced the chances of potential loss from fraud. Merchants feel more secured with this medium because the transactions in this medium are irreversible. No one can cheat on the blockchain and public ledgers available to each and every person who owns even a little bit of that currency. Due to this built-in reliability, consumers are less prone to chances of fraud and crime.
To conclude, cryptocurrencies provide many advantages that fiat or traditional currencies do not provide. No one claims that cryptocurrency investment is perfect, but, comparatively it is better than others. Yes, cryptocurrencies do have couple of disadvantages as well like price volatility, lack of awareness, development stage etc. But, despite of all these disadvantages, it is proving to be a strong contender for future of currency and a viable investment. As more and more currencies are launched, Blockchain technology continues to improve with the help of constant research and development going into this industry. What we suggest you is to look at the potential and invest in a more secure future.