Reasons to Use Cryptocurrency
Just like any other new technology that comes into the market, cryptocurrency has had mixed reactions since emerging as an alternative to the traditional methods of exchange like credit cards. While it might seem like this new technology could bring a lot of negative effects on the economy, its positive possibilities are endless and are eagerly looking forward to its benefits. Cryptocurrency is digital money free from government interference and thus it is a peer to peer transaction process. Discussed below are some reasons why you should consider using cryptocurrency as a mode of exchange.
Paperwork, brokerage fees and commissions among others are usually very common when closing a real estate deal and usually serve to increase the transaction fee and this is not applicable with cryptocurrency. Cryptocurrency leads to greater clarity in establishing audit trails and there is no confusion on who is pay who since they are one-to-one transaction directly from a buyer to a seller. When you transact through the traditional means, you have noticed you are being charged a considerable amount in transaction fees like writing checks. With cryptocurrency, you can avoid the transaction fees that traditional modes of transaction charge.
Cryptocurrency has more confidentiality that you cannot enjoy under a cash or credit card system where your transactions and account are usually closely monitored. Each transaction in the cryptocurrency system is unique and negotiating on new terms, in addition to that you only submit the information necessary for that transaction which protects you from the threat of account or identity theft. Since cryptocurrency transactions are facilitated by digital data transfer and the internet, these services are potentially available to anyone who has a viable data connection and knowledge about the cryptocurrency on offer.
Trading internationally is usually expensive because it involves a lot of fees to be paid to the specific country, however, if you are using cryptocurrency you can avoid all these since they are not subject to those charges. You can use the peer-to-peer mechanism of blockchain technology to transact without the inconvenience of exchange rate fluctuations. Unlike with traditional banking or credit card systems where you delegate your money to a third party, with cryptocurrency you are the sole owner and manager of your wallet.
Cryptocurrency are quite adaptable; some have been created for specific uses with over a thousand of unique cryptocurrencies currently in circulation. For funds to be revised in a cryptocurrency transaction, an agreement must be reached between the buyer and seller and this is a hedge against fraud. Consumer privacy is guaranteed throughout the transaction process of cryptocurrency by a strong encryption technique. Cryptocurrency has numerous advantages including the ones highlighted above.