Why Use Cryptocurrency?
Last time at Money Trade Coin, we looked it at what cryptocurrency is, how it worked and the changes it is bringing to society. This time, we’ll have a more detailed examination of why currencies Bitcoin, Litecoin, Money Trade Coin and Ethereum should be used and the gains you’ll get from it.
It’s not for no reason that the cryptocurrency market is booming. In fact, it’s booming so much that dozens of cryptocurrencies have entered the market, each vying for the crown of being the most used digital currency.
What visions of the future are investors and cryptocurrency makers seeing that is clouded from the general public? Let’s dispel those clouds.
Why isn’t Traditional Currency Good Enough?
In a world where the global economy is becoming increasingly interdependent, and as a result increasingly fragile, cryptocurrency stands as a solution to the financial challenges of cost, time and decentralization. We work with and buy from global partners, but traditional financial systems haven’t quite kept up with employment and commercial trends. We worry about how one country’s economic collapse can cause a ripple effect and damage those of others. Our transactions are ever-increasing in value, bringing in exorbitant processing fees.
All these problems are swatted aside by digital currency.
For one thing, you don’t need a bank account to transact with cryptocurrency. With your digital currency, you can buy from anyone that accepts cryptocurrency and pay them in any sum — from a few rupees worth of digital coin to significant sums. All of this is also processed with a negligible processing fee that is a fraction of card transaction processing fees. No bank, no day long wait for the transaction to come through and no chance that your account details will get flicked by some shady merchant. The power of business is solely in the hands of the buyer and seller, and protected by strong encryption. You’ll really begin to see the positive effect of this on the economy as more and more people begin to use digital currency.
Merchants are offered some protection too. Unlike credit cards, you can’t chargeback with bitcoins, litecoins and the like. Once the merchant has received the payment, the buyer can’t call his bank and demand a chargeback, protecting the merchant’s service.
There’s one other special benefit that requires mentioning: you can make your own money with digital currency. That’s right, it isn’t you central bank that does it. If you’ve got enough computing power, you can offer some of its resources towards “mining” for digital currency. Effectively, you’re printing your own money. We’ll tell you how you can do this in one of our upcoming posts.
The answer to the question of why cryptocurrency should be used is not at all difficult to understand. It’s analogous to asking someone from the decades past “why use a debit card or online banking?”. The convenience, efficiency and financial power offered by cryptocurrency are simply too good to ignore. Besides that. it’s good to get a head start in the world of cryptocurrency before the lucrative opportunity of early investment fades away. Stay tuned to Money Trade Coin to hear more of such advice on how you can enter and profit from the cryptocurrency market.
Until then, we wish you a Happy Diwali!