Cryptocurrency vs Cash
Gone are the days when we only had fiat money to hold on to, to pay our daily groceries, sustain a business or save enough to become rich! These days cryptocurrencies, also called digital currencies, are flooding the wallets of people…Digital wallets! Cryptocurrencies are starting to have more advantages than fiat. However, the cons of cryptocurrencies need to be examined and corrected before the world jumps into a 100% adaptation of these digital currencies.
Let’s look at the Advantages of Cryptocurrency along with the loopholes it needs to fix.
Cryptocurrencies offer users the security of complete anonymity. When paying through debit or credit cards, personal information is transacted along with the payment to retail shops, or any other services you render to. This can be backtracked by notorious fraudsters to use against you. Thus, with cryptocurrency identity theft is non-prevalent.
Cryptocurrencies are available to anyone with access to the internet. With the internet being available to every nook and corner of the world, it allows unbanked citizens to buy, sell, store and use cryptocurrencies in digital ways they were never previously taken advantage of. One example of unbanked people making use of cryptocurrency is Kenya, where one in three citizens own a Bitcoin wallet. Opening up bank accounts has become impossible for many, as many people may not have access to Know Your customer documents which have become mandatory in opening a bank account.
If a family member wants to send their hard earned salary back home so that medical expenses and day to day groceries can be covered, it can be done quickly through cryptocurrency. Traditional fiat currencies require a lot of documentation, higher processing fees, longer transaction time and may not operate on weekends. Thanks to cryptocurrencies such as Ripple, they are paving the way for transactions to be complete in seconds, with minimal transaction fees.
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