Why you need cryptocurrency in 2019?
Today cryptocurrencies have become a global phenomenon known to most people. The importance and popularity of cryptocurrency is increasing day by day. This, in turn, enhances interest in it and people start asking questions. One of the most frequent question is if it worth buying it or not. Let`s first of all find out what is cryptocurrency.
What is cryptocurrency?
Cryptocurrency is denoted as a digital asset using strong cryptographic technologies in order to secure financial transactions. Bitcoin is a virtual currency, which means there is no physical analogue to it. In using cryptocurrency for an exchange instead of fiat currency, crypto owners don’t have to rely on banks to facilitate transactions, and can successfully avoid the fees that come with using financial institutions. It has vast benefits and advantages, so let’s check some of them.
Cryptocurrency and business
Some people consider cryptocurrency as a means of solving issues with their business. It is possible to use gamification of your service or product which is an application of game principles and elements with game design in non-game contexts. Accepting cryptocurrency as a form of payment on your website is actually easier than you may think. The popularity and growth of digital currency for businesses has made setting up your merchant account, integrating it into your Points Of Sale (POS) system, and making it accounting friendly can be achieved with little tech knowledge and stress.
Also, you can use bounty of programs in your business, which motivate individuals to receive recognition and compensation for various actions related to initial coin offerings.
A Decentralized System
Nobody controls cryptocurrency, therefore it is anonymous, the owner of cryptocurrency just does not exist. Do you know why? The answer is simple — users around the globe control the ecosystem.
The most obvious benefit to using a decentralized exchange over a centralized one is their “trustless” nature. You are not required to trust the security or honesty of the exchange since the funds are held by you in your personal wallet and not by a third party.
Cryptocurrency is not, in the least, affected by inflation. If Central Banks do quantitative easing https://twitter.com/ecb/status/1105494215381913601, which means that they print money, its cost will be less, but we always know the precise number of cryptocurrencies as its amount is usually finite.
Cryptocurrency is not tied to any one government, so its comparative “worth” is not affected directly by the inflation rate like the government’s legal tender would be. The value of alternative currencies relies upon the activity of its investors and merchants, regardless of the strength or purchasing power of traditional currency.
Anonymity is one of the most important advantage of cryptocurrency. Users are not required to disclose their personal details to anyone, except if the exchange method involves bank transfers, in which case your identity is revealed only to the person that is selling or buying from you. Bitcoin transactions, for example, are all stored, by design, in a public ledger (the blockchain) that is accessible to everyone. These transactions provide privacy through pseudonymity, in that while each transaction is associated with the public address of the sender and receiver, the real-life names of the owners of these addresses are at no time made known to the network. To increase privacy, each person could create as many public addresses as they like, making it difficult to link transactions to the same person. Mind it, that it is not difficult at all to find out the amount of money transferred from one account to another, but it is much harder to find out who is the owner of the account.
Your account can’t be blocked or frozen
Banks have all the possibilities to freeze or block your account for a variety of reasons. Divorce judgement or court order are just some of the examples. It will take you a lot of time to open a new account. You can be sure that this won’t happen to you if using cryptocurrency because such situation happened only once in the whole history of cryptocurrency. It was when the accounts of DAO (hacker’s organization) were banned as they had made attempts to steal loads of money.
Worldwide unlimited transactions
Everybody faced the problems with transferring money from one country to another at least once. It is not easy at all. Moreover, every bank sets a limit on transferring money which makes this complicated process even harder. Blockchain transactions are able to be validated 24 hours a day, seven days a week. They often process within seconds or a few hours at most. When you compare this to the waiting periods of 3 to 5 business days for most cross-border transactions, blockchain technology is leaps and bounds better than what more traditional financial systems currently use.
Also consider the fact that a “financial middleman” is no longer needed. This lowers the transaction costs considerably. Besides, restrictions do not exist there , and you can send as much money as you need.
People Need Innovation, People Need Start-Ups
Nowadays ICO (initial coin offering) route is used by many start-ups for getting crowdfunding and raising their funding balance in order to develop innovative services and products applying blockchain technology. As a matter of fact, these services and products started existing thanks to the ICO concept. Therefore, for having more comfortable life by using such start-ups services, it is necessary for the funding process to run smoothly, so the ICO must be there. There have been cases of fraud in the world of ICO, but it is the investor who should be more careful.
Constant Rise In Interest From Big Players
The majority of businessmen and tech-entrepreneurs from over the world are now trying to do their best not to miss the opportunities of blockchain technology and associated with it cryptocurrencies. For example, Alphabet, the parent company of Google, happens to be one of the investors for Intangible Labs, that has a cryptocurrency named ‘Basis’. It is also worth mentioning that Goldman Sachs, that is the biggest investment company around the globe, is dealing with customers willing to get interest in cryptocurrency custody services. Also, the international banking giant HSBC recently managed to process $250 Billion Forex trade via its blockchain-based platform.
Each of the given paragraphs can be a reason for you to be more curious about cryptocurrency and find out more about it. Although, it is not perfect, like anything in our world, but the advantages are prevailing.
Cryptocurrency has lots of benefits, so people should consider this fact, and invest in it. However, before you decide how to invest and what cryptocurrency to choose, you need to dig deeper. A smart investment should always watch out for the coin`s future prospect, its actual implementation, the team behind it and mass adoption odds. Invest into it, but do it rationally, as you are the one who is responsible for it. The world goes forward, don’t lag behind.
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