Top 8 benefits of cryptocurrency

Published in

KoinPro.com

3 min readMar 10, 2021

Cryptocurrencies are digital forms of money that are based on blockchain technology. They use an online ledger with secure cryptography to maintain the integrity of the system.

If you have not yet jumped on the cryptocurrency bandwagon, then here are the top 8 reasons why you need to get started now:

100% anonymity and privacy

If you typically use the traditional currency to send money to someone else or purchase goods and services, all transactions will be recorded and maintained by banks. However, with cryptocurrency, there is no concept of attaching a name and a face to your account balance or credit history. You get to enjoy 100% anonymity and privacy.

Seamless peer-to-peer transactions

Need to send money to a friend or a family member? Cryptocurrency lets you do that without involving a middleman such as a bank. You do not have to worry about links being down or transactions being approved and authorized by someone else. Cryptocurrency lets you take advantage of seamless peer-to-peer transactions from one wallet to another.

Secure payment tracking

Sending and receiving money can be a nerve-wracking experience, especially if the amount in question is considerably large. Cryptocurrency lets you track the delivery of your payment on a second by second basis. It improves trust between both parties when a transaction is taking place because it is easier to track, and therefore safer.

No additional ownership fees

When you buy cryptocurrency, you get to own 100% of it. With traditional banking systems, the amount of money that you store and the duration for which it stays with the bank is subject to a set of rules. You do not have to worry about such constraints when you are dealing with cryptocurrency.

Inclusive and accessible

Cryptocurrency (especially Bitcoin, which came into existence in 2009) is referred to as the ‘banking system by the people for the people’ because of how it is a decentralized system that is not owned by any government or private entity. Anyone and everyone can own cryptocurrency and make more of it to become a part of this finance counterculture.

Versatility and practical use

Ever since the first cryptocurrency came into existence after a whitepaper was published detailing its implementation, the world of business has come to embrace this change. Several applications and websites let you use cryptocurrency to indulge in the activities they offer and pay for their goods and services.

No foreign exchange rates

When you transfer money internationally, there is a foreign exchange cost that needs to be met, which is usually the fees charged by the service provider. However, cryptocurrencies do not have any change rates applied to them. Think of sending a WhatsApp message to a friend on the other side of the globe. That’s what cryptocurrency transfer is like!

Constantly growing and evolving

Cryptocurrencies hold much promise and have consistently grown ever since they were firstborn. As of March 2021, there are currently more than 4000 different cryptocurrencies in existence, and this number is only going to rise. As more businesses welcome this decentralized digital currency, it is certain that cryptocurrencies will play a huge role in the future!

About KoinPro

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