Digital currency is the new buzz that everyone is talking about. There are presently more than 6000 cryptographic currencies available around the world. It was in 2009 that the world was exposed to the new era of the decentralized digital financial revolution. After exactly 10 years, in 2019, it is said that around 50 million investors across the world did Bitcoin trading along with trading other cryptocurrencies.
Bitcoin has changed the way transactions are done. During bitcoin transactions, the identity of the owner is anonymous. Moreover, it’s a peer-to-peer interaction, making this platform free from third-party intervention. This garnered a lot of attention, and hence we have seen a rise in Bitcoin and other cryptocurrencies. Let’s explore why you should consider investing in cryptocurrency and how to acquire the hold of bitcoin units
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Know Why The Popularity of Cryptocurrencies is Growing
- Peer-to-peer interaction- One of the important features of crypto is that it functions on peer-to-peer interaction. Hence, the two parties are directly interacting with each other without the intervention of the third party. This makes the transaction free from brokerages and other fees.
- Faster transaction- The next benefit of using cryptocurrency for transactions is faster. However, the scalability of the blockchain platform to compete with conventional payment gateways is a point of concern. Still, when it comes to transaction approval and remittance, it is faster in the case of Bitcoin and other cryptocurrencies. As mentioned above, Bitcoin transactions work on peer-to-peer interaction, and the two parties directly interact with each other. Hence, you don’t have to wait for third-party approval for transactions, thus making cryptocurrency transactions faster and easier. This is particularly beneficial for business owners looking for a cross-border transaction.
- Transaction fees- Transaction fees charged by banks can take a significant share out of your assets and earnings, especially if there are a lot of monthly transactions or cross-border transactions. But there are no such fees when you transact using Bitcoin or other cryptocurrencies. The data miners involved in solving the calculations to mine Bitcoin receive the reward from the cryptocurrency network on which they work, and you complete your transactions free of cost. While there is a certain fee that is charged but it is meagre. Also, there are new platforms that are emerging which charge zero fees.
- Safety and security- When it comes to financial transactions, safety and security are of prime concern. Still, when it comes to Bitcoin or other cryptocurrency exchanges, then these transactions run on the Blockchain platform. One of the unique features of Blockchain is that all the transactions are encrypted cryptographically and are time-stamped. Hence, it becomes easier to do the audit check because of encryption. It becomes difficult to get through the system and alter the information. Thus making cryptocurrency transactions safe and secured.
- Ease of international trade- The next benefit of using cryptocurrency is that it simplifies the process of international trade. Since there is no third-party involvement, cross border trade and transactions run seamlessly and are unaffected by currency exchange fluctuations and the like. Hence, it can be said that Bitcoin and cryptocurrency aid international trade with ease.
- Ease of Availability- There are thousands of cryptocurrencies, and the best part is that these can be easily bought using various exchanges. Like stocks and shares, you can now trade cryptocurrencies using several crypto exchange platforms. However, it is advisable that you must thoroughly assess the different exchanges and their performance in the market. You must always acquaint yourself with the various cryptocurrencies and then decide which is the right crypto to invest in.
These are a few of the benefits of cryptocurrencies transactions that have garnered a lot of attention these days. In the times to come, we are going to witness a new transformation that will change the mode of transactions and monetary exchange.
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Concluding thoughts
With the rapid growth of cryptocurrencies and their wide application, we can conclude that Bitcoin and other cryptocurrencies are here to stay. Initially, these were compared with the tulip crisis, and however, Bitcoin survived all the odds. Some opine that the bitcoin age is the golden era of the digital financial revolution that is faster, secure, safe, and scalable. However, its mass acceptance is still a point of discussion, but cryptocurrencies are here to stay.
