Why Use Cryptocurrency?
Why should we use cryptocurrency
It’s a good question and the answer is simple. We should use cryptocurrencies since it is a step in the right direction for global trade where everyone can be involved. To neglect the idea of digital currency or cryptocurrency on a decentralized network today is like neglecting the idea of Internet back in the early nineties. People who understand this technology or people who can get a clear picture how it works can easily see the benefits and many possible uses for it. basically, it’s the people’s money.
Why should I use cryptocurrency?
You already use credit/debit cards — the tools that “digitize” your dollars, pounds or euros. But there are a few advantages to using cryptocurrency over your standard government-issued currency.
- Low/zero transaction fees. Because miners are simply rewarded cryptocurrency from the network itself, there are typically little to no fees for core transactions.
- Ownership. With your digital key, access to your currency is yours alone. Unlike money you store at a bank, your use of your cryptocurrency cannot be frozen or limited by any entity.
- Identity protection. Paying with credit or debit cards requires submitting sensitive banking information that could be stolen or compromised. Cryptocurrency can be sent directly to a recipient without any information other than total amount you want to send.
- Accessibility. Billions of people can access the Internet, but not everyone has access to banks or money exchange systems. Cryptocurrency requires no bank or line of credit to make or receive payments electronically.
- Risk-free for sellers. Payments using cryptocurrency can’t be reversed, which means merchants don’t have to worry about stopped payments. The blockchain makes it difficult for you to be defrauded.
Are there drawbacks to using cryptocurrency?
Aside from the difficulty of understanding the concept of cryptocurrency itself, there are a few drawbacks to using it:
- General awareness. More people and businesses are starting to accept cryptocurrency, but it’s a small number compared to those accepting debit and credit cards.
- Volatility. Cryptocurrency exchange rates can vary greatly. Which means the amount you pay or receive one day could be wildly different the next. The market should eventually settle down, but it’s hard to predict where the rates will be.
- Newness. Even popular bitcoin is new and growing. It could take time before the various cryptocurrencies reach their potential. Similarly, some may fall by the wayside, while others come to dominate the market.