In recent years, a lot has been said about cryptocurrency. At first, it sounded scary, but with time people started to develop trust in it. Most people are aware of Bitcoin and Ether. These are both cryptocurrencies which use Blockchain technology for security. Such currencies are available today in various types.
This type of currency cannot be faked as far as fraud is involved and it is usually in its digital form with no possibility of reversing it. It can also not be counterfeited, unlike the credit card. This is how it helps you to keep your money safe.
Benefits of this currency
Buying real property can involve third parties like notary and lawyers. So delays may occur and make you incur extra costs. Contracts involving Bitcoins, on the other hand, are usually designed and enforced to include these third parties. Transactions are quick, and the settlements are done instantly.
There is no transaction fee if you are exchanging Bitcoin or any currency. For verifying transactions, some minors may even get paid by the network. Despite the fact that there is zero transaction fee many sellers and buyers hire third-party services like Coinbase for maintenance and creation of wallets. If you do not know, such services function like Paypal which offers web-based money exchange system.
Identification of theft
Your merchant will get full credit line when you give then your credit card. This is true if the amount of transaction is small. What happens is that the credit card will work based on the pull system where online stores pull required amount from the associated account. Digital currencies, on the other hand, feature the push mechanism in which the account holder sends only the necessary amount without additional information. There is, therefore, no chances of theft.
Statistics reveal that around 2.2 billion people using the internet but not all these people have access to the conventional exchange. They, therefore, use the new method of payment.
Blockchain technology is the sole manager of the Bitcoin database. Bitcoin is under the administration of this network, and there is no other central authority. This means the network works on the peer-to-peer based approach hence it is decentralized.
Cryptocurrency is not normally based on exchange rates, interest rates or transaction charges so you can use it internationally and not suffer any problems. This way you can save a lot of money and time. Such currencies are recognized all over the world, and you can count on them.
If you are looking for a way of investing your money, you can consider cryptocurrency. You can become an investor or a miner. Ensure however that you know what you are getting into. Safety may not be an issue, but there are some important things you will need to keep in mind.…