Cryptocurrency is a new concept in the currency world. Traditional money is now being replaced by cryptocurrency rapidly. Many businesses accept payments in cryptocurrency while some people see it as a great investment venture. Cryptocurrency is rapidly gaining attention from around the world, the reasons behind this are its decentralized and peer-to-peer nature. Decentralization makes it free from a central authority and limits the involvement of third parties during the exchange process. This is why many people consider using cryptocurrency over fiat currency for various financial ventures.
If you have not bought cryptocurrency yet, here are some reasons why you should consider some of your assets in cryptocurrency.
Transactions of cryptocurrency are done through a secure channel. The amount of security you have with crypto exchange is surprising. You can not find this security level with fiat money.
Bitcoin is made on blockchain technology, therefore, the cryptographs are very unique, and hacking the transaction process is very difficult. It can happen only if the person makes a mistake. You can easily buy bitcoin in Australia with Coin Culture, and such places without having to go to a bank.
Cryptocurrency transactions are very easy. You do not need an account in a bank or any centralized authority. When you buy cryptocurrency, you establish a crypto wallet that holds your cryptocurrency. This digital wallet is what you use to make transactions. Thus, you can easily make transactions through a mobile phone application.
The advantage of decentralization is that you do not have to wait for the central body to complete a transaction, which can take 3 to 5 business days. Crypto transactions are quick and can process within a few seconds.
Another advantage of cryptocurrency over fiat money is that you do not have to pay charges on transactions. When we make transactions of traditional money through wire transfer or bank transfer, the central body takes a certain percentage of charges depending on the amount of money you are sending or receiving. If you are a businessman, it can reduce your profits.
Cryptocurrency transactions can process without involving a third party. Crypto coins go from the wallet of the sender to the wallet of the receiver. Even if the platform through which you are making transactions charges the transaction, the fees are much lower than banks.
Since cryptocurrency is decentralized, it does not put restrictions and limitations on the transaction process. With fiat money, you have to follow these restrictions. For example, if you have to transact a large amount, you will need to go to the bank. Every bank has a set timing. Secondly, there is a limit you can transact in a day. Businesses can suffer due to these restrictions.
Cryptocurrency exchange puts nonsuch restrictions. You can make transactions at any time and any place. Since you have the liberty to make transactions through a smartphone application or your computer, you can do it any hour of the day.
