We all have witnessed how cryptocurrency has had managed to soar in terms of value in recent years. Not only this, but they are likely to be the next big thing as they are also expected to become the main mode of payment in the future. And, if this is true, then we might as well see unexpected rising millionaires, considering the fact that many have already started to ponder over cryptocurrency investment, such as Bitcoins or Dash. Other than these, there is a Ripple, Dogecoin, Litecoin, and Ethereum just to name just a few.
Before we explore its positive aspects, let's have a quick background check to begin with. It is a modern-day digitized version of currency. It is formulated and managed using an advanced encryption technique, namely, cryptography. It gained a massive public eye with the creation of Bitcoin back in 2009 and the rest, as cliché as it may sound, is history.
Let's move on to its pros and we hope that you will walk away with a new-found perspective regarding cryptocurrency in 2022 and 2023.
It Can't Be Taken Away
Since the cryptocurrency thrives on the concept of decentralization, no one possesses the power to take it away; be it government or bank. No central authority means that there is also no tax involved. Hence, it is a currency highly democratic in nature. It is a safe mean as long as the private keys are protected.
In addition to this, it is ideal for someone who has lost or on the verge of losing his belief in the traditional banking system. This makes cryptocurrency a viable and quite a wise investment.
Smooth Transactions
The best benefit it offers is probably the facility of one-to-one affairs based upon a peer-to-peer networking structure. This enables the parties involved in entirely cutting the middle man out of the scene. As a result, both the parties know who they are talking to and in turn, it means that there is greater accountability.
The transaction, therefore, is extremely seamless, crystal clear and comparatively devoid of any possible confusion.
Enhanced Privacy
Payments made through cash or credit involves a lot of financial history to appear on the surface. When it comes to cryptocurrency, each transaction can be termed as a unique exchange between two people based upon the concept of "Push". It only requires nothing except for the amount to be paid on the contract.
This is how your privacy remains intact and any risk of account or identity theft is minimized on a whole new level.
Easier International Trading
In light of what we mentioned earlier about how you remain in complete control of the cryptocurrency, it is of paramount importance to note that it is not at all affected by fluctuations in the exchange rate, interest rates or any other levies. On top of that, we have the blockchain technology which backs it. Therefore, it is free of any such complications and this is what ensures a trading experience all easy and smooth.
Guaranteed Autonomy
Unlike traditional banking, cryptocurrency promises complete autonomy. In fact, the biggest advantage cryptocurrency brings is that you remain the sole owner until and unless you haven't delegated the management of your wallet to a third party.
All the private and public encryption keys rest under your individual control whereas accounts in traditional banking can be closed without even a notice.
Low Or No Transaction Fees
Yes, there are no or low transaction costs involved with crypto in comparison to with what charges you are required to pay as fees when transferring money through a wire transfer. Not to forget the even higher amount when it is a transaction of an international scale.
