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Unless you’ve been living under a rock, you must have noticed that cryptocurrencies have become quite the fad over the past years. With the rise of digitalization, globalization and online transactions, cryptocurrencies have actually managed to maneuver up the ladder of interest quite quickly, much faster than its main rival, the old-school fiat currency. Although you might think that cryptocurrencies are a bit difficult to understand, it actually is not as difficult to comprehend as you might think and there are far too many benefits that come with it for you to not know all the ins and outs of cryptos.
The most interesting thing about cryptocurrencies is the fact that you can use them in your daily life. It is much like any other currency you have ever encountered. This article aims to shed light on the perks of using cryptocurrencies over other currencies that you may be more used to.
Speed and Efficiency At the Heart of It All
Arguably one of the biggest reasons cryptocurrencies have become the fad they are today is because of their speed. Of course, safety, access and efficiency play a big role too but for now, the focus is on speed.
Have you ever made an online payment or wanted to send a friend something but then stopped because you knew that it would all take a few business days for the funds to reach either account? Thanks to cryptocurrencies, it’s out with the old and in with the new and the new is making your life a lot easier because cryptocurrencies allow you to make transactions in seconds. Doesn’t that sound like something that might be of interest to you?
The Rise of Anonymity
One of the best aspects of cryptocurrencies is the fact that they are based on blockchain technology, which by definition almost always means that there is a lot of anonymity when it comes to dealing with crypto. This is great because if you think about your visa and debit card, those ones that you swipe and are constantly observed for by your traditional or online bank, well, the benefit of crypto is the fact that this doesn’t happen. If you want to, for example, make a few trades without anyone knowing, without putting your neck out there and without having to receive hundreds of ads for trading because SEO engines noticed your new interest, then non KYC crypto exchanges that are known for accepting cryptocurrencies and offering and reliable terms would be a great option for you.
Advanced Security with Blockchain Technology
Another aspect that you simply cannot overlook when it comes to cryptocurrencies is the safety and security that you can experience with them in your everyday. You see, cryptocurrencies automatically run on something called cryptography, which is a form of code or algorithm that is used for one crypto to communicate with another one. It also sounds very technical and it is but thankfully, you don’t need to know the ins and outs, you just need to know that this makes your whole experience a whole lot more safe. This code is protected and highly secured, meaning that it is virtually impossible for anything or anyone to access it. As mentioned above, crypto runs on a piece of technology called blockchain technology, which is one of the most advanced pieces of software out there. It gives you the chance to engage in transactions anonymously, it even allows authorities the chance to look into what is happening due to its decentralized nature and is so robust that even the most skilled hackers will find it hard to make their way in.
Good-bye Bank Fees
As you know and have already often experienced, bank fees can really be the death of your account. Having to pay endless bank fees, always having to double and triple check your account to make sure that you haven’t gotten false bank fees deducted, etc. is tiring and time-consuming. With cryptocurrencies, you never really have to worry about this. You aren’t signed up with some big company that needs you to pay fees to cover their overhead and staff costs, so you’re a free agent.
A Wide Variety of Cryptocurrency Options for Global Expansion
If you’re new to crypto, you might think that there is only one crypto. If you think this, you’re unfortunately wrong. The term cryptocurrency is actually an umbrella term and there are loads of cryptocurrencies that fall under this hood. Perhaps you’ve heard of Bitcoin, Tether, Dogecoin or Ethereum? Those are probably the four most popular cryptocurrencies. You see, it all started in 2009 when a group of people under the pseudonym name of Satoshi Nakamoto came out of the back end of the Internet and crafted the first crypto. It was quite a shock to the system and since then, many more have jumped out. Bitcoin is arguably the most popular one but every year, when the world notices that cryptocurrencies are just becoming stronger and stronger, more seem to crop up.
The one thing that you need to note is that this market is volatile, far more than fiat currencies, so if you are thinking about investing or trading, you need to do some serious research beforehand and start small to be on the safe side. Well, that’s everything you need to know.
*This article was paid for. Cryptonomist did not write the article or test the platform.
