Reasons for using cryptocurrency
Cryptocurrency is a form of digital money where you transact based on the coins or tokens. It uses cryptography technique to convert every transaction into an unbreakable code. In today’s world, it is the latest thing that many people are using while there are also those who have no idea about it. It is a decentralized technology that is open to all and transactions can be made safely. Here are some reasons to use crypto currency.
- Safe and secure: Funds in cryptocurrency are locked in cryptography system in a public key. Big numbers and string cryptography make it impossible to break this unless the owner sends the private key. AS you start with your account on crypto currency, you can set up payment methods of using credit/debit cards or bank accounts which mean you are not using these transaction types for making any payment and you are not giving chance for the store to push the transaction.
- Global and fast: Transactions get confirmed instantly in the network and as they are carried out on a global network, there is no importance of a physical location of the one who is sending and the one who is receiving the coins.
- Using cryptocurrency is absolutely easy. All it takes is to install the app and start using it by sending and receiving the coins. Hence it does not need any permission.
- There is no possibility of connecting the user’s identity to the transaction. Your bitcoins are received on the address which is usually a chain of numbers.
- People also invest in cryptocurrency for making profits. This investment is usually used towards building a decentralized system with host codes. And hence by investing in some, there are chances of getting profits over night. But remember that the market is volatile and the risk involved in it.
- By using crypto currency, you are also avoiding visiting banks for many transfers or any transactions which are usually charged high. But as you use cryptocurrency, these charges are very low as it is an online exchange system.
- It is not an electronic cash system unlike other systems like pay pal. You won the private key and public key to your cryptocurrency address which no one can take away.
Cryptocurrency is an effective way to dealing with digital money rather than using the electronic form of transaction. It is more secure where you have all the keys and the data on it is not open to anyone.