Benefits Of CryptoCurrency

What Are The Benefits Of CryptoCurrency?

Built-in Scarcity Might Support Value

Most cryptocurrencies are designed to be scarce in future – the source code specifies how many units can ever exist altogether. Thus cryptocurrencies have more semblances to precious metals like gold than fiat currencies. Like precious metals, they may offer inflation protection that fiat currencies don’t offer.

Loosening of Government Currency Monopolies

Cryptocurrencies offer a reliable means of exchange outside the ambit of national banks. This is particularly attractive to people who are anxious about the various forms of loose monetary policy that might lead to long-term economic instability.

Cryptocurrency is considered to be a very good alternative to those who worry about the inflationary nature of fiat currencies and insecurity of physical cash.

Self-Interested, Self-Policing Communities

Mining is a built-in quality control and assessment mechanism for cryptocurrencies. Because they’re reimbursed for their efforts, miners have a stake in maintaining accurate, up-to-date transaction records – thereby safeguarding the integrity of the system and the value of the currency.

Robust Privacy Protections

Privacy and anonymity were primary concerns for early cryptocurrency proponents, and remain so even today. Many users employ pseudonyms and they are not connected to any accounts or stored data that could identify them.

Though it’s possible for advanced community members to trace users’ identities, newer cryptocurrencies have gained additional identity protection protocols.

Harder for Governments to Exact Financial Retribution

Citizens in repressive countries where governments can easily freeze or seize the domestic bank accounts are taking refuge in cryptocurrency to carry out financial transaction. Unlike fiat currencies, cryptocurrencies are essentially immune from authoritarian caprice.

Cryptocurrency funds and transaction records are stored in numerous locations around the world, rendering state control – even assuming international cooperation – highly impractical.

Generally Cheaper Than Traditional Electronic Transactions

The technologies like blockchain, private keys, and wallets effectively solve the problem of double-spending ensuring that new cryptocurrencies aren’t abused by cyber crooks who are master at duplicating digital funds.

Cryptocurrencies’ security design further eliminates the need for a third-party payment processor – such as

  • PayPal
  • Visa

to authenticate and verify every electronic financial transaction. In turn, this dispels the need for mandatory transaction fees to support those payment processors’ work – since miners carry out the same function and earn new currency units for their work in addition to optional transaction fees. 

Cryptocurrency transaction fees are generally less than 1% of the transaction value compared to 1.5% to 3% for credit card payment processors and PayPal.

Fewer Barriers and Costs to International Transactions

In case of cryptocurrencies, international transactions aren’t different from domestic transactions.  All the transactions are either free or entail a nominal transaction fee, no matter where the sender and recipient are located.

This serves as a huge advantage relative to international transactions involving fiat currency, which includes some special fees that don’t apply to domestic transactions – such as international credit card or ATM fees.

Furthermore, direct international money transfers can be very expensive, with fees sometimes exceeding 10% or 15% of the transferred amount.

Women In Crypto Currency:

The following infographic is all about the top 8 women in Cryptocurrency. This infographic was developed by MrBTC.org. And is all about the Cryptowomen and their achievements.

Top 8 Women In CryptoCurrency

  1. Joyce Kim
  2. Perianne Boring
  3. Amber Baldet
  4. Jinglan Wang
  5. Jen Greyson
  6. Fahima Anwar
  7. Meltem Demirors
  8. Raine Revere

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