Using Cryptocurrency as a Financial Medium in Today’s World
Thanks to the evolution of the digital world, life is now easier and more convenient. We can watch your favorite movies on replay online, play your favorite video games, and pay bills online through bank transfers. You don’t even need to go out anymore because everything is available on the internet. But all of these need real money to access. But what if there is another financial medium that’s purely available in the digital world? That’s the beauty of Cryptocurrency, which is another way for you to buy and pay for services and goods.
Cryptocurrency has been around for ten years, with the first financial blockchain being Bitcoin. Over the years, it has grown its value. People were wishing they bought Bitcoin before because they would have been a millionaire today. So if you are interested in using Cryptocurrency, you can read various crypto news to help you better understand it. It takes a lot of studying for you to become skilled in it. Let’s learn more about the uses of Cryptocurrency today and everything about it here.
What is Cryptocurrency and How Many Cryptocurrencies are there Today?
Some people think that Cryptocurrency is some type of financial blockchain that sketchy people in the black market use. Though most transactions in the black market are indeed through Cryptocurrency because it is safe and untraceable, Cryptocurrency has many other benefits. Like for example, you can use Cryptocurrency to pay for products and services. No central bank or monetary authority governs it because it is entirely decentralized. You can make easy transactions without the need of a middle man, plus the transactions are very low or nonexistent at all. It’s easy to save money with the low transaction fees!
There are over 6,000 different kinds of Cryptocurrencies today. Bitcoin and Etherium are two of the most popular because these are two of the first Cryptocurrencies created before. In 2008, a group of unknown people calling themselves Satoshi Nakamoto created Bitcoin, and it was published in 2009 for public use. If you bought $100 worth of Bitcoin in 2009, you would be a millionaire today. The value of these Cryptocurrencies fluctuates, so studying the market is essential if you’re planning to invest in it.
The Main Benefits of Using Cryptocurrency
If you’re looking for a cheaper way of transferring money, you can utilize Cryptocurrency. For example, you plan to transfer millions of US dollars, but the transaction fees are enough to make you go bankrupt. It’s better to convert it into Cryptocurrency because the transaction fees are very low, or there are no fees at all! You can do international transfers without having to wait for days because Cryptocurrencies are always fast, with an hour of waiting time at the most.
Another benefit of using Cryptocurrencies is that you can make private and safe transactions. There are privacy-centric digital currencies, such as Monero, Zcash, and PIVX, which enable users to do anonymous financial transactions. You can transfer a large sum of money without explaining to the bank the reason behind it. No more explaining where the source of funds is who you are sending it to. These questions can further delay the transactions and involve other unnecessary processes.