The benefits of paying with cryptocurrencies – There is not just one but the unprecedented benefit of paying with cryptocurrency. Blockchain technology has enabled users to exercise full control over their hard-earned money. It will take you through some of the predominant benefits that you can leverage from blockchain technology.
Here is a comprehensive list of benefits of paying with cryptocurrencies for you:
#1 Cheaper & instantaneous worldwide payments
The entire payment system of cryptocurrency is based on blockchain technology and all the transactions are secured through such a robust & impenetrable network. Digital assets/currencies are created by unique encryption & smart cryptography. Such currencies are relatively cheaper and can be used from any part of the world. All the transaction costs are low and users can leverage the benefit of immediate payments.
You have an exclusive option with yourself to take the cryptocurrency anywhere in the world which is one of the predominant characteristics of such digital currencies. They can easily be stored in your preferred & highly secured digital wallets which are easily manageable from your PC/Desktop. Hence the mobility factor goes a long way while making the payments through cryptocurrency.
#3 Individual control
You get to enjoy the full ownership of the cryptocurrency that you own as long as you know the passphrase or password to it. Cryptocurrencies are stored in digital wallets and they come with specific passwords that only the owner has access to. They enjoy ownership of such currencies which is the exact opposite of the traditional systems where banks used to be the in-charge of users’ funds.
#4 You don’t need a bank account
People who don’t own or don’t have the ability to own a bank account were left out by the traditional baking system. This was the major loophole of the governance system that has been successfully mended with the advent of cryptocurrency. Almost 2 billion people don’t even have a bank account but now they don’t have to worry about that either. Such people can carry out their essential financial transactions either through biometrics or their respective mobile phones.
#5 Increased integrity
There is absolutely no chance of being robbed by anyone once you conduct the transactions on blockchain technology. Cryptocurrencies operate on that phenomenon which has stimulated millions of people to jump into the pool of unprecedented benefits that the crypto industry has to offer. Computer codes are used for transactions that are unique & cannot be duplicated. There is greater security and significantly better encryption in this space.
#6 Streamlined privacy
You no longer have to provide your bunch of details to be able to conduct a transaction. It is a traditional method that banks still operate with. However, cryptocurrency enables you to conduct transactions anonymously. Hence, your privacy remains completely intact and cryptocurrencies like Cloak Coin, Dash, Monero provide extensive security to the users.
#7 Available Traceability 24*7
All the transactions on the blockchain are verified on the decentralized network that is created by the devices involved. They are called “Nodes” and they are all time-stamped & previous transactions are always linked to them which makes it all chronologically arranged. Hence, a third party can never manipulate any transactions.
#8 Leverage the crypto banks
Crypto wallets allow you to create N number of addresses & account numbers. This feature comes in handy when you have enormous cryptocurrencies but don’t want to keep them in your pocket. Hence, you can serve as your own banker & make payments whenever you have to. You don’t have to answer to any authorities at any point and that’s the best part.
#9 DNA Money
There are millions of devices active on the blockchain network so it doesn’t affect the ecosystem if some devices temporarily disappear from the active network. A single node can contain an entire blockchain just as the DNA works in the body as each cell in a human body carries the entire blueprint.
#10 Transparent & Secured
All the transactions conducted on the blockchain are highly transparent which generates trust from the parties involved in a transaction. Smart contracts facilitate that purpose quite seamlessly. Non-involvement of government also makes it easier to conduct the transactions faster.
- Top 10 Benefits of Blockchain Technology for Business
- Why did this Budget Day see 30%-50% Signups to Crypto Exchanges?
- Launch story behind Shardeum- Blockchain by WazirX
- What is Cryptocurrency – The Ultimate Guide You Should Read Now.!
- Cryptocurrency, Bitcoin, Blockchain Guide
- How The Blockchain Transfer System works
- Artificial Intelligence And The Blockchain