Bitcoin is volatile. Crypto is for criminals. They are tons of scammers in the space.
Do these headlines ring a bell? Despite what you may have seen or heard, the same could be said for traditional financial markets.
Are you aware of the many benefits of cryptocurrency? Cryptocurrency opens the world up to a simpler and more elegant solution.
If you’re new and asking yourself “what is cryptocurrency?”, do not worry. Read our guide below to learn bitcoin benefits and beyond.
Decentralized Database
The beauty of blockchain technology is its decentralized nature. This means that no single entity or authority is controlling it. This explains one of the many benefits of cryptocurrency, in that it functions on a peer-to-peer (p2p) level.
The blockchain or ledger records all transactions between parties. Since everyone can see the blockchain, there is transparency and openness not available on traditional markets. Visit this website, if you’d like to actively participate in the blockchain as a miner.
Zero Middlemen
When you opt into cryptocurrency, you are choosing to opt out of the traditional middleman. In traditional finance, you will often have to deal with a lot of moving parts, such as brokers or legal representatives.
When you cut out the middleman, you put the power back into the people’s hands. When investing in cryptocurrency, this is a huge advantage.
With crypto, remember the mantra, not your keys not your crypto. This means that when you have access to your private keys, you have access to your funds. When choosing decentralized platforms, no one has the power to close or freeze your coins.
For example, do your research on the safest places to store bitcoin and crypto is.
Lower Tx Fees
If you’re like most people, you don’t appreciate fees tacked onto your transactions. Fees for taking out money at the ATM, transfers, or from your credit card company can irk you to no end.
Lower fees are atop the list of cryptocurrency benefits. While there are still fees, you will be happy to know they are typically much lower than what you’re accustomed to with fiat. You will see these fees pop up when using third-party services such as an exchange.
It also very much depends on the cryptocurrency you’re dealing with. For example, Ethereum has seen some volatile fees as of late.
Banking The Unbanked
Many people in the world do not have access to a traditional banking system. How can they safely and securely store their funds? Before cryptocurrency, this was a difficult solution.
One of the benefits of bitcoin is it being a store of value. People can store large amounts of bitcoin safely, free from centralized authorities’ hands.
This is a game-changer for society at large. Bitcoin and crypto can bank the unbanked, diminish corruption, and bring about a fairer redistribution of wealth.
Benefits Of Cryptocurrency
Now you have a glimpse of the benefits of cryptocurrency. What will you do with this knowledge? It is best to get first-hand exposure to the subject.
Learn as you go and enjoy the process. Bitcoin and cryptocurrency are a lot like onions. You’ll be amazed at the continuous unfolding of its layers.
For many more topics on money, read our blog. Enjoy the many things you will learn along the way. Always remember, cryptocurrency is for the people.