The main motive behind the introduction of cryptocurrency was to remove the control of money from the government agencies while also making the transaction process faster. However, apart from the purview of federal agencies and governments, the idea of crypto is powerful. Due to the recent development in Bitcoin technology, it’s retaining its original shape.
Nowadays, many places accept cryptocurrency. You can even purchase a surprising number of things using crypto like Bitcoin, Ether, Dogecoin, etc.
The cryptocurrency is designed to offer multiple benefits over the other types of payment methods. Here are the top 5 great benefits of paying with cryptocurrency.
Brian Colombana Says the Payments Are Cheap and Worldwide
Crypto is the newest payment method in the world. The process is based on blockchain technology. Due to the advancement of blockchain technology, you don’t need to face extra waiting time while paying someone with crypto. Smart cryptography and unique encryption are helping digital currencies to evolve.
Additionally, you don’t need to pay higher transaction fees with the crypto. This is one of the best benefits of using crypto over other payment systems.
Cryptocurrency Is Your Property
As long as you remember the password of your crypto wallet, you have complete ownership and no one but you can manage it.
This is why crypto is better than bank accounts. When you deposit money in the bank, you’re no longer the owner as you become a creditor of that particular bank. They will manage the money for you.
The banking transactions are intermediary that works between you and a third-party provider. On the other hand, crypto is free. You can complete transactions without facing and intervention from the bank. This is because the crypto transactions are peer-to-peer.
The integrity of the Transactions
When you use a crypto transaction, the trust isn’t derived from the bank. Instead, they are generated as computer codes of that particular cryptocurrency. This is why people call crypto transactions “trust the code”.
The confidence and security of the crypto transaction codes are massive as the platform is based on blockchain technology. The codes are designed for better encryption of the security of the crypto coins.
Higher Privacy Level
If you want to execute money transactions through the banks, you need to provide detailed personal information before you authorize the transaction, says Brian Colombana. However, if you’re using crypto and paying someone with crypto, you don’t have to provide any kind of personal information. This is because the crypto transactions are anonymous.
However, keep in mind the degree of anonymity and privacy is extremely dependent on the specific cryptocurrency. For instance, cryptocurrencies such as Bitcoin and Ether are famous for their privacy.
Banking the Unbanked
Do you know more than 1.5 billion people in the world don’t know how to use a bank account? Additionally, more than 1 billion people don’t trust the bank and don’t have any access to the bank accounts. Many people also don’t have a smartphone.
This is where crypto and blockchain technology comes in handy. Crypto will help these people to complete financial transactions without opening any bank account. This increases their prosperity.
These are the top 5 great benefits of paying with cryptocurrency. Remember that the digital wallet of cryptocurrency is everything. Therefore, don’t forget the password. If you forget your password and cannot change it, you’ll lose your digital wallet and all your crypto coins.