Why Should You Use Cryptocurrencies?

Cryptocurrencies has turned into the most popular over a longer time but many investors may be thinking what all the chaos is about. Why would anybody choose crypto when their local currency works fine for many things? Why would one invest in crypto? In fact, there are many benefits to using and investing in crypto. In fact, there are lot many advantages to using and investing in crypto. Here are the top benefits of using cryptocurrency.

Benefits of owning crypto

2-     Transaction costs

The transaction cost of crypto is relatively low in comparison to other financial services. For instance, for a domestic wire transfer, it is not uncommon to cost around $25 to $30. Sending cash globally can be costlier.

Usually, the crypto transaction is less costly. However, you need to make a note that the demand on the Blockchain can upsurge the cost of the transaction. Even so medium fee of the transaction remains low in comparison to the highly congested blockchains.

4-     Safety

Unless one gains access to the private keys for your crypto wallets of yours, they cannot sign transactions or get access to your funds. In case you lose your private key, there will be no way to get back your funds. Moreover, transactions are fully secured by the Blockchain system’s nature and the distributed network of computers that verify transactions. As more computing power is added to the network, it becomes highly secure.

The attack on the network and attempt to modify the Blockchain would need sufficient computing power to confirm many blocks before the rest of the network verifies the accuracy of the ledger. For well-known blockchains like ETH or BTC, the kind of attack would be costlier. Cases of hacked crypto accounts are tied to poor safety at centralized exchanges. If you keep your crypto in the wallet then it is fully secured.