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
1- Transaction speed
If you would like to send money to someone in the U.S., there are a few ways to send money from one account to the other account in speed with cryptocurrency. Most transactions at the financial institution in the US settle in 3 to 5 days.
A wire transfer takes a day. Stock trades settle in 3 days. One of the benefits of the crypto transaction is that they can be done within several minutes. Once the block with your transaction of yours is confirmed by the network, it is settled fully and the funds are available to use.
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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.
Anybody can make use of crypto. All you need is an internet connection and a computer or smartphone. The process of setting up a crypto wallet is fast in comparison to opening up an account at a traditional financial institution. Crypto offers a way for the unbanked to have access to financial services devoid of having to go through the centralized authority. Many reasons are there why a person fails to get an account in a traditional bank. Using crypto can let people who do not make use of traditional banks make online transactions easily and send money to others.
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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.
As you do not have to register for the account at the financial institution to carry out transactions, you can uphold the level of privacy. Transactions are pseudonymous which means you need to have an identifier on the Blockchain- your wallet address- but it doesn’t include any information related to you.
This level of privacy is desired in many situations. If anyone connects the wallet address with the identity, all transaction-related information will be public. There are many ways to secure transactions and coins which are privacy-focused to improve the private nature of the digital money that is cryptocurrency.
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