In the past few years, people have been talking a lot about cryptocurrency. At first, this business seemed scary but people started to develop confidence in it. You may have heard of Ether and Bitcoin. They are both crypto currencies and use Blockchain Technology for the highest security possible. Nowadays, these currencies are available in many varieties. Let’s find out more about it.
How can cryptocurrency help you?
As far as fraud is concerned, this type of money cannot be counterfeited because it is in digital form and cannot be reversed or counterfeited unlike credit cards.
The purchase of real property involves third parties, such as lawyers and notaries. Therefore, delays may occur and additional costs may occur. On the other hand, Bitcoin contracts are designed and implemented to include or exclude third parties. Transactions are quick and settlements can be made quickly.
Usually, there is no transaction fee if you want to exchange Bitcoin or any other currency. For the verification of a transaction, there are minor fees paid by the network. Although there are zero transaction fees, most buyers or sellers hire the services of a third party, such as Coinbase for creating and maintaining their wallets. If you don’t know, these services work like Paypal offering a web exchange system.
Your merchant gets your full line of credit when you give them your credit card. This is true even if the transaction value is small. In fact, what happens is that credit cards work based on a “pull” system where the online store pulls the required amount from the account associated with the card. On the other hand, digital currencies have a “push” mechanism where the account holder only sends the amount needed without any additional information. So, there is no chance of theft.
According to statistics, there are about 2.2 billion people who use the Internet but not all of them have access to the usual exchange. So, they can use the new payment method.
As far as decentralization goes, an international computer network called Blockchain technology manages the Bitcoin database. In other words, Bitcoin is under the control of the network, and there is no central authority. In other words, the network works on a peer-to-peer based method.
Since cryptocurrency is not based on exchange rates, transaction charges or interest rates, you can use it internationally without suffering any problems. Therefore, you can save a lot of time and money. In other words, Bitcoin and other currencies like it are recognized worldwide. You can trust them.
So, if you are looking for a way to invest your extra money, you can consider investing in Bitcoin. You can be a miner or investor. However, make sure you know what you are doing. Safety is not an issue but other things are important to keep in mind. Hope this article helps you.