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Top 3 Benefits of Cryptocurrency You Should Know About

By on September 21, 2017

Since the dawn of its creation, cryptocurrency has been seen to rapidly gain ground. Now, millions of people are now understanding its use and significant value. It was first seen as something that’s barely understandable, but this can be true to many new things that may come your way.

Some might not be familiar with the cryptocurrency term, but you may be very familiar with Bitcoin and Ether. No matter what cryptocurrency you may be familiar with, all of them use blockchain technology to keep the currency and all of its transactions safe from fraudulent behaviors. Read on to the rest of this post to know more about some of the many wondrous things you can experience with cryptocurrency.

Lower Transaction Fees

 For the most part, there won’t be any transaction fees involving the use of cryptocurrencies, especially because cryptocurrency miners are compensated through the network they’re affiliated with. Even though there won’t be any transaction fees with using Bitcoin or other cryptocurrencies, there might be some that may expect to engage with a third-party service before the transaction can truly be deemed complete. These third-party services act like PayPal, which means they’re more or less likely to charge some fees. However, the costs are lesser than most of the third-party services out there when transacting business online, especially when comparing it to those that handle cold, hard cash.

The Use of a Decentralized Network

 A global network of computers takes advantage of blockchain technology to mine and manage the database that now holds multiple records of cryptocurrencies. In the case of Bitcoin, it’s managed by its own network, and not any central business entity or authority. Think of it as having your very own restaurant and not having to manage a franchise. Decentralization for cryptocurrencies means that the network will only operate in a peer-to-peer or user-to-user basis. Most of the time there won’t be any third party services that’ll interfere with the transactions, and even if they do, the transactions would still most undoubtedly run as smooth as possible.

Worldwide Recognition

 Without a doubt, cryptocurrency is now recognized at a worldwide level. It’s not bound by any exchange policies but its own, and it doesn’t even have interest rates or transaction charges except for the ones that you have to pay to get it or the item of your choice. In turn, that’ll save users a lot of money.

Furthermore, you’ll own the money found in your cryptocurrency account, unlike what other companies may do in dealing with digital forms of physical cash. Cryptocurrencies are now so popular that it even entered the gaming industry. To find out more, check out cryptogame.