A decade ago, no one was aware of cryptocurrencies, but now it has become the most trending topic in the world. There is some or other news about this topic every day in the market.
With Bitcoin prices surging like waves, people are reaching out to invest in this digital currency. Although we are used to fiat currencies, more and more people have started using digital currency for payments and transactions.
There are many stores and businesses which accept payment in the form of cryptocurrencies. As businesses have started adoption it, customers and retailers have also started using digital money.
Ten Reasons to Use Cryptocurrency :
There are many reasons why people have started using digital currency. It offers value and comes with various advantages. Here are some reasons why you should use this currency instead of fiat currency.
• Low Fees:
The main reason why you need to use cryptocurrency is low transaction fees. Nowadays, most people are into online payments. Offline payments are a thing of the past as no one like to keep cash with them. Instead, you can easily use your mobile phone and make an online payment. However, online transactions fees can be a downer. You have to pay huge transactions fees to transfer money or enter into a transaction. If you want to save money, you can use crypto instead. The transaction fees of transferring this digital currency us quite low as there are no intermediaries.
• International Use:
Another reason to use crypto is that it helps in international transactions. You can use this currency for international payments as there are no geographical boundaries with using crypto. As there is no physical existence, this currency can be used anywhere. Most people use it for international transactions as the fee is very low. It helps you to easily transfer money from one country to another in a quick span of time. You just need a mobile device and an active internet connection to use it internationally.
• No Government Intervention:
Fiat currencies are easily affected by the current situation in a country. For example, if the government is unstable, the currency will remain unstable as well. The price will fluctuate as there will be inflation. However, you don’t need to worry about these issues using crypto. It is a decentralized digital currency where there is no government intervention. As the government cannot interfere with the prices, it remains stable. If you want to protect your funds from market volatility, you can invest in crypto.
• Maintains Privacy:
Cryptocurrency helps you to keep all the personal information secure. When you use this currency anywhere, it doesn’t reveal your personal identity or collect personal data. This is the biggest advantage of using it. Nowadays, most service providers, banks and financial intuitions collect data from users, thereby violation your personal information. However, crypto helps in anonymous transactions. It means your identity will be hidden when you use this currency for transactions. It will store all the information in the digital ledger except your personal information.
• Profit Potential:
This is another reason why you should use crypto. It is a fairly new concept, but it has shown signs of great potential. Bitcoin has shown potential for growth and profit. This currency is volatile, and the price keeps on a fluctuation. While it is risky, there is great scope for profit as well. For example, the value of Bitcoin went from $1000 to $40,000 in just a few years. So if you use crypto, you can make a good profit out of it. Most people use this currency for their profit potential.
If you are into the e-commerce business or loves to shop online, then you should use this digital currency. Nowadays, most e-commerce platforms accept crypto as a form of currency. So you can easily shop online and make an online payment using this currency. Shopify, Etsy, Walmart and many other platforms support crypto. There are many online retailers as well as vendors who accept this currency. You can even purchase good from Amazon using crypto via the Purse.io app.
• Mobile Use:
Most people use smartphones to make online payment, transfer money, pay bills, shop online, etc. You can make an online payment in fiat currency as well as digital currency. In order to use crypto, you need a smartphone. You don’t need to use computer software for transactions. You can simply use your phone, link your crypto wallet and make an online payment. It is very easy to use. You can use PayPal as well as many other apps and digital wallet to use crypto via your phone.
In order to use cryptocurrency, you need to acquire or own it. When you own it, you invest in it. So using cryptocurrency is more or less like a crypto investment. You can use the currency from the investment to make a payment or complete transactions. So using crypto also helps in investment. As the value is increasing every day, it is quite profitable. Fiat currency value doesn’t increase quickly. But with crypto, you can easily increase the investment.
• Easy to Acquire:
The biggest myth about crypto is that it is very difficult to acquire. However, it is not true. It fact, it is very easy to get. Nowadays, there are many online platforms that help you to easily purchase and sell crypto. Now with PayPal, you will be able to easily get this digital currency.
• Growing Market:
The Crypto market is a growing market. Compared to all the other markets in the world, it is fairly new and still in the growing phase. So it is best to take advantage of it. You need to make the investment at the right stage. The future is crypto as more and more people are adopting it.
There is a lot of potential in crypto. If you start using it now, you will be counted as early adopters. It will be beneficial for you as the value might increase.
These are some of the reasons why you should invest in cryptocurrency. It will help you to keep all your transactions private and is cost-effective.