Cryptocurrency is a digital currency that can be used to buy goods and services; however it uses an online record with strong cryptography to complete secure online transactions. There are many benefits to owning cryptocurrency which we have outlined below
More confidential
Every cryptocurrency transaction is a completely unique exchange of money between two different parties. It protects the users from issues like identity theft. As cryptocurrencies are decentralised, meaning that no one person, institution or government has central control over it, it is much more confidential.
Cuts out the middleman
There are no middlemen involved when it comes to cryptocurrency. Transactions are extremely clear and easier and faster to use. They also have no additional transaction fees. Due to this cryptocurrency has been said to be able to give power back to the people by eliminating this need for someone else to get involved and take control.
Great for those who are unable to get a bank account
There are people around the world that are not able to get a bank account for various reasons. Including homeless people, women in certain countries and those with criminal records. Cryptocurrency is available to everyone with no background checks needed. You don’t need a permanent address to sign up. It allows those who can’t get a bank account be able to have somewhere to store their money and invest.
It has been suggested that in the future cryptocurrency could be used to help eradicate poverty.
Recognised universally
As cryptocurrency isn’t bound by any exchange or interest rates or any sort of transaction charges, it can be used internationally without any issues.
Better for international exchanges
As mentioned above there are no extra transaction fees, meaning it is a great way to transfer money overseas. Companies and business professionals have decided to adopt cryptocurrency for this very reason.
24/7 Market hours
Another great thing about cryptocurrencies is that you are able to trade 24 hours a day, 7 days a week. There isn’t even a break over weekends or holidays, meaning you can trade whenever you please.
Open an account fast
As cryptocurrency is all digital it allows people to open accounts very quickly. As cryptocurrency doesn’t need any personal information then it can even take minutes depending on the platform or exchange you are using. This means you don’t have to wait around to start trading or make a trade.