Digital currencies such as bitcoin, Dash, and Ether are becoming more and more popular all the time and only those who have never dealt in these currencies will wonder why. Indeed, cryptocurrency is much easier to work with once you learn how and it provides numerous benefits that traditional currency just doesn’t offer. If you ever decide to buy bitcoin or one of the others, you’ll discover a much easier and more convenient way to pay for things.
What Is Cryptocurrency?
Cryptocurrency is digital currency that is created with code and encrypted, which means that you cannot be ripped off when using it as you can be when you use traditional methods of currency. And if you think that it’s complex to use this type of currency, think again. Both buying and selling with bitcoin and other currencies is easier than you think. If you still need convincing, check out a few more reasons why you should be switching to cryptocurrency for at least some of your transactions.
1. It Can Help Cut Out the “Middleman”
If you are involved in buying or selling large items such as cars and homes, cryptocurrency can help you eliminate some of the people in the middle, such as brokers and lawyers. It can be used to enforce and even execute two-party contracts and eliminate legal and brokerage fees, which can save you a lot of money on the transaction. It also means less paperwork and a more timely transaction, which both sides can appreciate.
2. Fraud Is Much Less Likely
When you buy bitcoin or another type of cryptocurrency, there are certain things that you won’t have to worry about afterwards. There are no worries about the coins being counterfeit and no worries about the transaction being reversed by the sender. These things cannot be said when you use cash or even credit cards for your transactions because chargebacks and other inconveniences are always a possibility. The fact that cryptocurrency is digital eliminates these possibilities and allows you to complete the transaction worry-free.
3. It Is a Much More Secure Way to Do Business
Although it is possible to “steal” cryptocurrency, it is a very difficult thing to do, which cannot be said for cash or credit cards. This is especially important today because so many people are buying and selling things online but with digital currency that has been encrypted, it is virtually impossible to experience any type of theft. In fact, in the current market, cryptocurrency is simply the safest type of currency to use.
4. You Can Use Cryptocurrency Globally
If you travel internationally or do business with people on the other side of the globe, you can save yourself a lot of time and money in transaction or exchange fees by using cryptocurrency. Digital currency is universally recognized, which doesn’t mean that you won’t have to pay these fees but it does mean that the fees are generally much lower and much more reasonable. Digital currency also makes every transaction simpler and faster, which means a lot when you’re executing financial transactions with international entities.
5. There Is Less Chance of Identity Theft
When you pay for something with a credit card, the receiver gets a lot of your personal information in addition to the money itself, which greatly increases your odds of suffering with identity theft. Identity theft is a very serious problem but that problem can be eliminated when you buy Bitcoin or another type of cryptocurrency and use that instead. This is because the person receiving the money simply doesn’t need any of your personal information so the transaction is much safer.
6. It Gives You a Greater Sense of Control
In everything you do when using cryptocurrency, you feel a greater sense of control over the transaction. When you conduct transactions through a bank, credit union, or even PayPal, you are always subject to their terms and if you violate any of those terms, your account could be suspended. With cryptocurrency, there is no third-party involvement and no one there to change up the terms of the transaction whenever they feel like it, meaning that you are in complete control of your money. This means that you have free rein over how and when your money is spent. You can enjoy this freedom on your own terms and without the fees that these other payment companies make you pay.
