When you start using cryptocurrencies, you might be wondering what the advantages are. Though there are many, which we will discuss, there are some drawbacks such as cryptocurrencies are banned in some of the countries. So, if you visit there, you won’t be able to use cryptocurrencies. Apart from that, you can pretty much do anything with your cryptocurrencies. There are over 100 benefits of using cryptocurrencies, but this is a short and sweet article. Hence, I choose not to bore you, and state only the top 10 advantages, and hopefully open your eyes to investment.
Without wasting more time, let us start talking about the advantages you will get from using cryptocurrencies over fiat currencies.
The Top 10 Advantages of Using Cryptocurrencies Over Fiat Currencies
There are many advantages, and I am a little confused about where I shall start. However, you do not have to worry; I have prepared a very interesting list for you.
1. Cryptocurrencies are digital currencies
As cryptocurrencies are digital currencies, they can be carried anywhere as you please. Additionally, you can carry the whole of it, and no one will know how much you have in your digital wallet. But if this was fiat currency, you easily would draw more attention with a fat wallet in your hand.
2. Cryptocurrencies are traceable
Cryptocurrencies are held on public ledgers; hence, you will have a digital history where you send or receive your currency. For example, Bitcoin has the blockchain technology that holds all the Bitcoin transaction history that has ever occurred.
3. Transparency of cryptocurrencies
The same reason why the cryptocurrencies are traceable makes them transparent. Anytime anyone tried to launder money, they could easily get caught, as the government has a close eye on the blockchain transactions. Further, cryptocurrencies are not here to support illegal business, but to support the financial system.
4. Take it Anywhere
Cryptocurrencies, as I mentioned earlier, can be taken anywhere. The fun fact is you can not only carry it, but also make payments. There is no exchange fee required for making payment using cryptocurrencies in other foreign countries, but there is when you use normal cash.
5. Send it anywhere
Suppose you want to send your cryptocurrencies to someone. You can do that very easily through digital exchanges. There is no trouble like sending a money order if you choose cryptocurrencies. Additionally, if you send the money overseas, even in this case, no exchange fee will be required.
6. No fixed value
Cryptocurrencies have no fixed value, hence they are volatile in nature. This helps cryptocurrencies explore values vividly, unlike fiat currencies, which have a constant value. The difference is that the prices of products keep increasing, but the value of money does not.
7. Make regular payments
If you want to make regular payments with cryptocurrencies, you will also be able to do that. Many businesses have started accepting cryptocurrencies, and they will be happy to take payment in the same way. Additionally, if you want to buy something expensive, you can use cryptocurrencies, and they have a higher value, and technically, you have to pay less.
8. Transact anonymously
If you want to be safe from digital thieves, you must transact anonymously. This will guard your income against others who are using the same platform. Once your name is disclosed, the hackers can hack you, and sometimes steal what you have.
9. The future of payment
The future of payment, as many say, is online, and cryptocurrencies, being digital assets, are on the front line. Many people believe that cryptocurrencies will one day rule the world, so if you are invested, you could be a part of that kingdom.
10. Use cryptocurrencies as an asset
Fiat currencies cannot be stored as assets while cryptocurrencies can. If you keep a $100 note for three years in one place, it will not increase. But if you invest in cryptocurrencies, you will be able to see the values changing over time.
Are you interested in investing in Bitcoin? If yes, then you can do so by theBitcoin Era App and start your trading career now. If you are confused, make sure to do your research before making your investment.