Cryptocurrencies are now rapidly gaining popularity as it brings a more secure way of transacting with businesses without the added risk of endangering your bank accounts to fraudulent beings. It hasn’t been a decade since the original upbringing of the first cryptocurrency known as Bitcoin, and this digital money and the programming behind it has now been turned into a multi-billion dollar industry.
Now, you can choose from a broad range of cryptocurrencies, such as Bitcoin, Ether, Ripple, Dogecoin, and, of course, Bitcoin. You can even do a quick search in Google Trends to see the huge spike in popularity for cryptocurrencies over the past few years. Aside from it bringing anonymity to its users, what other benefits are there for using these digital currencies? We’re here to help you answer that question.
Minimize the Risk of Fraud and Identity Theft
Since cryptocurrencies are digital, they can’t be counterfeited, unlike cold, hard cash. Even if you’re a master hacker or code cracker, you’d still be hard-pressed to crack the code behind every transaction running through cryptocurrency databases. It’s also very difficult to be reverse-engineered. Also, there’s very little chance of having credit card charge-backs, which is the bane of just about every business entity when dealing with fraudulent customers. As for identity theft, the chances of it happening with cryptocurrencies are so minimal that you might even count it as non-existent.
Immediate Settlement of Transactions
When trying to purchase any real property, you’d typically have to go through a number of transactions before you can get the item. You’d also have to deal with delays, confirmation of payments, and sometimes even lawyers before you can truly deem the transaction to be complete. In more ways than one, the use of the cryptocurrency blockchain allows transactions to be designed and enforced to eliminate the use of any third-party approval systems. Simply put, once you place the transaction or the payment, the receiver of the currency will automatically acquire it. There’ll be no middle man to see if the transaction is legit or not.
There are now billions of people around the globe who make use of the Internet. Furthermore, there’s also a large percentage of the world’s population that use smartphones for the different facets of their daily lives. These are the individuals that are primed and ready to use the cryptocurrency market.
Aside from these benefits, the use of cryptocurrencies benefits businesses because of its low maintenance fees, and, most importantly, you’re going to the digital money. For comparison’s sake, let’s take a look at PayPal; if by any chance the account was found to be misused, then PayPal can withhold all assets in the account until all the fraudulent events taken from the account is cleared. Cryptocurrency even reached the videogame industry, and you can learn more about it in cryptogame.