Just a few years ago, the word cryptocurrency used to set off alarm bells in one’s mind upon hearing its name.
Now the very same word has become synonymous with profit and hope for investors during this pandemic as job markets and the economy is tumbling badly.
More and more attention is being given to this digital currency, but what exactly is it that makes it so luring for masses? We will see in this article.
But before we go on telling about its benefits, let us give a brief idea of what it really is. Cryptocurrency is a currency that deals virtually with highly secured encryptions. This means, the transaction made through this currency, will be secured in databases. So simply put, it is a digital payment method that has zero involvement of any middleman.
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Benefits of cryptocurrency
As promised above, let’s look at some of the many benefits of cryptocurrency that are luring in even giant businesses like Microsoft.
While this may not be good news for customers, it surely is for businesses that there is no reversing of the payments once they are made.
Many times, customers request for money back and the payment processing companies grant their request.
But, with cryptocurrency involved, once the transaction has traveled from the customer’s end to your end, there is no going back as the transaction is now recorded in the database.
It is not like that fiat payments have not become advanced, they have indeed with the invention of online banking.
But, one area where traditional payment methods still lack is international transactions.
There is long agonizing waiting involved along with giant fee charges and irritating limitations.
But with cryptocurrency, the sky's the limit. You can have your transaction made across the globe, the instant you process it, and without any big fee charges.
Plus, anyone with crypto coins can make a payment, there are no limitations.
Since the currency is all virtual and stored in highly encrypted codes, there are fewer chances of theft as compared to the fiat money.
The reason for this is, with fiat payments, the payment processors have all the credit or debit card information saved, which compromises your privacy.
But, with cryptocurrency, there is no intermediary involved to process your payment, so there is no concern for privacy and security.
The cryptocurrency users are increasing more and more throughout the world because of the benefits it offers and also because it is becoming commercial.
A study of 2018 found out that Australia saw a whopping surge in cryptocurrency users and among them, 34% joined only because they did not want to miss out.
So, this shows how common it is becoming, and if this pandemic situation is to be taken as a foreteller of the cryptocurrency’s prospect, then we must say that it looks very bright.