You have probably heard a lot about the new digital form of money, cryptocurrencies. Some believe that cryptocurrency is the future of money, while others are still skeptical about a form of money that you cannot physically hold. Either way, the cryptocurrency market is constantly in the media and it continues to rise in value. These are some of the factors that have contributed to its success.
Easy to purchase and sell
Some view cryptocurrencies as an easy investment. If you want to purchase a stock, for example, you must find the right stock broker, research the stocks, and then transfer money into an account. With cryptocurrencies, the currency is your money. You can simply place an order from one of the many blockchain fintech companies that sell cryptocurrencies. This transaction can be as quick as a couple of minutes.
High level of anonymity
It can be difficult to remain anonymous when paying with a credit or debit card. Essentially, every transaction you make is recorded and tracked. When you purchase cryptocurrencies and pay with this new form of money, you can hold onto your anonymity. The transaction process is often entirely confidential. Even purchasing your cryptocurrencies from blockchain fintech companies, you will find the process to be extremely anonymous. You can purchase items online without worrying about giving out your address. You can also purchase gambling credits from online casinos, without worrying about paper trails.
Less chance of fraud
As credit and debit cards became the norm, the rates of identity theft and fraud skyrocketed. We are constantly hearing about data breaches of local retailers that now have access to our most confidential information. When you purchase cryptocurrencies from blockchain fintech companies, you can take advantage of the highly advanced cryptocurrency technology. Digital cryptocurrencies cannot be duplicated or counterfeit, making it much harder to use it for fraud.
Available to everyone around the world
Many people experience culture shock when traveling to another country. They attempt to pay with the cash they are familiar with, only to find that their form of payment is not accepted in the new country. Different countries have different currencies, making it difficult to travel. You either have to arrange to have your cash switched out for the accepted currency or you have to find businesses that will accept your out of country money. If you are not familiar with conversion rates, you will constantly have to calculate the differences in value. Cryptocurrencies, on the other hand, are available all over the world. They hold a consistent value and can make traveling easier.
No conversion fees
When you purchase stocks, you are required to make a small payment with every single transaction. If you make multiple transactions, you could end up paying a large percentage of your investment to fees. If you work with a stock broker, these fees are likely to be even higher. The cryptocurrency market is still considered a low fee transaction. Even if you purchase through a cryptocurrency startup company or blockchain fintech companies, you will find that the fees are minimal. If the fees with a specific blockchain fintech company is too high, you can easily purchase cryptocurrency from another seller.
Cryptocurrencies are quickly becoming an accepted form of payment around the world. It is expected that their significance will only increase in the next couple of years. Cryptocurrencies are a growing trend because they are easy to purchase, reduce the chances of credit card fraud, and are available to everyone around the entire world.