6 Benefits of Cryptocurrency You Never Knew
6 Benefits Of Cryptocurrency you never knew
The cryptocurrency industry is booming. As of today, there are over 10,500 cryptocurrencies in the market and it’s only getting bigger. This has sparked interest from not only investors but also businesses who want to be able to take advantage of this emerging technology. There are many benefits that come with using cryptocurrencies for your needs, here are 6 benefits of cryptocurrency.
The 6 Benefits Of Cryptocurrency
1) LOW TRANSACTION FEES
Most cryptocurrencies are cheaper to send than fiat currency. Transferring Ripple, for example, usually takes around 5 seconds and costs less than $0.01 per transaction. That’s compared to the three or four days it can take with traditional banking methods like wire transfers that also come at a higher cost (usually over $20).
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In addition, you can send money to anyone in the world without having to worry about exchange rates. This is a huge advantage for businesses that do business internationally and want to avoid loss from fluctuating currency prices.
2) CENSORSHIP RESISTANT
Many businesses suffer from censorship, especially in developing countries where governments crackdown on free speech.
Cryptocurrencies allow people to move their money freely, without the fear of government restrictions or bank account closures that could affect a business’ capital. This is one of the good benefits of Cryptocurrency.
3) DECENTRALIZED
Cryptocurrencies are not tied to any central authority, meaning no banks or governments can block your transactions. They’re also transparent, as every transaction between two parties is recorded on a public ledger that anyone can see.
4) FAST TRANSACTIONS
Solana is one of the fastest blockchains in the world, as it can process close to 50,000 transactions per second (TPS).
You don’t have to wait over a long period of time for verification like you do with other payment methods like credit cards or wire transfers, transactions are usually processed in less than a minute via cryptocurrency. It’s speed is one of the benefits of Cryptocurrency.
5) ANONYMITY
While the most popular cryptocurrencies are not 100% anonymous, they still allow you to transact without having to share your personal information.
Some currencies like Monero offer 100% complete anonymity, where no one will ever know what was sent or received by whom.
You can also trade on a decentralized exchange (DEX) and trade anonymously since there is no need to verify your identity.
6) NO MIDDLEMAN FEES
Most cryptocurrencies have lower transaction fees and there’s no need for a middleman to be involved in the transaction.
Cryptocurrencies are created to be decentralized, this is one of the most cherished benefits of Cryptocurrency. Meaning there is no need for a middleman like banks or credit card companies.
This makes transactions faster and cheaper compared to traditional banking methods which can charge high fees from every transaction.