Going digital: Benefits of cryptocurrency

Television shows such as Black Mirror and other science fiction movies that you have watched might have turned tyou into a technophobe. But despite all the fear and paranoia that comes with the modern technology, there are no doubt benefits that can be reaped from it.

Take cryptocurrency for example. Cryptocurrency is digital money created from code that is ungoverned by financial institutions. It is an encrypted string of data that form a currency. There tons of benefits that bitcoin and other types of cryptocurrency bring into this modern digital age. Below are just some of the examples of why the future might be far from that dystopian sci-fi that you always watch with the help of cryptocurrency.

Stop fraud

One of the most common dilemmas in the cashless society that we are aiming for is the lack of protection from fraud. But cryptocurrency actually helps in tracking down transactions and stopping fraud from happening. Note that cryptocurrency is protected by Block Chain technology which means every transaction is being written off. Cryptocurrency is also digital which means it’s impossible to counterfeit it.

Stop identity theft

Every transaction in cryptocurrency needs to be authenticated, however small or big the transaction is. Which means every sender and buyer has a very authenticated accounts that are very easy to track. Cryptocurrency has a “push” and “pull” technology whenever there’s a transaction happening. “Push” technology is used so that the cryptocurrency will only send the exact amount of currency during transactions. While the “pull” method is used whenever the store needs to designate the amount of money to the buyer.

Access to everyone

Everyone who has the access to the internet can start their bitcoin journey. Whether you are a student from the Philippines or a startup mogul in Dubai, anyone can use cryptocurrency as long as they have a smartphone and the internet. This only equalizes the whole digital economy and gives more opportunity to everyone in the world to earn money and make a change.

Eliminates the third party

Whenever you buy a property, for example, you always need help from a realtor or a lawyer. The cryptocurrency eliminates third parties for a one on one and very easy transaction between buyer and seller. They also require an official date of settlement which means transactions are very fast and convenient. This also means that there is a decentralization from forms on institutions since bitcoin only allows a peer to peer transactions without any third party.

A fraction of a unit

Don’t you hate it when you transact with banks and the transaction fees are often more expensive than what you are paying for? Don’t you hate those shipping fees that you have to pay when buying a product from online sellers? In cryptocurrency, you only have to shell out the exact amount of money, no extras.

Strong security

Once the transaction has been verified, the cryptocurrency can’t bring it back to the former owner which often happens to traditional banks. This is a way to stop fraud from ever happening. The buyer and the seller has an agreement during their transaction that they need to strictly abide.

Going global

Thanks to the power of the internet, cryptocurrency is available anywhere in the world. This opens gates of global trading where players can come from different walks of life, at any part of the world. There are no boundaries that can serve hindrance from any transaction. You can have a business transaction from a guy from Pakistan or buy airfare tickets from a woman in Dubai. No added cost, no third parties.

Richard

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