Who doesn’t know about cryptocurrency? In fact, nowadays, you would see one in every three people has invested in it. This digital currency has taken over the internet, and its popularity continues to increase with every passing day. Secured by cryptograpCoin Culturehy, this digital asset is seen distributed over a large number of systems. However, many investors who are new to this world of digital currency, often raise questions like, why should they choose cryptocurrency when their own currency works just fine? Or even more basic question, why should we invest in cryptocurrency?
Well, there are many advantages of using cryptocurrencies and you’ll find answers to most of your questions here if you are a new investor.
The Transaction Speed
If you are someone who wants to send money to another country, there are different ways via which you can transfer your money or assets from one institute to another, and these ways might be faster than cryptocurrency. Generally, if we talk about the US, most transactions at the banks of the US settle in 3-6 business days, whereas stock trades settle in 3 days. However, one advantage of cryptocurrency is that transactions can be completed within minutes. Once the network confirms the block with your transaction, the funds are instantly available to use.
The Transaction Costs
Another big advantage of this digital Coin Culture is that the costs of transacting funds are extremely low as compared to other means. Transferring money through wire transfer domestically can cost you around $30-35, and if you are sending internationally, then the costs can be pretty heavy. Cryptocurrency transactions, therefore. Are less expensive. However, let it be clear that the demand on the blockchain can increase the transaction costs, but even the increased costs of digital currency transfer is much lower than wire transfers.
Nobody has a chance to sign transactions, or gain access to your funds UNLESS they gain access to the private key for your crypto wallet, (In that case, there is no way to recover the funds). Transactions are fully secured with the wide distribution network of computers verifying transactions and by the nature of the blockchain system. It becomes even more secure if more computer power is added. You can be at peace to know that any attack to modify a blockchain system would generally need more than enough computing power to confirm various multiple blocks before the ledger’s accuracy can be verified by the rest of the network.
You can keep yourself away from fraudulent transactions by using cryptocurrency. This is because there is a publicly distributed blockchain ledger where all cryptocurrency transactions take place. This means anyone can look up to the transaction data individually. You can see how much cryptocurrency was sent from a specific wallet and how much of it is stored. This makes it easier for someone to prove that they sent money or received it, or they can prove that enough funds are available for the transaction.