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In recent times, the cryptocurrency has continued to gain increased popularity and understanding its value and use has attracted a large amount of public attention. Initially, it appeared somewhat scary and unfamiliar, just like the credit card looked to the users in its early days.
You may have come by terms such as Ethereum, and Bitcoin. All these are cryptocurrencies that use Blockchain technology to ensure the safety of this digital currency and the technology behind it as well. Presently, there are many kinds of cryptocurrency, providing a huge pool of potential investments for anyone.
What is Cryptocurrency?
Cryptocurrency refers to a type of digital currency created and controlled using advanced encryption techniques called cryptography.
Cryptocurrency rose from being a virtual reality in 2009 when Bitcoin came to the limelight.
As Bitcoin attracted an increased following in the succeeding years, it captured great media and investor attention in April 2013 when it climaxed at $266 per Bitcoin after increasing ten times in the previous two months.
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Benefits of Cryptocurrency
Prevents identity theft
Once you give a merchant your credit card, you offer them full access to your credit line, irrespective of the amount involved in the transaction. Credit cards function on a pull base, where the shop initiates payment and extracts the designated amount directly from your account.
On the other hand, cryptocurrency utilizes a push mechanism which enables a cryptocurrency holder to precisely remit what they want to the recipient without any further information.
Since cryptocurrencies are digital, meaning it’s impossible to counterfeit or reverse arbitrarily like the credit card charge-backs. The robust encryption mechanisms employed across the distribution ledger and cryptocurrency transaction procedures safeguard you against account tampering, guarantors of customer privacy and fraud.
Buying real property usually involves several third parties, payment of fees, and also delays. In many ways, cryptocurrency blockchain or Bitcoin is like a significant property rights database. That’s is because you can design and enforce Bitcoin contracts to reference external facts, add or eliminate approvals by third parties, or complete at a future time or date for a fraction of the expenses and time needed to complete the ordinary asset transfers.
There are no transaction fees for the cryptocurrency exchanges since the network recompenses the miners. However, even if there are no cryptocurrency/bitcoin charges, most users still engage third-party services to maintain their bitcoin wallets.
Access to everyone
Currently, there are almost 2.2 billion people with access to mobile phones or internet who presently don’t have access to the standard exchange systems. These people are ready for the bitcoin/cryptocurrency market. For instance, the M-PESA mobile phone-based micros financing and money transfer service in Kenya recently introduced a bitcoin gadget, with one in every three Kenyans currently having a Bitcoin wallet.
Future of Bitcoin
To sum things up, cryptocurrencies will have a long way to go before they replace traditional currencies and credit cards as a significant tool for international commerce. In fact, most people are not yet aware of cryptocurrency or Digital Currency. There’s a need to educate people about it to help them apply it in their daily lives. However, businesses should start embracing it to enjoy the many benefits that come with the digital currency.
The future of cryptocurrencies entirely lies in giving you complete control over your finances, with lower transaction fees as well as fast and secure global transactions when compared to all current currencies.
When fully understood and used appropriately, it can be the originator of other emerging systems that can radically change the global economic system.