Bitcoin, along with other cryptocurrencies, has risen in popularity over the decade since its development. There is an influx of people buying the coins and using them in many different ways. Regardless of how long the cryptocurrency has been around and the number of times it has bounced back from dipping too low in value, some people are doubtful about taking in this concept. However, it has managed to prove itself to be something quite stable in comparison to the fiat currencies of the world.
Bitcoin Expert Richard James Schueler says that some of the fortunate people took the risk when Bitcoin was still brand new and barely spoken about, who now appreciate the growth in their investment. This is not an impossibility for you, and we will reason with you by explaining the different benefits you can appreciate with cryptocurrencies.
Before getting into the good stuff, it is important to discuss why people still hesitate even though they know how cryptocurrencies work. If you think about it, the currency of commodities like gold and silver has been around for such a long time that this new-age phenomenon known as cryptocurrency seems weird to some.
One of the most natural human reactions to something unknown is to fear it, which is the case with cryptocurrency. Cryptocurrencies have been highlighted as a long-term investor’s playground, you can begin by buying a small amount and seeing where it goes.
Everyone keeps talking about cryptocurrencies, but one can get lost in it all. For your benefit, here are the different benefits of using cryptocurrencies that you may appreciate.
- Privacy and Security
Cryptocurrency also enables you to transact anonymously as you do not have to work with a banking institution where you have to prove your recognition. You might appreciate the level of privacy that comes with this, for many reasons.
- Speedy Transactions
Cryptocurrencies were designed as a substitute initially for fiat currencies that do not need an intermediary. This means that you and the person or company you are transacting with are in control, by the blockchain. There is no waiting period that you would experience with a fiat currency transfer, even if they are global.
- Low transaction fees
Banks will charge you somewhere between $16 and $35 to send money either internationally or locally. Cryptocurrencies are infamous for being much more reasonably priced, and this includes the most inundated blockchains.
Crypto was designed and run by a blockchain program so nobody can manipulate it. Every cryptocurrency transaction is recorded and available for all to see, even when using an app like Bitcoin Era. This means that you are safe from any hackers as they are tracked down easily, thanks to the transparency of crypto.
- No inflation
Richard Schueler says that people have seen the high inflation rates that have impacted so many citizens of America. Luckily, cryptocurrencies are not subjected to the same instability as fiat currencies. When new cryptocurrencies, like Bitcoin, are mined, they go through a decrease every four years. This keeps the cryptocurrency inflation low, unlike the fiat currencies.
- Easily Accessible
All you need to access cryptocurrencies is a smartphone or a computer and an internet connection. You do not need to register as you would at the bank. You just set up a profile from anywhere in the world, and there, you have it.
- User Anonymity
Although not completely anonymous, Bitcoin users are recognized by numerical codes and can have multiple public keys. This guarantees no public tracking, and transactions cannot be traced back to the user. Despite the transactions being permanently viewable, which offers you transparency, they are still kept safe from fraud due to blockchain technology. On top of that, only you, as the wallet owner, would be able to know how many bitcoins you have.
Richard James Schueler says that even though there are some great benefits of cryptocurrency and pros of Bitcoin specifically, several people still view it as a risky investment. But, just like any investment, investing in Bitcoin necessitates you to do your research ahead of time.