Last
time at Money Trade Coin, we looked it at what
cryptocurrency is, how it worked and the changes it is bringing to society.
This time, we’ll have a more detailed examination of why currencies Bitcoin, Litecoin,
Money Trade Coin and Ethereum should be used and the gains you’ll get from it.
It’s
not for no reason that the cryptocurrency market is booming. In fact, it’s
booming so much that dozens of cryptocurrencies have entered the market, each
vying for the crown of being the most used digital currency.
What
visions of the future are investors and cryptocurrency makers seeing that is
clouded from the general public? Let’s dispel those clouds.
Why isn’t Traditional Currency Good
Enough?
In
a world where the global economy is becoming increasingly interdependent, and
as a result increasingly fragile, cryptocurrency stands as a solution to the
financial challenges of cost, time and decentralization. We work with and buy
from global partners, but traditional financial systems haven’t quite kept up
with employment and commercial trends. We worry about how one country’s
economic collapse can cause a ripple effect and damage those of others. Our
transactions are ever-increasing in value, bringing in exorbitant processing
fees.
All
these problems are swatted aside by digital currency.
For
one thing, you don’t need a bank account to transact with cryptocurrency. With
your digital currency, you can buy from anyone that accepts cryptocurrency and
pay them in any sum - from a few rupees worth of digital coin to significant
sums. All of this is also processed with a negligible processing fee that is a
fraction of card transaction processing fees. No bank, no day long wait for the
transaction to come through and no chance that your account details will get
flicked by some shady merchant. The power of business is solely in the hands of
the buyer and seller, and protected by strong encryption. You’ll really begin
to see the positive effect of this on the economy as more and more people begin
to use digital currency.
Merchants
are offered some protection too. Unlike credit cards, you can’t chargeback with
bitcoins, litecoins and the like. Once the merchant has received the payment,
the buyer can’t call his bank and demand a chargeback, protecting the
merchant’s service.
There’s
one other special benefit that requires mentioning: you can make your own money
with digital currency. That’s right, it isn’t you central bank that does it. If
you’ve got enough computing power, you can offer some of its resources towards
“mining” for digital currency. Effectively, you’re printing your own money.
We’ll tell you how you can do this in one of our upcoming posts.
The
answer to the question of why cryptocurrency should be used is not at all
difficult to understand. It’s analogous to asking someone from the decades past
“why use a debit card or online banking?”. The convenience, efficiency and
financial power offered by cryptocurrency are simply too good to ignore.
Besides that. it’s good to get a head start in the world of cryptocurrency
before the lucrative opportunity of early investment fades away. Stay tuned to Money Trade Coin to hear more of such advice on how
you can enter and profit from the cryptocurrency market.
Until
then, we wish you a Happy Diwali!
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