Peoples are so much biased with the traditional banking system that they don’t want to think about an alternative method. But things have changed and people are now embracing bitcoins. Bank of Canada is accepting ripple as a standard medium of exchange. When the change is big, it is very normal that there will be major obstacles from different sectors. But if the change has bright light for a better future, people will slowly embrace it. The same thing is happening to the cryptocurrencies industry.
People are comfortable with fiat currencies. They don’t want to move to any other form exchange material as there are habituated to it. But bitcoin has revolutionized the world. The eradication of the middle man in the transaction and secured nature has opened the door for cryptocurrency. Let’s explore the top 4 reasons for which you should use cryptocurrencies.
Ease of use
Using paper bills is getting harder. Let us give you a simple example. Let’s say you are trying to buy a big mansion worth 10 million dollars. So, it would be a big hassle to transfer the money in terms of 100 nomination paper bills. People will use the wire transfer via bank but it will cost them a decent amount of transfer fee. But this will never be the case when you use the cryptocurrency. You can pay the sellers $10 million just with a smart device. So, if you want to make your life better and want to enjoy the ease in transactions, cryptocurrency might be a great option.
Secured payment medium
Do people often ask what is the purpose of Cryptocurrency? Though we can give you thousands of answers but let’s talk about the most important sector, security. Security has been a great concern for the rich people since hackers are always trying to steal their money. Big companies are spending millions of dollars just to protect their money and data. This will never be the case when you start embracing cryptocurrency is. Since it uses blockchain technology and the financial transactions are done in the public network you will remain anonymous. Some of you might be thinking that the public network is unsafe. But the transaction is done in an encrypted medium and there is no way you the hackers can decrypt the code. Unless you give the password of your crypto wallet willingly, they won’t be able to stead your money.
An optimized solution for money transfer
When you transfer your money from one bank to another bank, you usually end up paying a small fee to the bank. But if you compared it to the crypto transfer fee, you will be surprised to see how much money you are spending just like a transfer fee. To avoid unnecessary costs, cryptocurrency doesn’t depend on the middle man. So, if you want to get an optimized solution for your money transfer, bitcoin, litecoin, ripple, etc. might be a perfect solution. You can seek help from companies like bigX since they are extremely good at managing the fund. Most importantly they are heavily regulated and your money will be in the safe hands.
Offset the problem of inflation
If you save 1 million dollars in your bank, it will not be worth $1 million after 10 or 20 years. Due to the inflation problem, you will lose a big chunk of your money. But if you save money in cryptocurrencies, chances are very high your savings will be doubled or even get much higher over 10 or 20 years. You don’t have to hold a Ph.D. degree in mathematics. Just having the basic knowledge of math, you can realize it’s a very profitable deal to store money in cryptocurrencies.