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While some folks out there are still a bit wary of cryptocurrency, at this stage, peer governed, decentralized digital currencies have inarguably found a foothold in the hearts of both everyday consumers and investors. Most people who distrust the idea of digital coins don’t understand that transactions made through the blockchain are actually more secure than bank transactions, due to the unique nature of the blockchain’s design.
Often there is a general concern that digital coins will lose their value overnight, or magically disappear. In reality, the money in your bank account is just as abstract – if not more so – than a digital coin. At this point in human history, most money is tantamount to numbers on a screen. Understanding the blockchain is no easy feat, but once you grasp the virtues of a monetary system that is peer governed and not tied to a particular government or potentially corrupt bank, you’ll see that there’s nothing scary about paying with crypto; in fact, there are many clear benefits. Here are a few of them:
Anonymity:While many people initially questioned cryptocurrency as a way to complete sketchy or criminal transactions on the Internet, the positive side of that anonymity is becoming clearer and clearer. With concerns over huge, unchecked tech giants like Facebook and Google tracking users’ every move and gathering massive stores of data, guarding personal data is becoming an important issue for those who value privacy. When you transfer money through a blockchain system, the address changes with each transaction. Your purchases are not recorded and your personal information remains private. Thus, using crypto is a way to prevent your purchases from becoming data points in the frightening world of digital influence and aggressive marketing.
Mobile: If you’re an avid traveler or a jet-setting professional, the ability to make quick transactions from your phone is a massive benefit. Purchases are verified through the blockchain almost instantaneously, without the added hurdles of annoying security questions, punching in account numbers and dealing with customer support. Once you understand where and how to buy Bitcoin, you may start using your digital wallet to pay for things at every opportunity to save yourself the hassle.
Low Transaction Fees: Another huge benefit is low transaction fees. For international purchases that need to account for currency rates and bank processing fees, crypto cuts through all that red tape quickly and without additional costs. This is another huge benefit for travelers and can save everyone a bit of cash.
No More Frozen Accounts: Everyone has experienced the inconvenience of a frozen credit card when a suspicious transaction pops up, or you buy something in a foreign state or country. Again, due to the fundamentally secure nature of the blockchain system, there’s no need to freeze accounts. You can rest assured that your transactions will always go through immediately so you don’t have to stall your travel plans to wait on hold for a bank representative to set things right.
As you can see, utilizing crypto saves you money and increases your ability to make cheap, fluid transactions on the fly. Whether you’re a world traveler or a fulltime parent, using crypto to purchase goods and services has its advantages.
Ryan Yarbrough is a small business consultant, speaker, and the manager at Davis Financial Services, a small business consulting firm.