The word cryptocurrency is heard a lot these days and so is its understanding and usage. The cryptocurrency value has caught the attention of the public, after initial hesitation in using it due to its strange ways of transaction its usage is on a high. Many cryptos are currently trending in the market which includes, Bitcoin, Ripple, Ether, etc. and all of these use a technology called blockchain which helps to keep all the transactions secure. The blockchain technology has passed the etoro test too.
There are many types of cryptocurrencies available in the market; you may be tempted to go to a financial advisor. But there are many complaints about the quality of advice, refer www.investopedia.com/articles/wealth-management/020416/top-6-complaints-about-financial-advisors.asp. Instead a simple google search can help you out by listing the latest trend and show you the historical growth pattern and also the future.
A peek into what is cryptocurrency:
Cryptocurrency is digital money.
No government holds control of this currency.
Internet protocol is used to monitor the market of cryptocurrency.
It is a string of encrypted and encoded data that signifies a unit of currency.
Benefits of cryptocurrency:
Zero downtime in the settlement: Any contract involves many third parties like lawyers, notary, etc. and it also means delays and payment of fees for processing the documents. The blockchain used in cryptocurrency is also similar to rights database of large property but eliminates the third parties or any external references. The settlement of the transactions is immediate, and there will be no future date. The amount of fee charged for the deal is a fraction of what is charged in traditional modes of transfers.
No sham or identity theft: All cryptos are digital and hence cannot be forged. Unlike credit cards, these currencies cannot be reversed, and therefore there will not be any charges or fees.
When you are using a credit card for even the smallest transaction, you will have to handover or enter details of your credit card and hence providing all the needed information for the merchant to have complete access of your card. The process of payment and transaction approval is on a pull basis meaning, the payment is initiated by the merchant, and the withdraws or pulls the money from your account. On the contrary cryptocurrency works on push concept, the digital currency holder will send the amount of money that is owed to the merchant without submitting any other information due to which there is no identity theft.
Recognized everywhere: Cryptocurrency is not bound by any government, and hence it is not hampered by any country’s exchange rates or transaction fees, etc. Due to this, it can be used in any part of the world without any hassles. So, you can conduct business in anywhere utilizing this currency saving a lot of money and time. You will not have to spend money on a fee for transferring money from one country to another as it is accepted universally and hence the transactions are quick. The use of blockchain technology makes all your payments safe and secure from theft too.