Benefits of cryptocurrency and why you must learn about them now
BENEFITS OF CRYPTOCURRENCY
Let’s look at some of the benefits of this alternative system
Decentralization: Cryptocurrencies like bitcoin are decentralized in nature, which means that they are not owned or controlled by any central authority such as government or group of individuals.
However, the use of cryptocurrencies can be regulated in certain regions. Note that there are lots of centralized cryptocurrencies currently in existence.
Legitimacy of transaction: Blockchain, which is a distributed ledger that records all transactions taking place between digital wallets, ensures that a wallet address contains adequate funds before a transaction takes place. This solves the problem of double-spending.
Instant Settlement: Unlike the traditional system, cryptocurrency transaction settlements happen in a matter of minutes, or even seconds (depending on the blockchain). All you need to perform one is a Smartphone and an internet connection, no bank is needed.
Accessibility: Cryptocurrency can increase global financial inclusion by banking the unbanked. This is because the rigorous processes of opening a bank account are eliminated as all you will need to start using cryptocurrency is a “wallet”. Note that the transaction costs for sending money across borders are slashed to very minimal fees using cryptocurrency.
WHY YOU MUST LEARN ABOUT CRYPTOCURRENCIES NOW
The current stage of cryptocurrency has been largely compared with the early days of the internet. The estimated user growth of cryptocurrency correlates closely with that of the internet.
Following a similar trajectory, it is safe to say that we are still early, and now is the best time to learn about, and invest in cryptocurrencies.
Considering the total market capitalization of all cryptocurrencies at just over $200 billion, there’s a lot more money going to flow into cryptocurrencies in the long run.