Cryptocurrency has emerged as a digital alternative to trade. Instead of using the traditional methods of exchange like cash or credit cards people opt for this. Even though people have multiple points of view on its usage but the benefits of cryptocurrencies are undeniable. One school of thought sees this digital currency as a medium for trading on dark wed. While others see it as a worthwhile option for investment. Blockchain technology created a decentralized currency that can have a positive impact on the trading practices of majority investors, worldwide.
If you are skeptical about entering the crypto world, then this article is for you! We’ll be discussing the positive aspects and benefits of cryptocurrency, and talk about how those plus points are a good alternative to more established forms of financial trade.
1. Hassle-free Transaction
Unlike traditional business dealings, blockchain technology offers straightforward transactions. There is no involvement of brokers, agents, and legal representatives. In this way, complications and expenses are much lesser. Don’t believe us? Well, there is a Q/A platform named Answerly built on blockchain technology where users can earn rewards in the form of ANSR Tokens. These tokens can be exchanged for crypto. Its transaction is fast, hassle-free and users get their rewards shortly in their Stellar wallet. However, if this would’ve been a traditional website, it would’ve involved paperwork, brokerage fees, commissions, or any special conditions.
Being based on a peer-to-peer networking structure, the need for a middle man is eliminated, resulting in one-to-one cryptocurrency transactions. In this way, audit trails are more clear and little-to-no confusion about payments. Plus, both of them dealing parties know who they are, leading to greater accountability.
2. Zero Security issues
The strong encryption techniques on the overall blockchain technology allow a safe process for the crypto transaction. It safeguards the user against fraud and account tampering and guarantees consumer privacy. Similarly, Answerly being built on Stellar blockchain offers a secure airdrop that can filter out fake participants. Unlike credit card companies, a cryptocurrency transfer cannot be reversed once it has been authorized. It acts as a border for frauds as it requires specific negotiations to be made between a buyer and seller regarding refunds in the event of a mistake or returns policy.
3. Easy International Trade
Cryptocurrencies are fairly easy to trade internationally as nationally; they go unrecognized as legal tender. This digital currency doesn’t have any exchange rates, interest rates, transactions charges, or other tolls enforced by any certain country. One modern website named Answerly rewards Answerly tokens which can be exchanged for crypto or fiat. Since these currencies are built on a blockchain mechanism there are no complications in carrying out cross-border transfers and transactions.
4. Access to Credit For Everyone
The only media required for crypto exchange is stable internet and digital data transfer. See? It is easy to come on board and enjoy the benefits of the crypto world. However, a little knowledge of the cryptocurrency networks, and how to access relevant portals is essential. Most of the people are turning towards platforms that pay them in crypto for all these benefits it has to offer. moving forward with the example of Answerly, has revolutionized the Q/A world by blending it with crypto. Thus, giving everyone a chance to earn by crafting words.
According to research, there are currently 2.2 billion people who use mobile phones but don’t have access to traditional methods of banking. This digital currency doesn’t stop anyone from trading or investing. Its ecosystem can carry out asset transfer and transactions possible for every willing customer. Once the individuals have fulfilled the requirements, they are good to go.
5. Solo Ownership
Unlike the traditional banking system, you don’t have to hold a third party in charge of your funds so that they can exercise the influence of life or death over your assets. If a policy is violated or terms of service are breached, they can hold you accountable and close your account. This would require the account holder to go through an extensive process to get themselves back into the system.
One of the biggest advantages of using crypto is that you are the individual owner of your private and public encryption keys. Users must remember these keys as they make up the cryptocurrency identity. Unless, you hand over your wallet to a third-party service, nobody can access it.
6. No Hefty Transaction Fees
Transaction fees can cost a lot especially if you are a person who performs multiple transactions in a month. It might take a big chunk out of your assets. But, blockchain technology has worked over it and ensures that transaction is inexpensive. One of the main reasons for Answerly being built on Stellar was the low transaction fees. The reason is the data miners do number crunching that generates cryptocurrencies, get their compensation, which eliminates the requirement of transaction fees.
However, if the individuals choose to take the help of third-party services to help maintain a crypto wallet, they might charge their fees. But still, their charges would be much less than the transaction charges earned by traditional financial systems.
