With cryptocurrency being such a big deal in the last few years and so many people still wondering if it is something that they want to add to their investments or just know more about – it is important to know if there are still benefits to owning some.
So, what are the benefits of having cryptocurrency?
While this point is becoming less and less important thanks to high-speed online transfers, cryptocurrency still moves incredibly quickly.
However, for the occasions where you want to send money overseas, and it usually gets tied up in a slower-than-average processing speed, then crypto is faster – by a long shot.
When cryptocurrencies first hit the market, they sounded like an impossible sort of sorcery – but now, with so many different ways to buy, sell, and even mine your own with a cryptocurrency smsf it is more accessible to everyone.
You don’t need ID checkers; you don’t need a credit check to see if you’re eligible.
If you have some money, even a few dollars, and you want to own some, then you can – that is that.
The reason this matters to some people is that they don’t want a traditional bank account; instead, they want something that is secure but without all of the checks that go along with it.
Is there anything more annoying than trying to send $30 to someone and being charged up to $3 to do it?
When you aren’t flush, every dollar counts, and sending money shouldn’t cost money – although for almost all transactions that are made quickly, there are some charges.
What’s more is that if you are sending money abroad through a wire transfer, it can cost between $20-$30 or a larger percentage of what you are sending.
With cryptocurrency, you won’t be paying charges that will total the same amount.
In some cases, you can send it for free – other times, there might be an increase in the charges (depending on the blockchain demand at the time).
Anyone who invests should be looking for ways to make sure that what they are investing in varies.
When you diversify your portfolio, you are spreading the possible risk of loss across multiple points, meaning you are less likely to lose a lot of cash.
For example, if you put a few thousand in stocks, and they crash, you could end up with nothing.
If you split that few thousand across real estate, gold, bonds, stocks, and crypto – and the stick crashes, you’ll lose a lot less.
Remember all of those checks that you have to do with most financial institutes?
Well, depending on their process, multiple people could see and have access to your details at any time.
Not everyone is comfortable without having a higher level of privacy.
Cryptocurrency is, to a large degree, anonymous, while you still have some tags, like your wallet address, and the transactions will be public – your full name isn’t on it.
There are multiple ways that these transactions are masked, too.
There is a high level of privacy when you use cryptocurrency.
Unless you give someone both your crypto wallet and the keys that you have, no one is able to access it but you.
While the high security is incredible, it does mean that you have to be very careful not to lose your keys.
Each of the transactions has to go through a network of computers in order for it to be verified, too.
Over time, more computers are added to this network, increasing its power and security.
In short, there are so many computers in the blockchain that it is impenetrable by anything other than a network of a larger size – and it would have to confirm multiple blocks and then verify the ledgers.
In short, the blockchain is so secure that many big businesses have looked at how they can implement it in their own security.
Every cryptocurrency transaction that happens on the blockchain is distributed to the public.
Anyone can use tools to search for transaction information, including the location, time, and amount of cryptocurrency transmitted from a wallet address.
Also visible to all is the amount of cryptocurrency kept in a wallet.
Transparency, to this extent, can lessen fraudulent transactions.
One can demonstrate that they have the money accessible for a transaction or that they transferred money and that it was received.
If stocks are something that you are also new to, here are a few to take a look at: Best Stock Trading Apps In The Uk (2023) – The Money Equation.