Over the last couple of years the term cryptocurrency has become unimaginably popular. And since you are probably familiar with names such as Bitcoin, and Ethereum, there are actually quite a few more kids on the block: Bitcoin, Dash, Ripple, Dogecoin, Litecoin, Peercoin, Ether.
Let’s say it out loud - at first the society was scared of crypto, just like with credit cards in the past. As time has passed and we’ve gotten familiar with them, the fear has also faded away. Today, it is common knowledge that cryptocurrencies come with some great benefits. See for yourselves:
A lot of you might wonder how to stay safe when investing in crypto. The great news is that cryptocurrencies cannot be forged, or reversed by the person who has sent them, as with credit card charge-backs.
Once you disclose your credit card details to a seller, website or any other kind of merchant, you trust them with these details. The amount of the transaction doesn’t matter - it can be small or big. The case with credit cards is that they operate on a “pull” basis. In other words, the store triggers the payment and then charges your account. Cryptocurrency, on the other hand, use a “push” mechanism. It means that you, as the cryptocurrency holder, can decide what exactly to send. Thanks to that, chances of identity theft equal zero.
Buying a house usually involves a number of third parties such as a lawyer or a notary. The long process leads to delays and extra payments. In the case of cryptocurrencies and blockchain technology, transactions can be done with no intermediary. Thanks to end-to-end encryption, it works with no third parties and extra fees.
Cryptocurrency does not involve interest rates, transaction and exchange rates. It means that it is a universally accepted form of payment. You can pay locally and internationally with it. Since, such form of payment is universally accepted, it makes the transactions easy. At the end of the day, it will save you money and time. It’s completely different from how other payment platform operate in a way that really nobody has access to your information.
Currently, there are no transaction fees for cryptocurrency exchanges. However, many expect that people will use a third-party service, such as Darb (link) or Coinbase (link), to create their own bitcoin wallets. Services like that commission only a small fee for helping to match the Maker (the person who offers to sell the coin) and the Taker (the person willing to purchase it). Unlike a traditional bank transfer, the transaction is made directly between the two parties, and there are no additional fees charged on the users. Which means, even when trading with a person from a different continent, there is no international bank fee, no fee for an express transfer or even the spread fee.