The term cryptocurrecy is still strange or illusive to many people, especially Africans as they only believe in fiat currency as the medium of transactions, investments and storage of value.
As a matter of fact, there are lot of things people should pay attention to in cryptocurrecy world.
In view of this fact, I will shed light on some advantages of cryptocurrency over the fiat currency.
DecentralizedNo person or government controls it. It is created by miners who solve complex algorithms using block chain technology. Likewise, cryptocurrency has a maximum number that will ever be created, e.g BTC and BCH both will have only 21million coins in circulation.
Transaction speed
Cryptocurrency makes sending and receiving money faster than fiat currency which may take days.
Tracking of transactions
Cryptocurrency makes it possible to track and view the details of every transaction, eliminating the bank bureaucracy.
Online/Real-time transaction
Transactions can be done online, real-time anywhere in the world as it encourages borderless digital transactions.
Low transaction fee
It costs just a few cents to do transactions with crptocurrency, unlike fiat currency which may gulp some hundreds to thousands of dollars.
Investment Asset
It is possible to earn good income from the price fluctuations associated with cryptocurrencyYou buy when the price is low and sell when the price is high.
Anonymity
You can do transactions anonymously with cryptocurrency hence your identity is undisclosed to people.
This does not apply to BTC