Benefits Of Cryptocurrency Over Fiat Currency.

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Written by
3 years ago

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.

  1. 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.

  2. Transaction speed

    Cryptocurrency makes sending and receiving money faster than fiat currency which may take days.

  3. Tracking of transactions

    Cryptocurrency makes it possible to track and view the details of every transaction, eliminating the bank bureaucracy.

  4. Online/Real-time transaction

    Transactions can be done online, real-time anywhere in the world as it encourages borderless digital transactions.

  5. 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.

  6. 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.

  7. Anonymity

    You can do transactions anonymously with cryptocurrency hence your identity is undisclosed to people.

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$ 0.11 from @Koush
Avatar for Olad
Written by
3 years ago

Comments

Low transaction fee: It costs just a few cents to do transactions with crptocurrency

This does not apply to BTC

$ 0.00
3 years ago

Thanks for your comment. Your point is noted.

$ 0.05
3 years ago

[Removed comment]

$ 0.00
3 years ago

Great post, succinct but accurate. Hope it helps new crypto joiners to understand the why.

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3 years ago