I kept on saying this often but why? There are many benefits to having a service like Bitcoin Cash. It offers you complete control over your finances; including instant transfer of funds from one account to another, and lower fees on all purchases. The internet has ushered in a new era of financial services that do not require the intermediary of a bank. But, is this new era of online shopping and financial services a bubble that is bound to burst or is it a sustainable enterprise that will continue to grow? Lets go through a few facts about Bitcoin Cash to understand it.
Conventional Methods VS Bitcoin Cash
If you are thinking about making a purchase using Bitcoin Cash then you already know this. But, there are other reasons why you might be interested in Bitcoin Cash as well. The first reason to use it is that you will pay lower fees. In addition, you will never have to worry about late fees or connection fees that can eat into your profits. You also can purchase as much money as you need to complete your transaction, and this is much more convenient than using credit cards or electronic transfers from your bank.
Another reason that many people are switching their focus to bitcoin cash is because of its ability to increase your security. Transactions are fast, safe, and private. Transactions are private because only you and the merchant involved with the sale are able to see the transaction history.
This ability to have complete privacy leads to an increase in business for those who accept bitcoin cash or other cryptocurrencies as payment. The merchant does not worry about having personal information stolen by someone who was waiting to take advantage of an unsecured transaction. Since the Bitcoin Cash's transaction is fast, and it is confidential, the merchant does not have to wait to receive payment for an upcoming transaction. This is a trend that is likely to continue in the future. The ability to secure a transaction is just one of the reasons that Bitcoin Cash is becoming increasingly popular among merchants. The other major benefit of Bitcoin Cash is that it will allow users to transfer money to anyone around the world for less than traditional methods.
Lower Fees, Faster Transactions, Secure Network
A final reason that is driving people towards bitcoin cash is that it will enable users to reduce their transaction fees. Fees can be substantial, and when you add up the transaction times, and annual fees that may be incurred for checks or money orders, the total comes to quite a bit. However, if you use bitcoin cash instead of traditional forms of payment or bitcoin, you will never have to pay these fees. This makes it easier for people to get into the market and become familiar with how fast and easy it is to send and receive money.
There are other features that are being integrated into Bitcoin Cash as well. One of them is called OPCP. This feature is designed to make the system more resistant to tampering and hacking. By adding the signature padlock to all transactions, it makes it much harder for someone to alter the ledger. This makes it a very strong future-proof system.
You may have seen some news stories about government agencies spying on people's transactions. With OPCP, this will never happen. Transactions will be protected even when the system is compromised. The only time this will become an issue is if someone hacks into the server and alters any transaction. Even then, it will be too late to do anything about it because the transaction has already been made.
What is up next? Well, I would suggest personally if you haven't heard about it, you should start learning more about it. The main goal of the developers of Bitcoin Cash is to make it easier for you to use it to send money to anyone in the world for almost no cost at all. As time goes on, there will more features that will be integrated in Bitcoin Cash. Even though it is future proof, there is always a room for more improvement in any section of technology. Besides that, no one knows where it will be in a year from now, or in five years from now.