Digital currencies- The leading revolution

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3 years ago

These days, as we have it, the idea of being able to make payments and carryout monetary transactions without the use of physical cash is no longer something of a fantasy. It all started with Bitcoin in 2009 and since then, further improvements and innovations have come into place.

No doubt, the crypto space has grown really far and wide and as a matter of fact, it is still growing and there's still room for many more improvements as time passes.

The entire concept of cryptocurrency and digital money was initially based on the internet so, this is expected- the internet itself has been known to keep evolving with time.

What's even more interesting about this is the fact that there are a lotta awesome advantages of choosing digital currencies as a personal choice for making transactions;

COMPLETE USER OWNERSHIP

While the origin, issuance, and regulation of physical cash/ fiat currency at any point in time, can be traced to the government of a particular country, cryptocurrency, on the other hand, works entirely differently. They are not issued by the government or central bank of any country.

This implies that, if you own any type of crypto (be it Bitcoin, Bitcoin Cash, Ethereum, Litecoin, etc), you are in total control of how you choose to use it. Yeah, that signifies total freedom of how you perform transactions and as a user, you are able to control how you spend your money without dealing with an intermediary authority like a bank or government.

TRANSACTION FLEXIBILITY

Unlike with fiat currencies, making transactions with digital currencies takes flexibility to a whole new level. Users do not require creating an account with any bank or acquire a credit card for transactions. Basically all that's required is a mobile phone or computer, and a crypto wallet loaded with digital assets. Usually, a crypto wallet is just an app or software that could be installed on your smartphone or computer or sometimes, just a hardware USB stick.

Sending and receiving crypto as well, could be done with adequate ease. Examples of some software wallets include Trust wallet, Coinbasewallet, Coinomi, Token Pocket, IMToken, etc... Just to name a few. Hardware wallet examples include Ledger and Trezor.

ZERO EXTRA BANK FEES

If there is one particular thing most traditional banks are known for, it is the charging of fees. From normal transaction fees to even account/ credit card maintenance fees. These fees could most times be something to be worried about but however, with digital assets, the reverse is the case. Since your assets are stored personally by you, there are absolutely no hidden costs of account maintenance.

Not to mention, there is no minimum amount of digital assets you can hold.

SECURITY OF TRANSACTIONS

Cryptocurrencies are designed to allow for encrypted and really secure transactions over the blockchain. This means that digital transactions are not monitored by a central body or organization. Thus, there are only just two parties involved (the sender and the receiver).

Everything is literally just about peer-to-peer payments, meaning that users are able to send and receive payments to or from anyone on the network around the world without requiring approval from any external source or authority.

LIMITLESS TRANSACTIONS

One major advantage that digital currencies bring forward is the ability to perform totally limitless transactions. No matter who you are and which country you reside in there is no limit to the amount of coins you can transfer to anybody at a particular time, at any time of the day. There is also no limit to where you choose to transfer your coins to.


All the aforementioned advantages are just to name a few. These are some of the absolute reasons why the adoption of various types of cryptocurrencies have grown all around the world. With more advancement in the digital world, people could generally tend to look for more improved means to perform transactions online, giving a great edge to digital currencies over time.

But what do you think? could digital currencies really replace fiat currencies for transactions in the future?

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