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Author Topic: [2017-06-07] 5 Advantages of Cryptocurrency over Traditional Currencies  (Read 2003 times)
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June 08, 2017, 01:37:02 PM

Since as far back as can be remembered, trade has been an integral aspect of humanity. It has played a vital role in man’s survival and development.

And over the course of history, different methods of money-goods exchange have been used, trade by barter being one of the earliest forms. Thanks to several innovations and developments, there are now various means you can trade or exchange money.

While traditional currencies have been at the fore of business transactions and money-related issues for many centuries, a new trend that is now getting attention is cryptocurrencies.

A cryptocurrency is a digital or virtual currency that uses cryptography, for security and to make counterfeiting difficult. What makes it interesting is that cryptocurrency is not like traditional currency. This is because it is not issued by any central authority. This means it is theoretically immune to government interference or manipulation. That’s a major reason why more people are beginning to embrace the use of cryptocurrencies like Bitcoin.

However, as with most things tech, the use of cryptocurrency can be complex. Despite this, cryptocurrency has shown great potential to change the way people look at investment. It may even be the next big thing in finance.

Sadly, it can be difficult for most people to understand how it works. But once you set your hands on it, you’ll learn with time. There is usually a whole lot of mathematics and numbers involved. Most times, it scares people off, meaning most people run away from it and get to miss out on its advantages.

But you don’t have to anymore. This article will reveal to you the advantages of cryptocurrency over traditional currencies. Let’s get right into it.

1. No third party

Usually, trading with people in other countries often requires that one or several third-parties (central governments, banks or credit card companies) are involved in the transaction. While they help to track transactions and make sure they’re secure, their involvement in turn means that certain fees have to be paid.

With cryptocurrency, there is no need for a third party.

Here’s why: Cryptocurrencies like Bitcoin are decentralized, that is there’s no central government regulating it. Transfers of cryptocurrency funds are facilitated through the use of public and private keys for security purposes.

These transfers, done with little processing fees, allow users to avoid the high fees usually charged by banks and financial institutions for wire transfers.


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