Cryptocurrency: The Future of Transactions!
In the last couple of years, the widespread use of cryptocurrency makes news headlines almost every day. In general, ordinary individuals are not very familiar with it. Some even did not hear its name even a little bit.
In simple words, cryptocurrency is a digital currency which is created and managed with the help of advanced encryption techniques popularly referred as cryptography. Bitcoin, blockchain, ICO, Etherum- all are commonly used cryptocurrencies.
Why is the use of cryptocurrency so rampant? How does it helps the business owners?
- Universally Accepted
Cryptocurrency is not subjected to transnational charges, interest rates, exchange rates, etc. So, international companies use it on the international level to complete transactions easily and quickly. No one can take this electronic cash away from you.
- Decentralization of Database
Blockchain technology is used by an international network of computers. The records of Bitcoin transactions are maintained jointly by the involved parties, not by one central body. So, the decentralization of the network means ease of doing business.
- Protection From Identity Theft
Your identity can be stolen if you use your credit card to make transactions. But, Cryptocurrency makes use of a “push” technology, allowing the cryptocurrency holder to send exactly what he/she wants to bestow to the merchant. No further information.
- Instant Financial Transactions
When you do business or purchase a property, the involvement of 3rd parties (notary, lawyers, mediators, chartered accountants, auditors, etc,) causes unnecessary delays. The party approvals are totally eliminated in Bitcoin contracts, which saves a lot of time and money needed for the asset transfers.
- Fraud Prevention:
As Bitcoin transactions are not managed by a single administration. Therefore, the chances of fraudulent activities are minimal. Moreover, Individuals cryptocurrencies can be forged or reserved erratically by the sender.
Is It Safe To Do Business Using Cryptocurrency?
It is widely acknowledged that bitcoins’ are used to make unlawful financial transactions. Technical glitches, human errors, increased regulation from the law enforcement agencies, the limited scope of scaling, etc, makes the use of bitcoins a risky bet.
Concluding Remarks
The future of cryptocurrency depends upon the lower transaction fees, fast and secure global transactions and ultimate control over your money by different governments of the world. Just evaluate its pros and cons carefully and use it to conduct your business at your own risks.