Cryptocurrency seems to have taken the world by storm. It got its start only about ten years ago, but since then, it has become a well-known topic that virtually everyone is talking about. Why? Not only can blockchain freight technology transform the shipping industry, but cryptocurrency can also be used as an emergency fund. It is being used to revolutionize previously stagnant industries and turn entrepreneurs into crypto-millionaires.
Cryptocurrency has a vast number of diverse applications that are changing society and affecting the way that things are done. From cybe security to taking the financial power back from banks and putting it in the hands of the people, it is changing everything for the better. Here are just of the few reasons that cryptocurrency is so big right now (and why it will probably continue to become more popular):
- There’s a reduced risk of fraud. Both merchants and consumers have to deal with fraud. Merchants will often get chargebacks and disputes without having the product returned. Consumers will also be subject to fraud if they make a purchase and cannot get their money back, even if the purchase never arrived or was damaged. Cryptocurrency changes that, though.
Because of the blockchain technology behind it, all cryptocurrency transactions are recorded and securely stored where they cannot be changed or altered. This means that merchants could show the transaction and avoid chargebacks or disputes and consumers could show that they did not get their money back if the seller claims they did, reducing the risk of and preventing fraud.
- Identity theft is much less likely. Many people take steps and precautions to protect their personal and sensitive information. Too many have experienced the panic, frustration, and hassle that a stolen credit card number can cause, and a stolen identity is far worse. Through cryptocurrency, however, the risk of identity theft goes down dramatically.
Since you no longer have to give out your credit card information to merchants and can transfer money, securely and electronically, your personal information is safe.
- Everyone can use cryptocurrency. Different parts of the world have preferred payment methods, and some parts of the world don’t have access to particular payment methods at all. This can make it difficult for international businesses to work with clients and even vendors, and it can make it difficult for family and friends to help each other out in times of need. Luckily, cryptocurrency solves all that.
Although it is subject to certain rules and regulations which vary by country, in general, transferring cryptocurrency can be done quickly, easily, and seamlessly to anyone in the world. This means that whether you’re doing business or helping out a loved one, you can get the money where it needs to go (or receive it) with little hassle.
- There are little to no fees. Another issue that people run into when transferring money (nationally or internationally) is the exponential fees that transfers are subject to. Not only that, but many people find that they are charged a fee just for writing a check or making a withdrawal at a non-bank ATM.
Rather than paying too much in fees on top of the money you have already spent or transferred, cryptocurrency can be transferred with little to no fees at all. Although a wallet provider may impose a fee on clients, the rate is much lower than it would be to transfer fiat currency, making it easier and more affordable.
- It is already accepted by well-known companies. As it has grown in popularity, many companies have begun offering cryptocurrency as a payment option for goods and services. As of now, you can purchase coffee, food, pay for an education, buy electronic equipment, pay for financial services, purchase art, and so much more with cryptocurrency if you don’t want to use cash or card. Companies like Microsoft, Subway, Overstock, Newegg, and others are already offering cryptocurrency as a payment option.
- It has a lot of potential. Cryptocurrency is already affecting society and the way we do things now, and it has the potential to do much more than it is already. As it continues to develop and become part of our everyday lives, it will undoubtedly be incorporated into and revolutionize more and more industries.
Cryptocurrency has a lot of power and potential that is already being harnessed by companies and individuals all around the world. Because of its various applications and because of its potential to be applied in various other situations, even in the future, as the world and technology continue to develop, it is as popular as ever and will likely continue to gain popularity as it goes. Why else do you think cryptocurrency is such a hot topic?