Ever since cryptocurrencies have come into being, people have been constantly debating whether or not they should look into investing in it. Some look at it as something that could revolutionize the current way we trade and make transactions and purchases while some just consider it a fraud. However, people who have convinced themselves regarding the legitimacy of this currency and wish to proceed ahead can also look into the following wonderful reasons to invest in cryptocurrencies that could make their prospects even more exciting.
Although 2018 was a bumpy ride for cryptocurrencies especially Bitcoins, it is making a spectacular comeback. China has already set up a Blockchain Industrial Park which aims to fund and facilitate the expansion of blockchain and blockchain based startups and applications. Japan has accepted Bitcoins as a legal mode of payment. There are now over lakhs of pizzerias, jewellery stores, restaurants, hotels, retail stores, online shopping websites and many more places that have started accepting Bitcoins as a legal form of payment. With the astonishing rise in the market cap and value of a wide range of cryptocurrencies, more and more financial institutions are looking at investing over a billion dollars in this market. A wide range of alternative cryptocurrencies only provide people with a plethora of options to explore and then make an invest in one or many places of their choice.
The subprime business dealings at Wall Street had led to the great financial crisis in 2008. With the inception of Bitcoins in 2009, this financial crisis was one of the main reasons that triggered people’s interest in cryptocurrencies. Our traditional transactions require a middleman or a central authority which acts as a figure of trust for legitimate, honest tradings to occur. However, with cryptocurrencies incorporating a decentralised, distributed shared ledger technology courtesy of blockchain, no one gets the power of central control. You own your data over this network. Trust is developed between the payer and payee on this platform by the use of secure and highly reliable cryptographic techniques. The irreversible nature of digital currency transactions is an added feature. All these features put together make for a very secure and tamper free platform for trade deals and merchant – client relations to be established.
Even if it is your money in the banks and other financial institutions where you have stored your money and created accounts, you don’t really own it. You are at the mercy of the financial body. There is, in reality, no electronic cash system where your money is actually, completely and wholly owned by you. However, owing to the decentralized nature of cryptocurrencies, you are given back full control of your currency. No one is required to manage things for you, you do not require the affirmation of any other person or entity to conduct trade deals or even simple transactions.
There comes a certain ease and convenience of use when one decides to work with virtual currencies. You do not need to go to banks or other financial bodies. All you need is a smart device with a steady internet connection. Once you are on the grid you are your own bank. You can make all your payments and transactions without the need of a bank. In addition to these, you do not have to pay any additional transaction fees, processing fees etc which are taken by banks and other institutions simply as their service charges. This significantly reduces your cost of expenditure.
Moreover, your usual credit settlements take over a week to pull through and finally be affirmed. These settlements sometimes take even over a month to happen. This becomes a great source of inconvenience for customers regarding their money matters. However, one does not need to worry about these problems when they make transactions using a decentralized distributed ledger. This is because settlements on such a network are quick and instant. The take as little as 10 minutes to pull through and be completely settled without any disruptions. This makes banking payments quicker and efficient without having to rely on the mercy of the banks.
The worth of blockchain economy stands nothing less than a few hundred billion dollars and companies and people all over the world are constantly working towards making it a mainstream technology.
After Binance's announcement on June 14, 2019, that its U.S. customers will no longer be able to trade on Binance.com…