It seems as though cryptocurrencies are all the rage. Bitcoin was the first and remains the most well-known cryptocurrency, but many people don’t really understand the benefits of this kind of digital currency and what it really means. To some people, crypto represents the future, while to others it seems like a passing fad.
The Benefits of Cryptocurrency
Whether it’s bitcoin or one of the many other alternatives, cryptocurrency is a digital currency. It provides the following benefits:
- Control: Traditional fiat currencies are controlled by banks and other major financial institutions. This means that they can be easily manipulated by those with a vested interest in profit- Unlike fiat currency, a digital cryptocurrency is not controlled by anyone. The banks don’t control it and they cannot manipulate it to suit their own ends. For people with bitcoin, this means that they decide when and how much to pay to a merchant. There is no middle-man taking their cut and it cannot be demanded back by the banks to fund their own excesses. As the global financial crisis has demonstrated to all of us so readily, banks will not think twice about looking after themselves and placing their customers at risk of financial ruin.
- Access: Many people in poor countries do not have easy access to international money exchanges. This means that they are restricted to buying locally, and many of these markets are heavily controlled by oppressive governments and economic policies. Bitcoin and other digital currencies offer a compelling alternative. As long as there is an internet connection, it is possible to access cryptocurrency exchanges online. This opens up the global market to these people and helps them circumvent oppressive economic policies in their own countries.
- No fees: Banks make billions of dollars from heavy fees that they apply to traditional currencies. This is because they have a controlling stake in fiat currency and manipulate it for their own ends. Because cryptocurrencies are not subject to their control, they are also not subject to their fee structures. Furthermore, transfers happen immediately and can be tracked through the blockchain. There is no waiting and no paying out to third parties who want to retain control of the currency. The transaction happens between the holder of the cryptocurrency digital wallet and the merchant. It’s as simple and as elegant as that.
The Currency of the Future
If you want to buy bitcoin in Melbourne, you need to understand how it works and what it can do for you. To many, crypto is the way of the future and places control back into the hands of the people. It’s not controlled by any central authority and it is highly secure.
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