Can you imagine a day without internet? Moreover, can you get through a day without your phone?
As we slowly move towards a digital age, it is becoming more and more impossible to imagine life without it. What if we say that monetary value has changed from paper and coins to digital currency?
In fact, it has already happened. Are you familiar with the term ‘bitcoin’?
After the rise in popularity of bitcoin, other cryptocurrencies have been introduced in the market. For example, Litecoin (LTC), Ethereum (ETH), Zcash (ZEC), Dash (DASH), Ripple (XRP), Monero (XMR), Bitcoin Cash (BCH), NEO (NEO), Cardano (ADA), and EOS (EOS).
Some people are saying that virtual currency might be replacing our existing currency in the near future. If that is happening, you don’t want to miss out. Do you?
So, before we tell you how you can benefit from investing in virtual currency, let us understand the concept of virtual or cryptocurrency.
In simple words, cryptocurrencies are digital currencies that are secured by strong cryptography. That means any exchange of this currency is safe, free of tax and other legal bindings.
The network of cryptocurrency is managed by a group of participants who are responsible for verifying all the transactions. You can make any purchase with cryptocurrency with merchants who accept it.
Unlike our current currency, for example, coins and notes, you don’t have to carry digital currency with you. There is no chance of becoming a victim of pickpockets or petty robbers either.
Benefits of Virtual Currency
To be honest, even we were surprised by all the benefits virtual currency is able to give us. The more we knew about digital money, the more crypto positive we became!
Let’s get to know more about this miracle currency system, and how it can be valuable to your business.
#1 One Universal Exchange Value
Virtual currency is not limited by national restrictions and governmental laws. Just as English is the universal language in the world, cryptocurrency is the common currency for everybody.
You would no longer have to change the currency from one to the other, for example, USD to AUD. So, there is no rate imposed when exchanging currencies. You also don’t have to go through the hassle of exchanging it when you are traveling to other countries for work.
#2 Simple Requirements
Guess what? You don’t need to open a bank account or have a certain amount of money in your bank to acquire virtual currency. You also don’t have to pay any ‘service fee’ for having digital currency.
All you need is a laptop or a smartphone, and an internet connection to use, buy and sell with this type of currency. Unfortunately, it may not be so useful to business people who don’t have a good internet connection in some parts of the world. But if you do have the internet, you can enjoy its benefits.
#3 Easy and Safe Exchange of Money
Because of how strongly the currency is protected using cryptography, it is literally impossible to lose money or make mistakes in exchange. If you want to give or receive money from someone, you don’t need to write checks or wait for Monday.
Money transactions are instant and effortless. You won’t be wasting time doing transactions, while your desk is full of tasks to be done! This makes using digital currency so convenient.
No more signing, writing, or paying interest and taxes. Everything happens in an instant, and you will have a record of every transaction made by you and your company.
#4 Overcoming Current Shortcomings
The current financial system has a lot of flaws, ranging from robbery, identity theft to global financial crisis. Experts of digital money system are positive that digital currency can solve all these problems.
They believe that virtual currency can eradicate problems rising from high fees and economic inequality. Since cryptocurrency is accessible to everybody from anywhere with an internet connection, it gives people a chance to save and grow money without interference of the banks and the government.
You are already stressed out about paying bills, commercial expenses, and staff salaries. If you can cut down on bank charges and commercial taxes, imagine all the money you can save!
#5 You Own the Money
Cryptocurrency is a decentralized system, meaning you own the money, not the bank or the government. There is no third party involved.
In saying so, you don’t have to pay interest every month, go to the ATM for cash withdrawal, or pay tax of any kind no matter how much you have in your crypto wallet. Transactions also don’t cost money. That is how you save all the money and get rich in no time!
Furthermore, there are about two billion people who don’t have access to the bank for numerous reasons. Those people can easily exchange money through the internet.
Although you have to go through identity verification to check whether the crypto account belongs to you or not, practically anybody can use this system. Additionally, the blockchain technology protects your crypto account from fraud and theft. Hence, nothing to worry about there.
This is for certain that your money will be safe if you start using cryptocurrency. However, this system is accessible to everybody, even criminals and terrorists.
It is not certain whether cryptocurrency companies are ensuring that their services are given to the right candidates or not. However, the records of all transactions are stored in the public ledger of the cryptocurrency companies. If required, those records can be examined to catch criminals.
On the other hand, criminals and terrorists were laundering money even under the watchful eyes of the banks and the government. Therefore, organizations operating cryptocurrency should keep this in mind, and come up with something to prevent bad people from taking advantage of the system.
After the invention of the internet, we rarely depend on traditional means of conducting transactions. In fact, we have become like this in all areas of our lives. We depend on the internet for reading, learning, sharing, and many other factors.
We do business online. We attend classes online. We even meet our life partners online!
Hence, it is no surprise that even money has become digital when it used to be traded with gold, silver, and other assets. It just shows how much we have progressed over the years.
Maybe we will be learning more about virtual currency from our grandchildren, who would probably be living a completely virtual life! And that will be all thanks to the money you could save through cryptocurrency.
About the Author
Sheldon is a content writer at FeedFond. A tech-geek and gaming nerd, he lives on his PS4. To read more of his articles, visit FeedFond.com.