“If you’ve kept up with cryptocurrency lately, you know it’s exploding on a global scale. Friends, family, and coworkers all seem to be sure that cryptocurrency is the way of the future. But if you’re like me, you may still need some convincing. Could cryptocurrency really be better than using my regular money or credit card?”
Here is a very informative and easy to understand article I came across at KALA website
They came up with 5 reasons why cryptocurrency is better than traditional money and I totally agree with that:
1. Decentralization
The first thing to know about cryptocurrency is that it’s stored in a decentralized format on the web. This means that rather than being stored by a third party bank, transactions are carried out on public ledgers called Blockchains (more on that here) and are controlled and verified by the public.
Why should you care? Bypassing the regular bank system means that there are no traditional bank fees, no need for physical wallets, and increased accessibility, even for users with limited access to financial institutions. Rather than passing your money off to a third party, the power remains in your hands for you to use your currency at will, with little to no lead time.
2. Increased Security
I know what you’re thinking.
If my cryptocurrency is stored and verified out in the public, how could it possibly be more secure than using my credit card through a bank? To understand that, we must first understand how credit cards work. Traditional credit cards work on a “pull” system, which allows any entity with your information to go in and pull money from your account. Any time you hand over your card information, there are increased opportunities for fraud, and for overcharges which can often go undetected.
What’s the difference? Cryptocurrency works on a “push” system, which leaves the power in the hands of the user without needing to hand off any information. If I want to make a purchase as a cryptocurrency user, I can use my personal wallet ID to push my funds into the receiving account and keep my information private. It’s also important to remember that although cryptocurrency is verified in the public, all transactions are anonymous, and will not reveal your name, location, or even the purpose of the transaction.
3. International Currency
International dealings with regular money can come with a slew of fees and frustrations. Whether you’re transferring money internationally or converting into foreign currencies, when it comes to money, everyone seems to speak a different language.
How can this change? The rise of cryptocurrency has presented the unique idea of an international currency. Since tokens and coins like Kala, Bitcoin, and Ethereum have the same value across different countries, using digital currency allows users to travel, send money internationally, and make purchases without the need for conversion and extra fees.
4. Minimal Fees
This brings us to our next point. We all know that traditional banking includes a lot of one particular four-letter word: fees. When banking in traditional systems, there are fees for opening new accounts, processing, using ATMs, international transfers, and fees that grow depending on how much money you’re dealing with. The list goes on and on!
But what about cryptocurrency fees? While there are some fees associated with cryptocurrency (fees will vary depending on which crypto wallet you use), cryptocurrency fees are simple and static, and often will not change depending on how much money you’re transferring. Whether you’re paying for a simple night out or for a shiny new car, cryptocurrency fees are not likely to fluctuate.
5. Opportunity for Passive Income
One of the many opportunities available with cryptocurrency is the chance to earn passive income through mining. Mining allows the Average Joe to earn cryptocurrency by completing tasks on their computer and earning rewards in return. Mining Pools are especially ideal because they allow users to join a mining group, and let your computer do the work for you, unlike going to work every day for a paycheck.
Why should I care about mining? Mining is accessible to anyone with internet access and allows users to earn rewards for their efforts right away, while regular money can sit tucked away in an account, with only very minimal and gradual growth over a long period of time. Mining also requires minimal effort and allows opportunities for earning often without lifting a finger.
Whether you’re looking for increased security, minimized fees, or opportunities for passive income, don’t write off cryptocurrency just yet. If you’re still unsure about it all, read more over on the Kala Blog so you can tackle cryptocurrency with confidence! The rewards may be greater than you think.
