If you have ever come to know about the terms Bitcoins, Ethereum, litecoin, GoldReward etc, you have had an encounter with the CryptoCurrencies. These are the digital form of money used by quite a lot of people around the world. These Currencies are the virtual form of money and far above the influence of any kind of governmental organization. Some countries have legalized the use of these currencies in their economy whereas others still consider it threat to theirs. These are very easy to use and come in quite a lot of options for you to choose from. You can even design your own CryptoCurrency with a few efforts and follow some simple steps. The process of using it is entirely safe and both the parties are kept anonymous in some of the transactions if desired. Also, you can add up to the fact that all the transactions made in any part of the world with it can be easily traced by you with the help of the Bitcoin Software. Also, the usage of the Cryptocurrencies has a lot fewer transaction fees involved than the other form of transactions including the banks and the wire transaction. The process is very simple and easy to use with a quick access, whereas the terminologies can be somewhat complicated.
The drawbacks of the CryptoCurrency
Some of the things help back the use of Cryptocurrencies including the recently reported frauds and online hacking thefts. In some of the cases, the stolen amount exceeds up to one million American dollars. Also, you need to have a proper backup of the currency in case the system crashes or else you will end up losing all your money. The restricted use of the Ethereum and other cryptocurrencies also make it easy to use by all the people around the world. As the software id not completely hack free and can land up you being the next target. The terminologies and detailed technicalities are sometimes complicated and a bit tricky to understand along with getting the knowledge about a particular type of CryptoCurrency.
The major benefits of the Cryptocurrency
The major benefits we get while using the CryptoCurrencies are all listed down below for you to have a detailed and better idea about this virtual money.
- The process is very fast and easy to do and bypass all the excessive complications and formalities.
- The transaction fees offered are very low compared to the forms of online or other transactions.
- You can use it for the modes of transaction where you do not need any kind of government influence.
- It helps you in some cases to keep the identity of the transaction parties to be completely anonymous.
- Being the virtual form of money transfer the bitcoin has ended up decentralizing the whole network.
- It is universally recognized and accepted as a transaction form for us to globally use it.
- Also, it eliminates the need for any kind of mediator.