The hype about cryptocurrency reached its peak in 2017 when Bitcoin was showing its all-time high. Since then, Bitcoin has gone through severe ups and downs, but the popularity of crypto industry has stayed fully intact.
The first thing that comes to mind when an average person hears about crypto is Bitcoin and ways to earn money with it. However, it’s far from being the only thing these coins are for.
Over time, blockchain has become an integral part of many business relations, financial transactions, and much more. So why do people use cryptocurrency? Let’s find out.
1. Quick And Low-Cost Transactions
The ability to make quick payments is one of the most popular reasons why people use bitcoins. Since the third party is eliminated, the costs of financial transactions go down substantially.
With the development of useful platforms for working with cryptocurrencies, companies are having an easy time making transfers.
When it comes to traditional cross-border transactions, they are often costly and time-consuming, but not with cryptocurrencies. It doesn’t matter how much money you need to transfer overseas, it only takes minutes.
Many businesses take advantage of cryptocurrencies to pay remote workers for their services.
Hiring specialists from abroad have become much easier than before. International money transfers are cheap, quick, and easy.
2. Asset Protection
When it comes to assets, many people don’t pay much attention to the danger of losing them all for unexpected reasons. Even if you’ve done nothing wrong, a simple lawsuit can freeze your bank accounts and force you to make payments.
In the United States, thousands of lawsuits are filed every year. You may be innocent, but the court could still rule against you. That’s where asset protection comes in. Cryptocurrencies are an alternative way to keep your assets protected.
Private keys secure crypto wallets so the government can’t freeze this part of your assets.
Consultants at CS&P point out that asset protection is also important for people living in countries with unstable jurisdictions where their funds may be hunted by the government for no apparent reason.
3. Maintaining Anonymity
If you want to make an anonymous transaction, you can forget about going to the bank. However, such cryptocurrencies as XMR, DASH, ZEC, and PIVX allow you to make anonymous transfers for any of your private needs.
You can transfer money to other people without having to explain to the bank why you are transferring such a large amount. You don’t have to reveal the sources of the funds and the person you are sending them to.
These questions usually delay financial transactions at banks. With private cryptocurrencies, all of your information stays with you.
4. Making Payments
The rate at which the use of cryptocurrencies is growing can be called impressive. In the past couple of years, numerous companies have started accepting cryptocurrencies. You can now travel the world without thinking about currency exchanges.
Many travel agents accept cryptocurrencies for flight booking, car rentals, accommodations, and the like. Meanwhile, you can easily find bitcoin ATMs in large cities. This means you can convert bitcoins into local currencies without extra fees or poor exchange rates.
5. Earning Money
The last but not the least is, of course, making money. Experienced traders work hard to make money using cryptocurrency exchanges. Average people explore the benefits of crypto index funds. Some buy bitcoins because they are popular. Others view them as a substantial investment.
Whatever the reasons are, the goal is to earn money. Even though the volatility of the crypto market is high, with the right approach, it’s possible to make the cryptocurrencies work for you.
People all over the world use cryptocurrencies for various needs. With time, they are likely to become an integral part of an average person’s life.