Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Paglamon on May 09, 2020, 06:43:28 AM
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1. Digital Money Is Much Safer:
If you talk about the traditional digital payments, you need to own a credit or debit card in order to transfer your money. Here comes the role of third party i.e. bank. You have no option but to provide your sensitive financial information to them. But why take the risk when you have a better choice to go with? You don’t need the involvement of any third party as cryptocurrency is based on the decentralized blockchain.
2.Decentralization
As mentioned above cryptocurrency is not controlled by any central authority or association. There are only two parties that are involved in the entire mechanism, and that is the seller and the buyer. It is what makes it far more safe and secure than any other payment option and one of the major reason why you should use cryptocurrency over cash. Unlike Fiat currencies that are controlled by government banks and centralized authorities, cryptocurrency is not controlled by anyone except the owner. Hence the fear that your money will be devalued or inflated is gone.
3.Quick Transactions
Cryptocurrency is all about blockchain technology. Many companies are working on the same field to make crypto transactions more smooth and convenient. Cryptocurrencies let you transfer money anywhere in the world within a few seconds. It is believed that blockchain will facilitate cross-border payment by making the process less time consuming and costly. Although Bitcoin is still leading the race, every crypto is good in its own way.
4.Privacy and Security
Although, crypto transactions are publicly visible there are many cryptocurrencies like Dash that are offering private send features. Such cryptocurrencies promise you complete invisibility of data, which means your private details will not be revealed at any cost. Moreover, crypto transactions are immutable which means once processed there’s no way to revert it.
5.Portability
Bitcoin cannot be destroyed or defiled, unlike traditional
currencies. Cryptocurrencies can be transferred from one corner to another corner of the world. Investors all over the world are trading crypto consistently. The varieties and types of cryptocurrencies are increasing and enhancing at the same time. In the last 4 years, the progress is unbelievably unmatched. People are realizing it at a slow pace that cryptocurrency has far more benefits than the fiat currency.
6. Less Transaction Fee:
Compared with the paper currency the cost of accessing transactions is cheaper with cryptocurrencies.
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Also, Bitcoin is expected to eventually reach gold and silver in terms of its relationship between stock and flow, potentially driving its price much higher.
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Few disadvantages but treated as major such as vulnerable, volatile, and decentralized. The government fear about those things that could drastically affect the government fund once legally adopt cryptocurrency trend. By the way in other advance countries cryptocurrency is legal.
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That was shortlisted 6 major reasons for using cryptocurrency and there's no question about that crypto capability. But not all people can use cryptocurrency in that way. Because sending any cryptocurrency into different addresses was hard for others like senior citizens and it takes time to adopt it because it's complicated. thats why it is better to build an alternative and more easy way to send cryptocurrency anywhere without using those complicated wallet address. Instead, it's easier to send cryptocurrency when you did it just like sending an SMS messages.
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1. Digital Money Is Much Safer:
You were wrong at the first place. Cryptocurrencies are not digital money. The recent China's crypto yuan (https://cointelegraph.com/news/top-facts-on-chinas-crypto-yuan-and-related-blockchain-projects) is an example of digital money. It's totally centralized.
5.Portability
Useing cryptocurrency is not investing in cryptocurrency. It's fine if you invest and aim for profit. In that case, cryptocurrency is a kind of goods. But if you use, you utilize its nature. Profit is not the purpose anymore.
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I agree with this. In my experience, i can pay or semd money to my loved ones or to my bank account almost instantly woth very low fees plus it is very convenient to use since you only need internet and you can create a transaction in less than a minute.
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Unlike other currencies, there is no mediation by third parties, but the principle is the same: to enable exchanges between services and goods.
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Cryptocurrency does have many advantages when compared to Fiat, but that does not mean Bitcoin has no shortcomings. Lack of Bitcoin is the price that can go down quickly which can cause a decrease in the value of our assets. My presence here is because I want to make a profit, where Bitcoin has investment value and can be traded, so I take advantage of it.
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The idea of digital currency has ushered in a modern financial world where payment of services can be conducted within mins. this give birth to a new age. A new paradigm of life where cashless policy is the way forward. this will create a platform for the unbanked and also allow a decentralized platform for everyone.
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Cryptocurrency tradings is better than stock and other market tradings , cryptocurrency is decentralized so no need to give kyc for tradings withdraw and transactions my opinion cryptocurrency trading is better than government approved legalized platforms.
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Good exemplary details and explained, but still digital money or crypto currency is not yet save. There are ponzis that proof that claim wrong.
That aside, until all countries accept crypto currency as means of exchange for goods and services; it is still unsafe.
What happens when all btc are mineD?
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At present in my country I have not legalized Cryptocurrency as a legal currency, even the government has forbidden using Cryptocurrency as a means of payment or transaction. Therefore, the reason I am currently here is because I can benefit from Cryptocurrency. Starting from the investment and trade results Crypto.
But it is true that explained above, in general, Cryptocurrency has many advantages when compared with Fiat or ordinary currencies.
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The thing I like to use crypto and invest in crypto. I see a good reason to make me more interested and want to get to know crypto better. Another reason I'm interested is that crypto is easy to make money
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As known, nowadays, blockchain technology has developed so well for mamy sectors. And why should be cryptocurrency? There is nothing to do. Crypto asset is digital aaset in which you can sell and buy for worthy coins. I believe that crypto can change the world to be such a develpment. In this case, crypto is a promising saving for our life in the futurwe
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Unlike other currencies, there is no mediation by third parties,
Indeed. That's the meaning of decentralization. There is no need for the third parties, crypto is decentralized. So, crypto users don't waste money on the third parties. It is like what Satoshi ever wrote on the whitepaper of Bitcoin. You know the third parties really take big advantages from us.
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Cryptocurrency Indeed has many advantages when compared to ordinary Fiat, Therefore the use of Cryptocurrency is very beneficial for its users. But unfortunately there are still many countries that have not yet accepted Cryptocurrency as a legal payment tool. Only in developed countries they are free to use Cryptocurrency because it is legal. If in countries that have not legalized Cryptocurrency, the public is still secretly in its use.
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I agree with your statement. In addition to these six reasons, I would add that cryptocurrency can also bring good profits in the future if you entered at the very beginning.
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I don't think that crypto is safer
You know that crypto is volatile and fluctuative. You may get profits from high increase of the price only in one night. But, you can also lose much in shirt time.
Aside from that, yeah I love crypto since I knew it in 2017. the assets arw growing well with certain increase of the price
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Well yeah, those are the benefits of cryptocurrency. However, although we all know the advantages of the crypto, why do many countries still forbid the crypto? They only think about the negative sides. Whereas, there are so many positive sides of the cryptocurrency itself. for me, crypto is a worthy thing to struggle with and support.
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Coronavirus had long term effects we didn't know about that led to seemingly unrelated illnesses that took a long time to trace back
Inflation hit hard, gold proved not to be a safe haven as crypto really settled in
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Crypto currency is good. They really have an advantage over traditional money. But my opinion is that the government does not need bitcoin or other cryptocurrency that is on the crypto market today. They can't control it, so it's not interesting to them. If the government is interested in cryptocurrency, it will release its cryptocurrency.
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1. Digital Money Is Much Safer:
If you talk about the traditional digital payments, you need to own a credit or debit card in order to transfer your money. Here comes the role of third party i.e. bank. You have no option but to provide your sensitive financial information to them. But why take the risk when you have a better choice to go with? You don’t need the involvement of any third party as cryptocurrency is based on the decentralized blockchain.
2.Decentralization
As mentioned above cryptocurrency is not controlled by any central authority or association. There are only two parties that are involved in the entire mechanism, and that is the seller and the buyer. It is what makes it far more safe and secure than any other payment option and one of the major reason why you should use cryptocurrency over cash. Unlike Fiat currencies that are controlled by government banks and centralized authorities, cryptocurrency is not controlled by anyone except the owner. Hence the fear that your money will be devalued or inflated is gone.
3.Quick Transactions
Cryptocurrency is all about blockchain technology. Many companies are working on the same field to make crypto transactions more smooth and convenient. Cryptocurrencies let you transfer money anywhere in the world within a few seconds. It is believed that blockchain will facilitate cross-border payment by making the process less time consuming and costly. Although Bitcoin is still leading the race, every crypto is good in its own way.
4.Privacy and Security
Although, crypto transactions are publicly visible there are many cryptocurrencies like Dash that are offering private send features. Such cryptocurrencies promise you complete invisibility of data, which means your private details will not be revealed at any cost. Moreover, crypto transactions are immutable which means once processed there’s no way to revert it.
5.Portability
Bitcoin cannot be destroyed or defiled, unlike traditional
currencies. Cryptocurrencies can be transferred from one corner to another corner of the world. Investors all over the world are trading crypto consistently. The varieties and types of cryptocurrencies are increasing and enhancing at the same time. In the last 4 years, the progress is unbelievably unmatched. People are realizing it at a slow pace that cryptocurrency has far more benefits than the fiat currency.
6. Less Transaction Fee:
Compared with the paper currency the cost of accessing transactions is cheaper with cryptocurrencies.
And in addition to your points,
Bitcoin is best investment options. Bitcoin can be used all over the world without going through a conversion process. It is considered at par with Gold and combines the best of cash and gold while providing an open market and no restrictions imposed by banks or governments.
Again, Bitcoin is impossible to duplicate. There is no way of duplicating a bitcoin, unlike cash.
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Yes, this is good communication from you. I also love cryptocurrency for those reasons but matter of sorrow that maximum of countries are not agree with cryptocurrency so that we do it without authorization. It will be successful that day when maximum govt will accept it and we make transaction soundly.
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But unfortunately, although Cryptocurrency has many advantages, there are still many people who are not familiar with Cryptocurrency.
In my place the community is still very unfamiliar with Cryptocurrency they do not understand what Cryptocurrency is, only people who are highly educated, students and students who are familiar with Cryptocurrency.
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I think This could be your own view when it comes to reasons to use cryptocurrency or be part of it. it could actually have as many advantages as possible but the disadvantages prove to be riskier than you could get from the advantages. So, for now, I think we should be more careful
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Decentralization will be more obedient to people in the future because our funds are safer. No one is blocking our money.
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7. Crypto is more profitable and friendly, than banking.
I prefer to make deposits somewhere like gekkoin, than in my bank account. When money just lay in the bank, they give too small %, sometimes it's not enough to defeat form inflation.
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Crypto currency is convenient but I don't find that convenient for everyone. There is a category of people who are not interested in innovative technologies and who are comfortable using only cash. I do not agree that cryptocurrency is decentralization, security and reliability. There are already many cases when people have lost their coins.
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Yes, this is good communication from you. I also love cryptocurrency for those reasons but matter of sorrow that maximum of countries are not agree with cryptocurrency so that we do it without authorization. It will be successful that day when maximum govt will accept it and we make transaction soundly.
You are right. Some countries do not accept cryptocurrency and this is very difficult for crypto enthusiasts. I would really like governments to believe in digital money.
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Cryptocurrencies have a lot of interesting opportunities and technologies, and most importantly, I like the fact that you can make quick transactions in a matter of seconds around the world and of course, the transfer fees are encouraging.
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In a conventional banking system, you must trust everyone who manages your money here is the bank. You may have to trust a third-party payment processor. You will often have to trust the people you deal with. And these organizations all ask for important information from you. Because cryptocurrencies are completely decentralized, you don't need to trust anyone. When you do a transaction, it's a kind of digital signature, and secure.
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You can receive money from any country around the globe. What's more, you don't even need to open a traditional bank account to store them
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Using stable cryptocurrencies as a payment instrument gives sellers all the advantages of cryptocurrencies without the risk of volatility inherent in currencies with floating rates.
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Cryptocurrency was created to solve the aforementioned problems with the belief that a preeminent currency that is not controlled by any organization, has zero inflation and transaction fees globally. break the dominance of the banking world as well as change the entire current financial system
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Bitcoin prices often fluctuate up and down that we are difficult to predict. This is similar to the stock market ups and downs. This makes it very easy to lose money
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You should include the making money in cryptocurreny because that's my reason why I'm here in crypto space just trading and investing to make money with it.
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Considering international bank transaction fees and speeds, there seems to be no need to look for another reason.
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The means of sending cryptocurrency will be much easier. If it is possible to send cryptocurrency via SMS. Then it will be much easier. Then cryptocurrency users will benefit. The contract is approved for any purpose. Then the banks of those countries are cautious about the currency. Because no one knows any information about their currencies. Such changes are definitely good and if no one knows the security, that is, no one will get any information about it except the user who will use the crypto wallet. Then of course everyone will use this crypto wallet. Everyone will enjoy using it.
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Truly mate , their is a lot of benefit if we used Crypto currency . We can easily make huge transcation without paying any large fee's ( as compared to bank accounts ) . We also have opportunity to makes some profit through trading and other activities .
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Thank you very much for writing such a descriptive post. The mentioned 6 reasons are very much responsible for using cryptocurrency. But I use cryptocurrency mainly for Security and Portability.
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I'm sure cryptocurrency will become great in due time when everybody stand for crypto currency. Things now might change tomorrow morning if every government will adopt the system of cryptocurrency. Though it is really risky for the country to support such volatile market. But the benefits of cryptocurrency's really great.
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Cryptocurrency is indeed having a lot of benefit for us, it's opened opportunity for people around the world for having a better life. With crypto, you can transfer money around the world with transparent, cheaper, and faster than using bank.
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The biggest advantage is the feelingbof being truly borderless, no restrictions, you can send money to anyone, anywhere in the world which was never thought of before crypto.
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Crypto has advantages in many ways and there are also disadvantages. So we just need to find a way to minimize the disadvantages and if we succeed then crypto will be the mainstream of financial sectors. I know it will happen in the future and paper cash will be removed but it takes time. And there are many reasons why we should adapt cryptocurrency.
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for myself,it the reason is because crypto is easy to understand fast in transaction and realtime also multi functional especially now that many freelancers are paid using crypto thats also the reason for using crypto .
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Gives the opportunity to the unbanked to transact online. Other than this the reason why given by the earlier replies. Though the fee argument is relative to the amount to be transacted. Just for example, ETH is too expensive if one has to move less than $10 amount but is highly cheaper if it has to move hundreds of thousands of dollars. Same goes with BTC. Doge, XRP might be cheaper but only very few merchants accept them.
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I just hoping that governments can find a way to integrate digital currency to public consumption.
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Hello topic maker, first five comments are very much suitable for recently but less transactions fees is not suitable for now. Ethereum 2.0 platform increases Ethereum value but simultaneously with it also increases network fees.