(Newswire.net — April 2, 2019) — The constant drama in the crypto space has shown us that despite the struggles and obstacles such as high volatility of the market or numerous hacks and frauds, cryptocurrencies are here to stay. Even more, it appears to be one of the innovative technologies leading the way to global digitization.
Developed as a form of digital payment option to lighten up the load on traditional payment systems, cryptocurrencies expanded to different industry sectors. Today, crypto transactions are slowly becoming prefered payment option across the world.
In this article, we will highlight four points that make the world of crypto transactions so fascinating.
They Give us a Complete Control Over Our Funds
Crypto transactions give us complete power and control over our money. Being decentralized, there are no middlemen involved such as banks or government institutions. Users are the only one responsible for their accounts.
Furthermore, unlike traditional payment systems, transactions are performed directly between two peers. It makes verification much faster and reliable, with significantly reduced fees.
The Power of Tamper-proof Transactions
Crypto transactions are registered through a digital public ledger which guarantees transparency. You cannot send or receive funds by circumventing it. As such, all transactions could be monitored or checked by anyone interested.
What’s more, the blockchain technology that underpins cryptocurrencies prevents manipulations with these ledgers. Once registered on a network, the record is not possible to delete or alter.
Compare this with physical ledgers in financial institutions, for example. These are well-known to be prone to changes and manipulations. This is the reason why the increasing number of companies have already incorporated blockchain technology in their business operations.
Anonymity and Privacy
Traditional transactions are not possible to carry out without registering first a bank account, and then providing sensitive data such as credit card details while making a purchase or sending/receiving funds. Not only this process means paperwork, but it is also pretty much susceptible to hacks and frauds.
Crypto transactions brought along anonymity and privacy in transactions. With them, the long, tedious process of registration is reduced to a few minutes, without the need to reveal sensitive or personal data.
Speed
Crypto transactions were designed to give users the power of instant services. Considering that scalability appears to be one of the main issues with traditional payment systems, it is no wonder why the increasing number of users and businesses opt for crypto transactions.
After all, they are much faster, sometimes taking no more than a few seconds to complete.
To learn about numerous other reasons why are cryptocurrencies so popular nowadays, check out the infographic that follows.