The cryptocurrency horizons are expending every other day. It is about time you asked yourself whether the world is getting ready for cryptocurrencies and how you can harness the phenomenon and apply it in your real life. To fit into this new craze sweeping the globe, you need to position yourself and be part of this digital money payment system.
Cryptocurrency has received a lot of positive and negative publicity in social media. There are also dedicated websites that are creating awareness of the benefits of this global digital currency. However; many people already know how the blockchain technology works and how transactions are done.
There is a huge difference between the typical currency and cryptocurrency. Digital currencies are derived from any claims or inherent values and can be converted to goods and services. This works more or less like gold, however, cryptocurrency is data based and cannot be printed or minted.
Being a digital currency, it utilizes cryptography to gain its value, and thrives in an economy that is distributed, decentralizes and secured to protect the process of mining and trading. Transacting business using crypto is online based and comes with its benefits and pitfalls.
Akward: Goverments Aren’t Fighting Back on Digital Money!
With the increasing user base, governments are tapping into the currency potential and legalizing it as a recognized form of payment. Cryptocurrency is widely accepted by merchants in the US, Canada, Sweden, South Korea and the Netherlands. US provide the largest spender ground for the currencies.
Every investor looks for affordable means of doing business. Traditional banks are known to charge exorbitant fees when doing
simple transactions over the counter or at the ATM. The bank fee is usually a percentage of the total amount you are sending or even withdrawing. On the other hand, the cost of using a debit or credit card keeps them out of reach for the ordinary user.
As much as the transactions are expensive with traditional banks, you do not get value for your money. It takes up to 4 working days for a simple cross border transaction to go through. If you are an online shopper, using the banks credit or debit cards can turn in to a nightmare. You are never assured that you will close the deal without their expensive charge backs and other bottlenecks along the way.
There is too much waste of time and resources and once the consumers get an alternative, the better. The only solution that can solve all these problems is a system that bridges these gaps and offers the consumer a seamless platform to do business.
One of the goals of cryptocurrencies is to offer a platform that is affordable to all irrespective of how much digital wealth you have created and stored. Cryptocurrencies do not charge transaction fees which is a plus for the user. In the event you are charged, the amounts are so low that it might skip your attention. This is usually the cost of block creation during mining or service charge from your online wallet host.
The Most Efficient Way to Make Payments – Digital Money
If you are in the cross border trade, digital currency is the best, convenient and fast way to make payments. The slowest currency is Bitcoin; it takes an average of 9 minutes for a single transaction to go through, the distance notwithstanding. Upcoming cryptos have moved from the 9 minute wait time to real time transactions; this is the best way to close deals locally and across the border.
Upgrading of blockchain platforms continues to accommodate other services like eGovernance, secure data transfers, bulk messaging and fast business collaboration. Countries that are ready for cryptocurrencies have gone to the extent of allowing for eResidency. Institutions and companies are moving from the traditional voting method and embracing eVoting.
Through cryptocurrency, paperless banking will soon become something of the past. By looking at the market capitalization of cryptocurrencies, you are assured they are here to stay. The Hard Fork after the DAO hack that saw Ethereum split with Ethereum Classic is a clear indication of what is at stake in the industry.
The Best Measure of an Goverment Can Take – TAX THEM!
Value added tax is one of the best ideas of funding government expenditure but when the citizenry does not benefit from it,
paying taxes becomes a burden. Cryptocurrencies offer a way out; you do not have to pay taxes, at least for now! This is beneficial not only for your local transactions but cross border as well.
Anonymity is good for business and most cryptocurrencies operate under such. Keeping your identity enhances your online privacy and you are not under any risk of cyber-crime. However, money laundering has become an issue especially for governments who want to stay in power. They ensure every penny is collected under the pretext of tax. They are using your hard earn money to cling on to power.
Cryptocurrency has taken away the ability of governments to regulate the financial sector. Some governments are exploring possibilities of having their public blockchains to cash in on the digital payment method. If this works, it will benefit the user as well.
With prohibitive costs of opening a bank account and maintaining it, cryptocurrency offers the alternative. You no longer need to have access to a bank; you only need an internet enabled gadget and a digital wallet to store your wealth safely and securely. Getting started with cryptocurrency is not location based. You can operate your account from the most remote areas of the world and still stay connected to your ‘virtual bank’.
Many governments are encouraging deep internet penetration to help residents access and tap into the benefits of cryptocurrency and other internet opportunities. There are many countries that earn some revenue from their freelancing population and they are encouraging internet usage. There are many freelance tasks that are being paid using cryptocurrencies.
If you think the world is not prepared for the cryptocurrency explosion, then you need to think twice. Visit any online cryptocurrency exchange platform and look at their sales page. You will see that cryptocurrency is being paired with major global currencies. You can securely exchange your digital currency with traditional legal tender within seconds. You can choose to exchange ETH/USD, ETH/YEN, ETH/BTC, ETC/UDS, XEM/YEN and many more pairs.
Take Use of Online Blogs/Tutorials to Educate Yourself & Everyone You Know
So, how do you fit in the cryptocurrency? Do you know the major players and how they can positively impact in your wealth creation strategies? These are some of the questions you need to ask yourself before you fully embrace cryptocurrency.
There are many online resources that you can and use a join the money trail and discover your real position in the industry. One drawback that the investor-to-be experience is their wait-and-see attitude. It is about getting started, see which currency fits your lifestyle and dive in.
How about earning your first digital coin online? There you have it; Steemit is social network platforms that allows you to blog or moderate other user blogs and get paid in Steem. Ever thought of updating your status and getting paid for it in Steem and converting them to any cryptocurrency of your choice? It is possible.
If you can spend time online chatting and playing games, you can as well invest in cryptocurrency. Currently, Bitcoin has already gone; the price is so dear for most of the adorers; however, there is Ripple, IOTA, Dash and NEM to try your investment luck.
You need a self-assessment of how much you are worth and how much of that wealth is at your disposal. Once done, find out where you can fit and invest. The good thing about digital currencies is that you can purchase a fraction of a currency unit and run with it; it is not a millionaires club, it is designed for the masses.
If you are that individual who is not intimidated by how enormous the cryptocurrency market has grown in a short span of time, it is time to jump into the blockchain technology and reap the benefits now that you know the world is getting ready for cryptocurrencies. It has never been late to catch an offer in the cryptocurrency market.