5 Benefits of Cryptocurrency: The Future Economy
“Transformation is not about improving it is about re-thinking.”
As the technology grows, everything in this digital world will get transformed into new forms, Hence the normal currency system has been changed into the digital form, we call this transformation as the cryptocurrency. If you look back through last two years we could see the growth of cryptocurrency and now its spread over the word .
Do you ever think that you will be the bank for your own money?
Now it happens, in cryptocurrency system, your money is in your control. There is no third parties are authorized to handle your own money, this is the major highlight of the cryptocurrencies.
Before going to discuss further advantage of cryptocurrency system, let's have a look at what are all the current cryptocurrencies now available in marketplace.
Bitcoin - the superior coin
It resolves the pain of every user, Bitcoin are not a real money , it is a virtual money stored in a virtual storage called bitcoin wallet as like bank accounts. Every bank has a ledger for the completed transactions. Here block chain reacted as a public ledger and it keeps track of all the completed transactions.
Bitcoin generated by a complete process called mining. By the invention of bitcoin, there are a lot of online trading platforms has emerged especially for bitcoin exchange. Still now those platforms have a good reach among traders , and definitely, this will grow in numbers as proportional to the bitcoin growth. And these platforms are started to extend their services into altcoin exchange.
Before heading into cryptocurrency marketplace a trader should learn in details about what is a bitcoin and how bitcoin exchange works?
Altcoin – Alternate cryptocurrecny /alternate coins
There are a lot of altcoins is rolling over the cryptocurrencies platforms, and some of them are here below!
1. Doge coin
2. lite coin
3. Etherium coin
4. Peer coin
5. Ripple coin
6. Dash coin
7. Nova coin
8. ultra coin
9. redd coin
10. Lotto coin . Etc.,
After bitcoin, there are a lot of coins generated in different names , but none of them score a secured place in cryptocurrency market. But Bitcoin does, still, now the bitcoin is the superior than alt coins by its value. An average rate of bitcoin is as of the current market status is $700- $750 .
As by the February 2016 totally there is 21 million bitcoin are available and 15.2 million coins are in circulation. That is 72% bitcoins are available in the marketplace. And by a research we identified that there are 25 new bitcoins are mined for every 10 minutes around the world.
Let's we discuss the advantages of cryptocurrency payment system also
Cryptocurrencies are digital and can't be falsified or switched discretionary by the sender, as with credit card charge-backs. In cryptocurrency payment system the sender has not authorized to reverse the amount. So that you can't get fooled by your buyers on payment.
We could Identify theft:
Normal credit card payment system act as like pull method, If you give you credit card to a merchant, you give the full access to a small amount. And while the payment happens the store initiate the amount to be paid and pull the amount from your account. But in cryptocurrency system, you are the person going to initiate the amount , and then you can push your amount to particular. Here you are the person going to make a decision about what you are going to pay? And to whom are you going to pay? So through this, you can easily identify the theft if it ever happens.
While purchasing a property it involves a lot of third party approval. But in cryptocurrencies there is no need to get approval from third parties since the whole system is decentralized. Because of this, the settlements happen immediately when an order placed. No matter where you are ! And who you are!
Access to everyone:
Since cryptocurrencies are decentralized. Everyone have the accessibility to earn their own bitcoin.
Lower in Fees:
The transaction charge for the cryptocurrency payment is either nil or lower in value. Here the transaction fees or only used for prioritizing the transactions.
The above factors are the main reason which pulls the traders into cryptocurrency marketplace. If you are not impressed by this cryptocurrency system you are living in an ancient world. Everything changes into digital form, why not you?
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