Hardly a day passes without the media highlighting the blockchain and cryptocurrencies. The last ten years have seen a lot of changes and with the popularity of the technology and related products and services, many lifestyles have been affected.
Cryptos are designed to make the world a better place. This is one reason why first generation coins are being overlooked and modern adopters are going for shinier platforms that are transforming their lifestyles. Days are gone when Bitcoin was the talk of the town and the market mover. Here are some reasons why cryptocurrencies are becoming a lifestyle
Reducing Fraud Risks in the Financial Sector
Money is associated with many risks and fraud is the major one. Traditional money transfer platforms have proved to be highly insecure. People do not trust sites that accept credit card; these exposes user banking details and use them to scam or steal their funds. No one can track your financial transactions with cryptocurrency. If you have been a victim of unsecure sites, you understand the frustration.
With the new technology, you do not have to associate your bank account with the crypto outfit you choose. Your transactions are done electronically in a secure environment. This means the level of fraud exposure has been minimized for those who have adopted the new technology.
Unsurpassed Transparent Crowdfunding
The blockchain technology has transformed the crowdfunding landscape. Small business people can now pull their resources together through small investments. This way, you do not have to put your eggs in one bag. When the risks are spread, more investors get involved.
Initial Coin Offerings (ICOs) have made it possible to transform the crowdfunding scene for the better. These are crypto-centric venture to raise capital in order to fund their projects. Any successful ICO transforms into a successful crypto project.
Speeding Up Money Transfer Processes
It can be an agonizing experience when your business partner pays for goods and it takes a week for the money to reflect in your bank account. The slower the process and the number of middlemen involved, the more expensive the transactions become.
With blockchain, whether you are abroad or across the street, transaction costs remain fixed and some platforms charge zero fees. There are no third parties to slow down the process and the efficiency is superb; no clearing and depositing centers.
Crypto is Benefiting the E-commerce Economy
With low transaction fees, more online shoppers prefer using virtual currencies as opposed to fiat. It offers a lot of conveniences and saves users the agony of moving from one outlet to the other. Shoppers, retailers, and vendors are protected more when they use digital coins as compared to traditional money and this shrinks the world to a small super mall.
With the technology, online shoppers are protected from counterfeits and they can track their products from the manufacturer to the point of sale. The entire supply chain is transparent and there are no weak points for fakes.
Foreign Remittances are now Safer
Apart from the reduction of transactional risks across the borders, local transactions are also safe. What’s more; you do not have to travel with hard cash especially when your crypto choice is accepted globally. Carrying lot cash has been and is still dangerous.
With your smartphone, you have a cryptocurrency portfolio in your pockets and unless you expose your private key, your money is safe. Digital coins are accepted globally and all you need is to transact when exchange rates are favorable.
Whether you are in the remotest part of the world or in an urban center, the impact of cryptocurrencies in your lifestyle is undeniable. The future is bright for those who are crypto aware but for the critics, time will tell.