Since medieval times, people have tried their best to achieve financial security. And only a few were able to attain to do that. Today we are in the 21st century, and financial security is an issue today as well. People are trying their best to find ways to secure t5heir financial standing.
It was then cryptocurrencies were introduced when the financial security was trending. After the launch of the cryptocurrency, people found a new platform that they can use to increase their source of income.
What is Cryptocurrency?
Cryptocurrency is a digital decentralized currency that was introduced in the market in 2009. It was invented by the Satoshi Nakamoto who intended to provide a new type of transaction medium to the people. And the best part of these transactions is that no government will hold any kind of authority over it.
Cryptocurrency is made with the help of blockchain technology. This technology uses a public ledger network to share information. Hence, making the transaction transparent, secure, and peer to peer encrypted.
How Cryptocurrencies can grant financial security?
The cryptocurrency was based on blockchain technology. It was never meant for the blockchain technology to use as a currency. Blockchain was meant to be a technology of sharing information in a secure way. But we know how mankind can be. Mankind was able to use this technology to form the most secure digital currency ever.
Here is how the cryptocurrency has the ability to grant financial security.
1. Transactions
In traditional transaction methods, there are always third parties or intermediaries that help you with the transaction. This not only increases the complexity and cost, but it also increases the chances of fraudulent activity. But what if I say that with the help of the Cryptocurrencies you can omit out all these extra expenses and worries.
One of the major advantages of the cryptocurrency transaction is that all the transaction are one to one trade affairs. All the transaction happens on a public ledger network are between two people (seller and buyer). There are no third parties reinvolved.
2. Assets ownership
Cryptocurrency has become quite famous for being one of the most profitable digital assets. This has made traders and investors shifting their portfolios to Cryptocurrencies. In the cryptocurrency shares, you have total rights on the amount of cryptocurrency you hold.
For instance, if you have 10% shares of a Crypto coin then you have total ownership over that 10%. You even have the right to make important decisions regarding that crypto coin. This usually does not happen with other assets.
3. Confidential transaction
As we all know that whenever we make a transaction with a cash or credit system, our entire transaction data is monitored by the banking system. Not only these banking systems monitor your transaction detail, but they also go through all your banking details. But with the cryptocurrency transaction, most of the data are kept confidential.
Cryptocurrency is powered by the blockchain technology that works on the principle of the public ledger. That means, that the whole transaction remains anonymous, it is just that a notification sends to all the existing members of the public ledger network.
4. Low transactional fees
Have you ever spared any thought on how much you are paying for overhead expenses in the form of transactional fees? If not then start looking into this matter. You may find that the transactional charges for a single transaction are very low, but if you gather all the transactional fees of all the transactions that you have done in the past year. you will find that just how big amount that could be.
These kinds of extra expenses can really affect your financial standing. With the help of the Cryptocurrencies, you can easily neglect these extra expenses. The transaction charges for the Cryptocurrency are too low to be noticed.
5. Ownership
Do you really have ownership over your account in the banks? Can you really say that you have total control over your bank accounts? The answer is no. no matter what your account balance is, no matter who you are, with the bank involved, you will never have full ownership over your account. Even making a transaction, you first need permission from the account. But with the Cryptocurrency, you get full ownership of your Crypto account. And if you do not have one, you can create at bitcoin-billionaire.com.