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Most people have heard about the block chain technology, bitcoin, steem, litecoin, ethereum and other technologies that operate in the same way. I have been using the steem for some time now aand found out its safety and benefits over other currencies.
Unluckily, some other people have heard about it and are not literate about it or do not know how it operates hence accounting for the great numbers of users on other social media sites like facebook, instagram, snap chat, twitter and the rest.
Even some are already using some of the cryptocurrencies but are not aware of the full mechanics of the coins.Before initiating anyone or establishing a cryptocurrency account, one has to know first the definition and meaning of cryptocurrency. You may be a user of any of the cryptocurrencies but when you are still a minnow about them. This is not good for you.It is essential to know whatcryptocurrency really is.
Cryptocurrency are a digital currency that can use as a standard currency where ever that accepts it. But still, it is not yet in use by governments or accepted as a means of exchange by the central banks.
Cryptocurrency current does not enjoy the same kind of stability when compared to regular physical currencies and that what I think bothers most people who are not well versed or certain with technology or how it works, or that some people are maximizing its benefits for various purposes for example buying goods online or hard currency transactions.
Bitcoin was the first cryptocurrency be established and that’s what accounts still for its great value it has over other cryptocurrencies and due to this, it has become the de-facto crypto which is just another benefit of Bitcoin.
In reality, it is a form of digital currency that utilizes encrypted cryptographic technology that runs on blockchain technology. Of late, there has been an account of various functioning websites that allow people to convert cryptocurrency to real money and then transfer it directly to one’s bank account or vice versa.
The reason why it is called digital is because it does not have a physical tangible form though we hope soon due to its large use today, there will be.
It is also intangible so one cannot touch it, smell it, or put it in a safe as is done with the other currency say dollars, the yen, shillings, and many more others.
This is the reason why it is hard for the older generations to invest in it and the same reason why most people are illiterate about it. For those who have been able to see the future, are already transferring billions of dollars every single day since it is used in trading.
There are very many altcoins, over 1200, with most of them considered *’shitcoins’* or *’useless’* due to their less value as compared to the well-known *’bitcoin.’*
Most of these coins have very good use-cases like privacy coins which helps mask your identity on the blockchain, supply chain cryptos which can help with supply chain operations to listing information on the blockchain, everyday currencies, and much more.
<h1>What are the merits Cryptocurrency has over other currency???</h1>
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The merits of cryptocurrency are extremely excess as compared to the tradition currencies. They are nonetheless good for business transactions but to the buyers themselves to do greater investments over the internet like using it to build other greater technologies, improve the decentralization hence improving the value of other coins, and many other more uses.
One great reason why the crypto enthusiasts already find exciting about cryptocurrencies are their shoot-ups in value which usually bring smiles to many. The reasons why you should invest more in cryptocurrency is that;
<h4>1. They are literally easy to access.</h4>
Cryptocurrency is promptly accessible to everyone. That means it is not private to anyone or any group of people. Almost anybody around the globe is able to access it and make use of it.
It is a decentralized procedure and people from every part of the world have easy comfortable access to them.
There are already several projects attempting to bring up finances by cryptocurrency.Thus making them a good and easy alternative to the other currencies.
<h4>2. They have immediate and comfortable payments.</h4>
It is in just a bit of seconds to make payments through cryptocurrencies.. They are so immediate because one does not require to provide many details in making a payment such as credit/debit card details.
One only needs the address of the wallet of the person or enterprise to whom they need to provide the payment to. And this comes with low transaction fees as many cryptocurrency users have observed. Never fails!!!
<h4>3. They accomplish immediate settlements.</h4>
With the introduction of cryptos and their ease in usage, one does not require to wait or to hold back for several days for one’s business to get the money.
The blockchain, the technology on which cryptocurrencies are founded on, literally gets rid of delays and settlements are as fast and can be accomplished in the shortest time and expense that it would have taken a traditional transfer.
<h4>4. The cryptourrenies incur lower fees as compared to other currencies such as the dollar, shilling, e.t.c.</h4>
A fee is simply a fixed charge or an interest incurred on a purchase or service. With cryptocurrencies, the costs are nil or negligible as compared to the number of fees that chalk up on monthly account statements made by banks.
Banks even charge a heavy fee for a basic bank transaction and even on one’s credit card processing which should be a free service by the banks.
<h4>5. They are completely Private.</h4>
There are no details or sharing of identity or whereabouts when making a transaction between you and the beneficiary. Thus the reason why they are called *’decentralized.’*
This means there is no information one is going to share with anyone as the bank does with the government. This is also completely friendly as regards to peoples privacy.
<h4>6. They are highly secured </h4>
All your transactions will be secure as it is using NSA created cryptography. It is literally impossible for anyone rather than the owner of the cryptocurrency wallet to make any payment from the that same wallet, only unless one is hacked of which there are a number of ways to protect yourself from this scourge.
<h4>12. They are easy to access.</h4>
The cryptocurrencies are easy to access since one only needs an internet connection unlike in what is prevalent in the traditional financial systems where people have to make lines in banks or need to first access an Automated Teller Machine in order to rightly access any finances.
What one needs and requires is only an internet connection and a smart phone to get started. How easy is that??
<h4>10. They have no third party.</h4>
The beauty of cryptocurrencies is that everyone is a master of their own money and there is no third party as the bank where one needs to put their trust to.
Everyone can keep their money in their cryptocurrency wallets and use it as they want to. Thanks to this technology, everyone now is a financial master of their own kind.
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