Fiat Currency came first but the first and most successful cryptocurrecy to date has been Bitcoin, closely followed by Ethereum. However Bitcoin is more suited to a store of value, much like how Gold is used, the main reason being transactions fee’s can be quite high and even more than the transaction itself, so is not ideally suited as a transactional currency.
Currently the Gas Fee’s for Ethereum are so high again this makes it currently not a good transitional currency, however Ethereum has many other benefits which we’ll go into in another article.
Popular coins which are used as Transaction coins and ideally suited to replace Fiat currency as Litecoin, Doge Coin, Dash and Tron. So in this article we’ll go into the benefits which these Cryptocurrencies have over a country national currency otherwise known as Fiat currencies.
1 – Cryptocurrency Is Decentralized
Cryptocurrencies are not controlled by Governments, Banks, Corporations, the 1% or any conspiracy orgnisation such as the illuminati.
They have no single controlling entity, the blockchain keeps it all transparent. Technically Cryptocurrency is inflation proof, as the supply cannot me manipulated, there will only ever be a set amount of coins (21 million in Bitcoins case). So unlike Fiat Currency for which governments print more money causing the currency to devalue and inflation to rise.
2 – Extremely Easy To Use
If you want to open a Bank Account for your Fiat currency, it generally starts with filling in an application form either in paper form or via an online website. Next you either print or take the paper form into the bank and wait for an appointment. If done online, it’s sent and you also wait for an appointment.
Now at your appointment you have to produce Identification and maybe Wage Slips. After all of that the bank may turn around and say no, a Bank is under no obligation to offer you banking services.
Phew a lot of work to be told no, right?
So if you want to get started in Cryptocurrency, you download a Wallet App such as Jaxx or Zelcore, register your e-mail, a user name and a password. That’s it you’re done, literally in a few minutes with minimal information.
3 – Fast Transactions
Have you heard the phrase Banking Days? Yes, even in the digital world we live in most banks who deal in Fiat currency do not operate 24/7, either by days of the week they open or hours they process in. Then there are Bank Holidays too.
We’ll with Cryptocurrency it’s 24/7 and depending on the coin you’re sending, transaction can be done in mere minutes even if its 11:59PM on a Sunday.
Depending on who are where you are transacting, some will even work after only 1 confirmation too, now that’s trust in the system behind the transaction.
4 – Highly Portable And Durable
Electronic currency like Bitcoin and other Cryptocurrency, can’t be burned, get wet with water or destroyed by the elements. They also don’t take up physical space, well maybe they do if you store them on a device such as a USB Stick or Plastic Wallet.
No matter how you decide to store your Bitcoins and Cryptocurrency, they are always within easy reach any time you like.
5 – No More Exorbitant Bank Fees
Have to heard the phrase “Be the banker”, it’s because the bank always wins, it’s aim is to transfer your wealth onto it’s Balance Sheet. Anyone who has a Bank Account is probably well aware of Bank Fee’s, the bane of any banking customer. Go overdrawn, pay a fee plus interest. Deposit a cheque or too often, that’s another fee. Get paid in another currency, oh there’s an exchange rate plus a fee and often not a good exchange rate. Go on holiday, want to spend your money, yup you’ve guessed it another fee. I think you get the idea.
So, is Bitcoin and Cryptocurrency fee free? No, but there is only one fee, and that fee which pays the miners to ensure your transaction is recorded. Depending on the Cyptocurrency, the fee could be less that $0.001