Why Buy Bitcoin or Cryptocurrency?
Like most things tech, the realm of cryptocurrency may be a touch complex to master and remains unaccustomed to many. But the advantage of buying this currency is unquestionably worth your investment in both time and money.
Experts have also predicted that it’s going to be the following big thing in finance. As a digital asset that serves users online, Cryptocurrency has many appealing benefits.
Some of this can be because of the Blockchain Technology previously mentioned. It’s a strictly monitored process with encrypted transaction and control thus, making this online money a thing for the longer term.
So during this article, we’ll cover the highest 4 benefits of Cryptocurrency, along with some trusted business and buying and selling guides.
The most well-known good thing about this investment is its ‘No Third-Party Involvement. There’s always a pattern when using traditional money to shop for yourself a replacement property, putting in place your own business, or buying a replacement car. One way or another, the method requires a third-party involvement. We are talking lawyers, owners, and a few other external factors like delays, documentations, and additional fees. This normally will consume unnecessary time, money, and energy to the purpose of leaving behind.
A good example of this scenario would be you purchasing a replacement house. You would have to pay the Financial Advisor or Mortgage Broker who normally, checks over finances to make sure you’ve got a stable income. Some property requires you to get a booking fee to ‘lock’ your house of choice and lots of other add-ons. In short, there’s plenty of third-involvement and it charges you even before you own the property.
But that’s not the case with Cryptocurrency. As mentioned previously, the blockchain system is comparable to a self-rights database. It means, the contract is capable of being design and enforces to get rid of any involvement of the third party mentioned before. Moreover, the contract will be customized to finish a specific transaction at a collection date at a fraction of any expenses.
Yes, you’ll be able to eliminate any third-party involvement options you don’t even need.
In short, you’re on top of things of your own money using Cryptocurrency. This can be what we call the ‘Decentralized’ system, which implies there’s no ‘Central or Federal Government’ regulating it for you. Your transaction is practically proof against any influence from your government and its distinct manipulation.
So, it’s possible to be able to pay and receive money anywhere within the world at any given time. That transaction is completed with minimum processing fees, thus preventing users from having to pay extra charges from banks or any financial institutions.
The next advantage would be the danger it holds is below traditional currencies. In this era, most people rarely have they make the most their possession now. Instead, they need an array of credit cards, debit cards, and other payment cards available as their nations’ method of payment.
Nothing’s wrong thereupon, except however if the store’s connection to the server is disconnected or their machine is out of service, and you who don’t possess any cash just ended up holding the road.
The thing about these cards is, any purchase you’re making, you’re giving the end-receiver access to your full-credit line. regardless of how small the number of the transaction is, the fact that you just are giving someone your card to realize access to your account is already a style of ‘breach’.
Most of this ‘breach’ is taken into account secure nowadays using differing safety measures like ‘PIN enabled’ or ‘Pay wave’ methods. Then, the shop initiates payment by ‘pulling’ the designated amount from your account using the knowledge provided within your card.
Cryptocurrency doesn’t work that way. Rather than a ‘pulling’ mechanism, it ‘pushes’ the quantity that needed to be pay or receive to other cryptocurrency holders with no further information needed.
Payments are possible without your personal information being tied to you the transaction. Your account may be insured and encrypted to make sure the security of your money. By allowing users to be up to the mark of their transactions helps keep Bitcoin, Ether, or other distinguished Cryptocurrency safes for the network.
Another advantage of using Cryptocurrency would be its protection from fraud. We often heard cases where one’s payment card is getting used by other users but not the owner.
When contacting his card’s service issuer, it’s found that the cardboard has made certain transactions without his consent. this is often what we call a fraud case. Most of the time these fraud cases go away with the crime because it’s tasking to trace the fraud back to the perpetrator.
What’s more, it’s even difficult to induce the eye of the law enforcer to launch an investigation with only one instance of crime the perpetrator commits. However, Cryptocurrency isn’t viable to fraud activity. Because your personal information is kept hidden under unnecessary prying eyes, this protects you against fraud.
Remember, Cryptocurrency could be a kind of digital money, created from code. Individual cryptocurrencies areas mentioned, digital, and can’t be counterfeited by senders. Because the transactions can not be reversed, they are doing not carry with them any personal information. This ensures security and therefore the merchants are shielded from any potential losses which may occur from fraud cases.
It is very hard to cheat or making false poses on anyone using these Cryptocurrencies thanks to its decentralized system and also the existing blockchain system. It can not be manipulated by anyone or organization due to it being cryptographically secure.
Lastly would be its Universality. Throughout fiats history, nations worldwide have their differing methods of payments implemented. We’ve got a money-goods exchange system and even bartering trade. It’s not until traders visited other countries that they discovered the way to trade items to at least one another.
Thanks to various innovations and developments, we now have multiple methods to trade and exchange amounts of money worldwide. But even with all the upgrades, we are still experiencing problems doing transactions across the world. There are always currency issues, bank authorizations, unacceptable payment methods, and a few other varying issues experienced by business owners or travelers out there.
Fact is, not all country has similar financial institutions. Your card or currency might not be accepted by other countries which may be a major setback to your account. For example, most online banking, payment or cash system requires additional processing fees for his or her service whether or not that account is yours.
However, Cryptocurrencies don’t seem to be bound by any of these exchange rates, transaction charges, interest rates, or the other fees applied to any country.
They can be used at any time, at any international standard, without experiencing any problems. Which means cryptocurrency operates at a worldwide level which in turn, make the transaction easier than your average telegraphic transfer.
To recap, there are 4 major advantages concerning Cryptocurrencies. it’s ‘No Third-Party Involvement’, ‘Lower Risk compared to Traditional Currencies’, ‘Protection from Fraud’ and ‘Universality’.
Despite the amazing advantages that include Cryptocurrencies, there are some setbacks to the present investment. we’ll uncover it within another article.
Safest and best places to buy & sell Bitcoin
There are plenty of places to buy and sell Bitcoin and working out which ones are legitimate and safe is not easy. The following are places that I have used who I trust and will continue to use;
Coinbase
They don’t necessarily have the best prices, but their site is easy to use and it’s very easy to buy and sell. They even have an App for you phone. If you buy $100 worth of Crypto you will get an extra $10 free.
LocalBitcoin
Maybe not the easiest to use, but certainly you are likely to get the best prices here.
You can view lots of different sellers and pick the one which has the best offer for you, maybe it’s price or payment method. Personally, I’ve always used Bank Transfer.
When you buy, you’ll be give a bank account to transfer funds to, once they receive the funds, the bitcoins will be release into your LocalBitcoin account, from there you can withdraw to your wallet.
If your selling Bitcoin, you’ll first need to deposit your Bitcoin into LocalBitcoin account, then you can open a trade to sell your Bitcoin. You give them your bank account details to deposit to and when your paid, you release the Bitcoins to your buyer.
This way your Bitcoins are held in Escrow, so they are safe and protects against being ripped off.
Bitmex and Binance (Exchange and Trading Platforms)
There are both full blown professional trading platforms, you can buy and exchange, and even trade on margin.
Bitcoin selling tips and marketplaces to avoid
Before you consider selling Bitcoin or Cryptocurrencies always have a check of prices and news, it can sometime be better to hold off for a while longer to get a better price if prices are trending upwards.
Never accept Paypal as a method of payment, far too many people use this method to scam people out of their Bitcoins.
Also, avoid eBay, again far too many scammers and dodgy buyers. With eBay the odds are stacked against you, so do your self a favour and swerve them.
I have had success in Buying Crypto’s off eBay, mainly I bought mining contract where they mine to a Pool of my choice.
It’s recommended to ask for a photo of the buyer holding their photo ID, then if a payment is recalled, you at least have some case against the transaction.
Bitcoin buying tips and marketplaces to avoid
Personally, I’d stick to LocalBitcoin and Coinbase never had any trouble with these and don’t expect to ever.
However, if you choose to go somewhere else, always do some research such as TrustPilot. Also check what their fee’s are and if their exchange rates are good.