Our normal Banking system has a lot of drawbacks one that has caused the economy of the world to continue to fluctuate and most times destroy so many investments.
There various types of Cryptocurrencies all over the world the most famous of all is Bitcoin, others are Ethereum, Litecoin, Zcash, Ripple and much more are being created and mined every minute.
Cryptocurrencies have to be a major boost in the finance industry with little or very few people ready to tap and fully understand the benefits.
What is CryptoCurrency?
A cryptocurrency is a digital currency that is completely decentralized from any form of government or bank control. Meaning it is a global tender that is used for transactions without the government or bank’s influence and approval.
In layman’s terms, Cryptocurrencies can be simply called internet money. Each cryptocurrency’s decentralized control works through distributed ledger technology, called a blockchain. A blockchain simply serves as a public financial transaction database
History of CryptoCurrency.
In 1983, the American cryptographer David Chaum invented an anonymous cryptographic electronic money called ecash.
Later, in 1995, he performed it through Digicash, an early form of cryptographic electronic payments which needed user software to withdraw notes from a bank and allocate specific encrypted keys before it can be sent to a recipient.
This authorised the digital currency to be stored in the issuing bank, the government, or any third party. In 1998, Wei Dai wrote a description of “b-money”, characterized as an unknown, distributed electronic cash system.
Shortly thereafter, Nick Szabo described bit gold. Like bitcoin and other cryptocurrencies that would follow, bit gold was defined as an electronic currency system (not to be confused with the later gold-based exchange, BitGold)
Required users to complete a proof of work function with solutions being put together and published cryptographically. Hal Finney, who followed the work of Dai and Szabo, later developed a currency structure based on a reusable proof of work.
In 2009, anonymous developer Satoshi Nakamoto created the first decentralized cryptocurrency, bitcoin. It utilized SHA-256 as its proof-of-work scheme, a cryptographic hash function.
Namecoin was conceived in April 2011 as an effort to form a decentralized DNS which would make censorship on the Internet very challenging. Soon after, in October 2011, Litecoin was published.
Cryptocurrency Stats You Should Know.
Have you ever wondered about the current state and future of cryptocurrencies? These statistics should guide you.
1. A post about Cryptocurrency surfaces every 3 seconds on social media.
2. The price of Bitcoin skyrocketed by 2,000% in 2017.
3. The market cap for cryptocurrencies was over $209.2 billion in 2018.
4. There are over 65 million bitcoin wallet addresses in total.
5. There are 2k + cryptocurrencies in the world.
6. Bitcoin accounts for over $7 billion in transactions daily.
7. There are over 5k+ Bitcoin ATM’s available worldwide.
8. Turkey is the only country with the highest approval of cryptocurrency.
9. Ecuador became the first country to launch its cryptocurrency in 2015.
10. The U.S Dollar is the most traded national currency for Bitcoin.
Benefits Of Cryptocurrency.
Cryptocurrencies were created to abstract all the dangerous and volatile features of fiat currencies that are held and controlled by the federal reserve and government reserve of any country all over the world. Just to expand your knowledge, here are some amazing benefits you enjoy when you intend to start trading cryptocurrency.
There’s paperwork, brokerage fees, commissions, and any number of other special conditions which may apply when dealing with a traditional transaction using our banking systems.
But not in cryptocurrency, Cryptocurrency is free to use and does not require a middle man. All transactions costs are free and do not attract any commission.
2. Easier International Trade.
By their very nature, cryptocurrencies are not subject to exchange rates, interest rates, transaction fees or other charges imposed by a particular country.
And using blockchain technology’s peer-to-peer mechanism, cross-border transfers and transactions can be done without complications over currency exchange fluctuations, and the like.
3. Strong Security.
Once a transfer of crypto-currency is authorized, it can not be reversed as in the case of “charge-back” transactions fees allowed by credit card companies.
Dangers Of cryptocurrencies
There are ups and down’s to every business, cryptocurrencies are not left out, there are very few dangers associated with the cryptocurrency business.
1. Cryptocurrency can easily be used for money laundering.
There are no official bodies and organizations associated with monitoring cryptocurrency transactions, so therefore money can be easily laundered using this platform without anyone knowing. In time past, millions of dollars have been laundered via Crypto Currencies.
2. Cryptocurrencies are volatile.
Cryptocurrencies are still struggling to enter the limelight as most governments have not fully accepted them into their legal systems as a result of this cryptocurrencies are highly unstable, it can fall and rise at any time.
Another risk you face when using cryptocurrency is a lack of acceptance. Some businesses are scared of cryptocurrencies because of the value increases it has undergone. This makes them reluctant to accept it as a form of payment.
If you try to pay strictly with cryptocurrency for purchases you could end up with some businesses out of luck.
3. Cryptocurrencies are easy to Loose.
Cryptocurrencies are stored in ledgers called Wallets. Wallets are online services that allow you to store, accept and send any form of Cryptocurrency of your choice.
As sweet and interesting as this solution might be, you can easily lose your cryptocurrencies if you forget the login details to your Wallet. So choose one Crypto, wallet broker.
4. Cryptocurrency transactions cannot be reversed.
Cryptocurrencies are powered by blockchain technology which is the safest and most secure for now. Transactions carried out cannot be undone so be careful when sending out cryptocurrencies, make sure you verify the hash very well because once it is done.
It is registered on the blockchain server and it only requires you to locate the person you mistakenly made the transaction with and convince him/her to send the crypto back to you and in most cases, you might not find such a person again.
How Does A Cryptocurrency Appreciate In Value?
Cryptocurrencies are digital assets and have no central control, like traditional currencies that are regulated by banks and the government of a particular country.
Take, for example, the value of the US dollars is determined solely by the government and the federal reserve of the United States of America, putting the decision of how the currency should run in the control of some individual somewhere in the government.
This individual controls the value and circulation of the money-making it easy to be manipulated. Potential investors all over the world continue to doubt the legitimacy of cryptocurrency just because it has no physical appearance and thereby cannot be controlled by any third party including the government.
When I heard about cryptocurrency for the first time, I was lost and I always wondered how such technology could be converted into money and one of the questions that kept popping up was how such an unseen asset could appreciate.
There has been a lot of talk about how to price Bitcoin and other cryptocurrencies. We set out here to explore what the cryptocurrency’s price might look like in the event it achieves further widespread adoption.
In this section, I am going to explain further how the prices of cryptocurrencies are determined.
1. Node Count.
Node count is an immeasurable indicator of the value of a cryptocurrency. Node count is a measurement of how many active wallets on the network exist which can be searched on the internet or the homepage of a currency.
To analyze whether or not a currency has a fair price, one can search for the node count and the entire market capitalization of the cryptocurrency then connect those two indicators with other cryptocurrencies. The higher the node count, the more valuable it becomes.
2. Rising demand.
Supply and Demand is a significant factor that determines the value of anything that can be purchased, including all digital currencies in the market. For example, if more people are trying to buy bitcoins, while others are willing to trade them, the price will go up and vice versa. And since the supply of several cryptocurrencies is short, the increased popularity has been driving up prices.
Thanks to this rise in popularity and adoption of Cryptocurrencies by many companies, and individuals more and more governments and countries are trying to find out how they can implement them as well. All of these reasons have been key drivers for the price hike in cryptocurrencies all over the world.
3. Mass Adoption.
If a currency gains mass adoption, its value can explode through the roof. This is because the total number of most cryptocurrencies is short, and an increase in demand leads to a direct increase in price.
4. Inflation of fiat currencies.
If the price of a fiat currency decreases, then the price of Bitcoin would go up concerning that currency. This is because you will be able to get more of that currency with your Bitcoins. This is why it remains paramount to buy cryptocurrencies because your fiat money is meant to depreciate every time it stays in the bank.
How to make money from cryptocurrencies.
There are 5 Cryptocurrency business opportunities that you can use to make money with bitcoin in Nigeria Africa, or anywhere around the world and they are
1. Trade-In Cryptocurrencies.
There are millions of people who want to trade their cryptocurrency for physical cash. This is the most common way to make money with cryptocurrency, it involves trading your preferred cryptocurrency for physical cash or other cryptocurrency or vice versa, it just like the modern Foreign exchange business.
Another form of Cryptocurrency trading is the act of speculating on cryptocurrency price movements via a CFD trading account. There are two methods involved when it comes to crypto trading, as defined earlier.
1. Buying cryptocurrencies via an exchange.
You might decide to buy a cryptocurrency, which means that you take ownership of a portion of the digital currency outright, to hold it in a digital wallet and profiting if it increases in value.
Before you can start, you would need to open a cryptocurrency wallet and an account with a cryptocurrency exchange. This is a long term option when it comes to crypto trading.
For example, the very few people who bought Bitcoin back in the early days and held it in their wallets have seen their wealth increase over time than the money they initially bought the coin.
Buying Bitcoin now, for new investors will not be a good idea because it is already at its all-time highest and will continue to go up.
The best strategy for people seeking to invest in the long term via cryptocurrency is to look out for an altcoin. That has a huge potential of becoming the next bitcoin in the next five years.
There are many altcoins out there, new ones are joining the market every day. You should take out time to read the white paper of each coin that you intend to invest in.
To begin investing in cryptocurrencies for a long time you need a crypto exchange platform.
Crypto exchange is a platform that people signup on to buy and sell any cryptocurrency of their choice to each other. The cryptocurrency exchange may collect a commission on every transaction that happens or may even charge a monthly subscription fee to use their platform.
Here are a few crypto exchange platforms to get started with.
Binance is a Hong Kong-based cryptocurrency exchange launched by developer Changpeng Zhao (aka CZ) in July 2017.
Binance is a crypto trading platform that offers one of the most competitive rates around. Whether you’re a beginner or a seasoned trader looking to trade crypto, this is probably the easiest and cheapest way to go.
The platform accepts users from around the world and has received favourable reviews from the crypto community.
Zhao’s company Beijie Technology created the exchange after a successful ICO that raised $15 million. Binance has continued to maintain its place as a major player in cryptocurrency circulation globally.
There are over 100 million people who now use Binance and more are still adopting because of the education platform provided by Binance. Binance comes with dozens of features that make it stand out amongst all other major crypto exchanges grouped into two such as the Binance Trading and Binance exchanger services. Putting this all together, Binance has brought many other services into its platform such as.
1. Peer-To-Peer Trading.
2. Credit/Debit card.
3. SEPA/Wire transfers
4. Spot Trading.
5. Margin Trading.
8. Crypto loans and many others.
The company is registered in Malta which is the heaven of crypts and offers a fast blazing exchange. It has grown tremendously since its ICO to date and is now positioned in the world’s top 10 cryptocurrency exchanges. It now has over 190 altcoins listed on it.
TRY IT NOW- BINANCE.COM
Coinbase is a U.S. crypto-based exchange that serves the global public. They are suitable for beginners and offer great speed and reliability. You can buy cryptocurrencies quickly and trade at the same time using CoinBase.
They have an app for both iOS and Android which gives you the comfort of cryptocurrencies being traded from anywhere.
The security standard of CoinBase is high and they have been around for many years.
TRY IT NOW- COINBASE.COM
3. Change Now.
ChangeNow has an established track record of bringing consistently successful products out in the crypto-space.
It currently supports over 200 cryptocurrencies, along with fiat pairs like USD / EUR. Crypto exchanges are one of the best and easiest to use out there.
When you use ChangeNow to swap cryptocurrency, the matching engine connects to some of the biggest and busiest cryptocurrency exchanges on the market in real-time to get you the biggest price.
TRY IT NOW- CHANGENOW.IO
Kraken is a crypto exchange that is meant for serious individuals and businesses.
Apart from an Individual account, it also offers an institutional account that is idle for crypto businesses. Kraken supports multiple digital assets, and multiple traditional currencies allow you to fund your account. Kraken also provides a high-volume crypto exchange Bitcoin OTC desk. I have used Kraken and one feedback that I got about this platform is the fact that it is not well diversified enough.
TRY IT NOW – KRAKEN.COM
BuyCoins is a service provided by Bitkoin Africa which allows users to trade cryptocurrency instantly with no wait time.
Users can buy/sell cryptocurrency directly from the BuyCoins app without the hassle of searching out traders to buy or sell to.
BuyCoins is headquartered in Lagos, Nigeria.
Just in case you are seeking to start your crypto business without the hassle of submitting documents then you can get started with Buy coins.Africa.
TRY IT NOW – BUYCOINS.AFRICA
Luno is a bitcoin exchange and payment service running in 40 countries across the world. With a devoted mission to teach the world about cryptocurrencies and how to trade them.
If all you seek is an exchange to purchase cryptocurrency pairs across dozens of various cryptos, Luno is not the best option.
Luno is only limited to exchange offers to trade in bitcoin, ethereum, bitcoin cash and Litecoin, the four largest coins by market capitalization, across fiat currencies, all over the world.
The Luno wallet and payment app make it easier than ever to send, receive and spend your crypto and fiat.
Education is granted through the Luno Learning Portal and blog for the beginner who does not know about cryptocurrencies
Luno makes using crypto in the real world easy. You can change your crypto into your local currency at any time and spend it.
TRY IT NOW – LUNO.COM
2. Trading cryptocurrencies using CFDs.
The cryptocurrency market can be daunting for beginners and seasoned traders alike due to the vast amount of jargon and processes involved. We’ve broken it down into six simple steps to help you better understand the cryptocurrency market and how to trade it.
Another way to get started as a crypto trader is to predict its value to go up or down. This works more like Forex Trading, the only difference lies in the fact that you are trading and predicting digital assets.
This is the quickest means of making money as a crypto trader, though it is way risky and it comes with consequences, arming yourself with the right information will help you get started.
To get started, you need a (CFD), Contract for difference. A contract for differences (CFD) is an arrangement made in financial derivatives trading where the differences in the settlement between the open and closing trade prices are cash-settled.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 53.00%-89.00% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
You can speculate on crypto is with a regulated broker that offers various trading products like forex.
Picking a CFD broker can be difficult, but you should first ensure that the broker is regulated to ensure that they must comply with high security and ethical standards to ensure that deposited money is safe. They must comply with laws designed to protect traders.
Bringing it all to a wrap, when it comes to trading cryptocurrencies via a CFD you are risking the price of the market, rather than taking ownership of the cryptocurrency.
Cryptocurrencies are also famously unpredictable, which makes it important to know what is likely to move the market, this could be anything from ICOs and blockchain forks, to breaking news and government regulation.
2. Invest In Emerging Cryptocurrencies.
This involves buying any cryptocurrency of your choice with the sole aim of making a profit in the nearest future. Those that bought Bitcoin 10 years ago at $1,000 experienced huge profit as the price of Bitcoin skyrocketed 10 years later.
There are over 1,000 cryptocurrencies in existence and more are being created. These cryptocurrencies are called Altcoin (alternate coins). Bitcoin happened to be the first cryptocurrency and its existence gave rise to other cryptocurrencies such as Litecoin, Etherum, Bitcash and many more.
Bitcoin is so high in value because it has a large community than the other cryptocurrencies. To be honest with you when deciding to invest in cryptocurrencies you should seek out emerging coins to invest in.
Investing in Bitcoin would not be a wise option now because it is at its peak unless you are somebody like Elon Musk, Jeff Bezos who is transferring their companies wealth into cryptocurrencies, these people are likely to gain profit instantly because they are buying in a larger quantity than you are if you intend starting very small.
More cryptocurrencies are emerging every day and this is an awesome opportunity to invest and get back a huge amount of profit, though it takes time for a new coin to appreciate depending on the community behind it.
For example, emerging altcoins like Dogecoin, Tron and many more are just a list of cryptocurrencies that you can invest your money and be rest assured that in just about a year and a half you will get back your investment because of the huge community behind it.
3. Mine Cryptocurrencies.
Cryptocurrency Mining is a validation of transactions, miners are thereby rewarded with cryptocurrencies after these transactions. Cryptocurrencies are mined, but digitally. To mine any kind of cryptocurrency, there are certain tools needed to perform the talk.
Cryptocurrency mining can be very hectic and require heavy cash and equipment, If you have the financial capacity to invest in bitcoin mining tools, you could start a bitcoin mine and grow from zero to hero
The Bitcoin reward that miners receive is an inspiration that urges people to assist in the main purpose of mining, to legitimize and monitor Bitcoin transactions, ensuring their validity.
Because these duties are spread among many users all over the world, Bitcoin is a “decentralized” cryptocurrency or one that does not rely on any principal authority like a central bank or government to oversee its regulation.
Miners are getting paid for their work as auditors. They are doing the work of verifying the legitimacy of Bitcoin transactions.
This convention is meant to keep Bitcoin users reliable and was conceived by bitcoin’s founder, Satoshi Nakamoto. By validating transactions, miners are helping to stop the double-spending problem.
4. Create Your Own Cryptocurrency.
Are you a Cryptocurrency lover and want to create your custom currency? Do you have a problem that you intend to solve? then this is the way to go around it. The First thing to understand before pressing forward to create your own cryptocurrency is the difference, between coins and tokens.
Both are cryptocurrencies, just that a coin is designed to operate its own blockchain, see blockchain like a server while a token life is designed to work on an existing blockchain platform like Etherum and Neo.
A blockchain is, simply a record of transactions made on and secured by a network, just in case you are curious about what it actually means. So while coins have their own independent transaction ledgers, tokens rely on already designed technology to verify and secure transactions and ownership.
Coins are used to transfer wealth while a token is often released through a crowd sale known as an initial coin offering (ICO) in exchange for existing coins, which in turn fund all kinds of projects such as gaming and any kind of innovation.
The simplicity behind the creation of a token has made a lot of people to abuse the opportunity and forced Securities and Exchange Commission to crack down on ICOs and moving to treat tokens as securities that must be regulated.
Ethereum analytics has more than 71,000 token contracts in its archive, but not everything makes it to the exchange.
Coins exist on their own blockchains, this makes it very tough to create, in doing so you have to either create a blockchain from scratch or take an existent one and modify it for your new coin.
Alternatively, you can fork an existing blockchain by taking the open-source code found on Github, so many famous coins that you see today started this way and most of them includes, Bitcoin cash and many more.
Just after fully developing your own coin or token the next thing is to go public via a process called ICO (The initial coin offering).
ICOs are how blockchain-savvy companies raise capital for their crypto projects. But instead of the investors purchasing shares, they earn “tokens”.
This is the centre of your project! You need to think about how your dApp will help in the industry you’re targeting. Are you planning to remove a current middleman (like a bank or a broker)? Are you looking to solve real-world problems (such as poverty or lack of education)?
If your project has no real benefit, then why will anyone want to invest or use it? If you want to create value, you must add value.
You need to think about a real problem and how blockchain technology can solve it. The last and final thing that you need to understand when building your own cryptocurrency is the need for a white paper.
A whitepaper is what investors will use to assess your project. All whitepapers should be in PDF format – PDF white papers are available on different systems and browsers without bothering about format/structure and layout problems.
There are so many people interested in doing cryptocurrency business but you need a way to reach out to them, educate them and convert them into business customers. Note that you need a community to be able to drive the value of your newly created Cryptocurrency
Here are a few strategies that can help you out.
1. Use A Website.
This is one strategy I see most crypto traders use, all they need do is to create a website that describes what they do, then adds a link to your crypto address and starts doing business from there.
If you run a blog where you write about cryptocurrencies then you can start writing amazing contents coupled with affiliate marketing to help you make money.
Here is an article I wrote to help you get started with owning a website.
Just before diving deep into the basics and hardcore part of owning a website or running a blog, allow me to assume that you at least have a basic knowledge of how a full website or a blog should run, so therefore it’s time to stop talking and start doing.
I decided to drop a dedicated article on how you can own an awesome domain name and a cheap web host with BlueHost and I recommend that you study and do what is advised in the article below.
Afterwards, you may return to fully digest the part you need to get started and stay on top of your game.
Here is a link to the recommended article.
2. Search engine Optimization.
Search engine optimization is the process of increasing the position and number of website traffic by enhancing the visibility of a website or a web page via search engines such as Google, Bing and Yahoo
One thing about SEO is that it takes time, but when it comes into effect you will get views like crazy.
Here is an article to help you get started on Search Engine optimization.
3. Social Media.
Social media platforms like Facebook, Twitter, LinkedIn can serve as a source of traffic and draw a lot of attention to your blog post.
If you have a lot of Facebook friends or a Facebook business page or better still huge followership on Instagram and Twitter then you can go on to tell them about your new business.
Be sure to get a lot of attraction from them.
Here is an article I recommend you read to get started with setting up a business on Facebook and Instagram.
4. Use Email Marketing.
Email marketing is the act of sending out messages in the form of advertising using email, typically to a group of people.
If you have a huge email marketing list then that is another added advantage to you.
Just go ahead and spread the good news about your crypto business.
Are you new to email marketing or need to brush up on your knowledge here is an article I recommend that you read.
Just before going to consume the above-recommended content on email marketing I usually like to ease the stress of my reader to allow them to benefit as quickly as possible, and one way that I usually make this happen is by introducing the best way of doing things to them.
It is my custom and tradition to always conduct a full forensic investigation on any online program and give my users feedback, this is more reason why I am recommending GeResponse as your official email marketing software.
I have used GetResponse and I must tell you that it is indeed an amazing company that is constantly innovating and building great products.
I highly recommend that you read this article below to learn more about how you can also benefit from this amazing product and scale your email marketing campaigns to success.
5. Post On Medium.
Medium is another platform to share your article, the whole idea behind Medium is to replace the idea of owning a personal blog but you can still make use of it. All you need do is to copy and paste the article on your blog on Medium and that is it, Just in case you don’t want to start a blog, you can leverage the power of Medium.
There are so many Crypto-based articles on Medium, you can look up some of them and write.
I wrote an article on how you can maximize the use of Medium click below to read.
6. Word Of Mouth.
This is the slowest means but highly effective, lets say you meet someone or you find yourself in a large gathering then you can give them reasons why they should invest in your newly created cryptocurrency This is the best way of pitching things to someone, most especially if they are hearing about the business for the first time.
5. Accept It As A Payment Option On Your platform.
I have seen so many online platforms make use of this, and I must say that it is one legit way to make money with cryptocurrencies. All you need to do is to integrate it alongside your website.
6. Join Cryptocurrency Affiliate Programs.
This is another way to make money with cryptocurrencies, all you need do is to refer a friend and when they subscribe, you stand a chance of making money.
Here is an article I recommend you read, to help you get started with affiliate marketing.
7. Gambling With Cryptocurrencies.
This is not an advisable way to make money with cryptocurrencies, most especially if you don’t understand basic gambling concepts. Just like any form of gambling, you can make money and lose money.
8. Write About Cryptocurrencies.
Cryptocurrencies, in general, is a new niche with the scarcity of writers who understands its concepts, most times all you generally see is spam contents that try to amuse you to invest in cryptocurrencies without the appropriate knowledge.
If you have an interest in this topic, you can start a blog that is dedicated to this cause, or even guest post for other writers that will pay you for writing.
Here is an article to help you get started with your own blog for free.
Just in case you don’t have the strength and the technical know-how to start a blog, then you can start a medium publication.
Here is an article to help you get started.
How Cryptocurrency Will Change The World.
Cryptocurrency is becoming so popular throughout the entire world and its evolution cannot be stopped in any way. While so many stand against its revolution, it should also be known that the use of cryptocurrency can make the world a better place.
Cryptocurrency may seem like a technology of the future. It has, and will, transform the way we store money, pay for goods and services, and do business. Additionally, there are other ways that cryptocurrency will make the world a better place.
1. Reduce the risk of fraud.
Fraud is one of the biggest concerns when it comes to almost anything relating to money. World banks, government and politicians have continued to use the traditional cash to do a lot of evil.
The use and transfer of any Cryptocurrency are not affiliated with your bank account or cash funds and is conveyed electronically and securely with the blockchain recording all transactions, cryptocurrency will play a big part in decreasing fraud which will also offer peace of mind.
2. Increase crowdfunding.
In this article, I pointed out that the value of any cryptocurrency is directly proportional to the amount of community behind it. Cryptocurrency works just like crowdfunding.
Crowdfunding is a frequently popular way for entrepreneurs to raise money for their concepts and/or products. Investors can make tiny investments instead of a few investors making large investments. Therefore, this decreases risk. Without the risk, more investors want to get involved.
Cryptocurrency will make the planet a better place as it continues to positively impact crowdfunding. Initial coin offerings (ICOs) are centred on cryptocurrency which is used as the source of capital for a startup company’s venture.
3. Makes Money Transfer easy.
It can still take some wire transfers a week or longer to clear and be deposited especially if the transfer is international, and worst of all the bank charges are not easy to bear.
The transfer of cryptocurrency does not require all of the same checks and balances means that banks do before funds can be transferred. Whether a national or international transfer, cryptocurrency transfers are prompt, and they do not require any traditional fees, off course your crypto exchange platform takes very little on every exchange.
Transactions can be tracked and securely stored in the blockchain. Which makes it free from central control and scam.
4. Fosters The growth of e-commerce.
The current trend in buying and selling has moved online, hence the need for a more reliable mode of payment. In recent times, everyone makes most of their purchases online nowadays, especially during The Holidays.
It has also become a major concern that most online payment gateway fails during massive traffic causing most payment verification to be delayed. The use of cryptocurrency can help reduce the risk of fraud allowing vendors and sellers to become permanent creating proof of payment that cannot be manipulated.
Cryptocurrency transactions are permanent. In addition to the mitigation of risk. Using cryptocurrency creates more opportunities for worldwide business, it does not matter what location that you desire to make a payment from, with cryptocurrency all your transactions are seamlessly handled.
I wrote a comprehensive guide on how to get started with an e-Commerce business. Click the link below to get started.
5. Reduce Corruption and Keep individuals and organizations accountable.
One of the major challenges facing developed and developing nations of the world is the issue of corruption. Looting of public funds and forging illegitimate records are some of the problems that the use of cryptocurrency can help tackle.
Taking a company or individual’s word on their integrity based on what they write about themselves on paper is not a reliable way to determine the ethics of their actual practices. Cryptocurrency will make the world a better place by changing this process. Blockchain technology, which is behind cryptocurrency, cannot be changed like traditional currency.
The technology behind the creation of cryptocurrency can help ensure that all corrupt practices are brought to the minimum. Using crypto and blockchain technologies keeps companies and individuals accountable.
6. Better Than unstable currencies.
One downside of fiat money lies in the fact that it can be manipulated by the central bank of that country. Have you wondered why a nation devalues its currency? one of the major reason is the fact that such a nation has been borrowing funds from other nations of the world.
Cryptocurrency is accepted worldwide and not subject to exchange and interest rates. It would also provide more stability and certainty to those living in economically volatile countries.
Like any investment, make sure you do your research, invest wisely, and you could someday make a big hit from buying and selling cryptocurrencies.
The simple tip to making it big in Crypto Trading is to “Buy Low” and “Sell High”. Cryptocurrency is still very much in its infancy so it is very wise to buy now and hope for better updates ahead.