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Cryptocurrency: How Will You Benefit from It?

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The illustration of various cryptocurrencies in front of national flag of South Africa

One of the most prevalent uses for blockchain technology is cryptocurrency. It is the digital record of money that creates a unit of exchange that is earned or spent or saved between the users of the cryptocurrency community, much like traditional money, but digitally. The community has a consensus mechanism through which they reach agreement on what is acceptable or not on the platform. Blockchain technology is the backbone of the cryptocurrencies.

Cryptocurrency is a digital currency that upgrades old school fiat currencies like Dollar, Rands and Pounds. By placing digital currency on the blockchain, it has the following advantages over fiat currencies.

What are the benefits of cryptocurrency?

  • Instant Payment Globally
    As how many online payment systems work, cryptocurrency users can pay for their coins anywhere, as long as they have internet access. The difference is, your identity and personal information are not necessary.
  • Fraud Reduction
    It is impossible to reverse a cryptocurrency transaction due to the blockchain architecture.
  • Lower Fees
    Since cryptocurrency transactions have no intermediary institutions or government agencies involved, the costs of every transaction are low.
  • You Are Your Own Bank
    Cryptocurrency users have full control in how they want to spend their own currency independently, without dealing with intermediary institutions, for instance, a bank or a government agency.
  • Strong Security
    The technology is based on a decentralised network which makes it has strong cryptography methods.
  • Irreversible
    Once you confirm a transaction, there would be no way to reverse it. Not even government agencies.
  • Adaptable
    The technology can be used for all types of fintech solutions.

The first and most common example of cryptocurrency is Bitcoin. Other examples include Ethereum, Litecoin, and Bitcoin Cash.

The concept of cryptocurrency is becoming more popular than blockchain technology and this is because it deals with the financial activities and transactions which people tend to use more frequently. Blockchain technology however is used in more than just cryptocurrencies world and financial services. Almost all sectors and industries like agriculture, engineering, international trade, and healthcare all embed the blockchain technology into their operations to make their process more efficient and effective.

Various cryptocurrency coins to swap in New Zealand

Easy Crypto is a digital currency exchange service that provides a service to our customers to convert fiat money like Rands and US Dollars to cryptocurrencies like Bitcoin or else which use blockchain tech. With a minimum transaction size of $100, we make it very easy to open an account and buy your first cryptocurrency.

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