In this article of QuantVan academy, we want to talk about why using crypto and the reasons we must know.
Over the last couple of years, digital currency has been promptly grabbing the attention of the public eye.
also following the attempts to make a paperless world.
the global economy is putting its faith in a digital eco-system. With all the buzz about cryptocurrency, here are reasons why we use crypto and reasons you must know about the world that is moving forward to this digital payment sector.
Instant Settlement Transactions
Blockchain makes cryptocurrency valuable. Transactions that used to take days can be performed within minutes; you become your own bank with only a smart device and internet connection and make payments with any type of money with no international fees and no limitations.
Cryptocurrencies are completely location-agnostic. Borderless and cost-effecting transactions are possible across the world. It is only through cryptocurrencies that you are able to sell a product or service to a truly global audience. The benefits derived from this are plenty for merchants.
Identity Theft and Fraud proof
Since the currency decentralized, neither government nor bank has any control over it. The encrypted system does not allow who does not have any access to that information from viewing it. limiting the amount of transaction data to cryptocurrency wallet addresses and transaction IDs confirms that a wallet-to-wallet transaction took place. All identities of the users encrypted to ensure the validity if record keeping. Blockchain payments are secure push transactions. That means you need to digitally send the payment.
there is a belief in cryptocurrency that we should abolish fiat money completely in favor of digital currency.
obviously there is a clear call for safety measures to be set in order to make this type of money exchange safer and more secure
No Chargebacks in Crypto Transactions
Chargebacks protect consumers from shady merchants and identity theft. when you use cryptocurrencies, all transactions are final, because transactions added to the blockchain via mining. Once a transaction has occurred, there is no turning back. Funds move from one wallet to another, the transaction recorded and it cannot be reversed. Cryptocurrency transactions are permanent; there is no central authority with the power to alter transactions.
This system verifies funds and makes it next to impossible to spend more than you own. When you pay with cryptocurrencies, both parties have to approve each transaction. As a result, there are no disputes to worry about and chargebacks will no longer happen.