Since the launch of Bitcoin in 2009, crypto has been on the path of becoming the primary form of currency. A decade down the line and with tons of tokens and coins out there, crypto continues to prove its worth. But how does it stack up against the good ol’ physical banknote?
We’ve listed some key points showing the strength of crypto compared to its fiat counterpart.
1. Better Financial and Privacy Control
Cryptocurrencies are decentralized, meaning no single government or country governs the currency. Thus, without intermediaries, consumers have more control over the management and privacy of their crypto tokens and coins.
Additionally, since investments placed on the tokens or coins determine their value, users can influence the strength of the cryptocurrency.
2. Crypto Offers Unhindered Accessibility
One downside to regular fiat currency is that it requires going through several hoops to transfer from one owner to another, especially when done internationally.
With crypto, this is not the case. Transactions happen almost immediately through the blockchain and require minimal details. Plus, you can make these actions through any device that has access to the internet – making it easier for anyone to do.
3. More than Just Money
Cryptocurrency has more functions than just buying and selling of goods and services that regular fiat currency does. As developers can program crypto tokens, they represent a value of an asset and provide holders with control over a project’s direction, among others.
NFTs or Non-Fungible Tokens exemplify this, as they stand as a unique asset apart from being a token. You can trade with it, or let it grow in value over time.
New to crypto? Here’s an article to get you started.
4. Get Lower Fees and Faster Transactions with Crypto
Unlike traditional currency that appreciates or depreciates when transferred to a different country, a crypto’s value stays the same after a transfer. Not only that, but you also incur fewer fees when doing so with nearly instantaneous transactions.
5. Transparent and Trackable Transactions
Due to federal and international laws, like anti-money laundering programs, financial institutions need ways to track the paper trail, so to speak. These regulations could cause delays when transferring funds. Not to mention the numerous details senders and receivers have to provide for the process to succeed.
Thankfully, most cryptos in the market are designed to be highly transparent, with easily identifiable signatures to help authorities monitor transactions. These security protocols hinder hackers to take the funds inappropriately and prevent illegal activity.
The Time to Invest in Crypto is Now
There you have it, five key points showing the leverage crypto has over the traditional currency we use today. As the crypto market continues to grow, the additional features and benefits make it a more viable option for financial transactions.