Cryptocurrencies have been around for some years now. With the emergence and growth of different cryptocurrencies such as Bitcoin, Bitcoin Cash, LiteCoin, etc., more and more people are choosing to invest in crypto and use crypto for daily transactions. There are many reasons why people are making the switch to pay with crypto. Here are the five most important reasons:
Ease of Use
When the switch from cash to the card was made, many people preferred carrying around a card and paying for goods and services rather than hauling a large amount of cash in their wallets. This was just easier and safer. With the emergence of the smartphone, people find it much more convenient paying through their phones.
In the same manner, you can now use your phone for easy transactions at the push of a button from across the globe using your Bitcoins too. This brings us to our next point.
Global Economic Growth
People use Bitcoin as a way to connect goods and services with customers and businesses all over the globe. With more people joining in every year, the ease with which people do business across borders is also growing. This method of using crypto for pay is faster, cheaper, and more secure. This allows for the common individual to trade globally as well, instead of it being left only to large companies with large amounts of money.
No Additional Hidden Charges
Any cryptocurrency you buy is fully encrypted without the middle man. No bank charges you to store your own money. You are supplied with a crypto card when you buy crypto. For example, when you want to pay with Bitcoin, you are supplied with a Bitcoin card. It is all yours to do as you please. Due to this, transactions are cheaper as you do not have to pay so many middlemen on the way when paying for any service across the globe. This makes global entry easier for smaller companies and individuals.
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The important point that everyone looks at is tax. Cryptocurrency is a recognized digital currency by many countries in the world. While a few may charge a separate tax to your digital currency, most countries will tax you after you exchange your amount to fiat currency. This allows you to choose how much money you need to exchange, thus controlling your taxable amount. Many platforms will tell you exactly how much fiat money you will make in exchange for your cryptocurrency. One of them is Ripple. It is always advisable to check the exchange rate first to avoid tax problems later.
Unlike a traditional banking institution where you would give away a lot of your personal information to an agency, cryptocurrencies take limited information from you. Whatever limited information you plugin is also encrypted in such a way that it is safe and secure. It keeps you safe from identity theft and also keeps your cryptocurrency secure.
Banks are also subject to theft and many banks have also gone out of business because they are unable to pay back loans. In the case of cryptocurrency platforms, for example like Ethereum among others, your digital currency is secure.
Many people are seeing the benefits of switching to digital currency and this interest has turned into a multi-billion dollar industry. Stores like Starbuck, etc. are now allowing customers to pay using Bitcoin. As mass appeal grows and the advantages are seen first hand, many companies in countries with inflation are turning to adopt this new way to fight it.
At an individual level, the security, ease of use, and tax benefit options are enough to turn the common man to the digital currency way of life.