The Benefits of Cryptocurrency | Video #3

In this video we’ll go through why
people use cryptocurrencies and if it’s digital money what is it used for? The
benefits of cryptocurrency include, fraud free and safer because cryptocurrencies
are an encrypted string of data as one unit of currency, they can’t be
counterfeited or reversed as a credit card charge back can, identity theft can’t
occur with cryptocurrencies because of the way it works, while a credit card
does allow for it, immediate settlement, much lower fees if
any, because the miners, the people who record transactions are compensated by
the network, they aren’t usually transaction fees for cryptocurrency
exchanges. Access for those who don’t have access to the traditional exchanges,
an example are Kenyans, currently one in three people from Kenya
own a Bitcoin wallet, cryptocurrency is not governed by the government or a
company but instead is open to everyone. No international issues because
cryptocurrency is all digital and there are no exchange rates, interest rates,
transnational fees, and country charges it operates universally so all
transactions are simplified and cheaper. No company has the power over your money,
for example some banks make use of PayPal, between the bank and PayPal they control
your money and fees and if PayPal decides that your account has been
misused they can freeze it, forcing you to do what they say to get it unfrozen,
this is not the case with cryptocurrencies, you can transfer your
digital money into real money, inflation is not likely, cryptocurrency is easily
transported no matter the amount. There are also cons to cryptocurrency and
these cons include, not all companies currently accept cryptocurrency as a
method of payment because it’s still relatively new, people don’t understand
cryptocurrency nor do they trust that it’s safe. If digital money gets lost it
can’t be recovered, whoever is in possession of the codes is the owner of
the money. Cryptocurrency transactions can’t be traced,
although of course this is not always a bad thing,
cryptocurrency is a commodity, and as such,
subject to the changing market prices. Now we’ve covered the pros and the cons
of cryptocurrency. What do people use it for use it for? We use it as a gift for clients, it
is both meaningful to them and is easy to give and can be given to clients that
are located anywhere in the world. You can make private transactions which you don’t need to explain, you can give non-cash remittances to anyone in the
world, for example, send friends, family, clients, or remote workers money that
pays for the utility bills or mobile data top-ups. Without needing to be an
experienced venture capitalist, cryptocurrency allows more investors to
buy into early startups that show potential Travel the world and pay for
everything with cryptocurrency. You can use directories to find merchants who
accept cryptocurrencies, these are just some of the benefits of cryptocurrency
but we haven’t even covered the tip of the iceberg, although cryptocurrency is
by no means mainstream and we still need banks for many transactions, the more
people turn to crypto currency, the more demand there will be created for sellers to
accept it as a payment method and the more choice you’ll have with regards to
spending your digital money. In the next video we’ll cover everything you need to
know about the legalities and security of cryptocurrency

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