Cryptocurrency: The Next-Gen Banking With Blockchain Technology
Cryptocurrency is the hottest currency in the market that’s gaining huge investment from the cool guys. The rising popularity and familiarity have alleviated the need to give its primer. Hope, you agree with this.
Cryptocurrency enthusiasts anticipate that the currency, which is emerging as an alternative to traditional cash or credit card will go into the mainstream and replace the modern-day financial system due to the plenty of benefits it offers. According to Global Cryptocurrency Benchmarking Study, although the bitcoin market share is falling year after another, still it enjoys the virtue of the widely accepted cryptocurrency across the globe among the wallets, exchanges and payment companies.
It indicates all the digital currencies will affect the global finance and soon be a part of international trade. In every industry vertical, the people can be seen buying and selling the assets or commodities using the cryptocurrency. The facts confirming the time has come when leading players will begin trading using cryptocurrency in the local and international market, and stand to benefit as well.
Peter Smith, the Co-Founder and Chief Executive Officer of Blockchain stated that in 2018, we start to see central banks start to hold digital currencies as part of their balance sheet. The world’s largest future exchange, CBOE, has also launched the digital currency where the investors are allowed to bet on the bitcoin prices. The crazy step towards cryptocurrency also considered as a legitimization of the currency. It indicates the promising currency is gaining wide support and acceptance and its adoption increases the need of cryptocurrency development services, more pros rather than the cons. Take a look at the significant reasons, that’s gearing up the shift towards cryptocurrency: Bid a goodbye to the fraudsters If you are using credit cards, you must be familiar with the fact that your entire transaction history can be accessed by the banks or the credit card agency anytime. It’s because credit cards operate on the “Pull” basis, so when the payment is initiated, the store will pull the defined amount and record the transaction. It means your transaction data and financial information can be intervened or used by the third parties, which make the critical data susceptible to fraud. It emerges in cases of identity theft issues. The Immediate settlement is catching the eye When you are purchasing an asset or real estate that includes the third party involvement, then taking the approval of a third party is essential. But, very often, in the conventional system, the delays in getting the approval, and high payment fees, which is a part and parcel of the transactions annoy the customers. A piece of cake for international trading Cryptocurrency is a universal currency that’s not bound by any geographical borders, or suspect to any interest rates, exchange rates, transaction fees, or other levies imposed by the various national governments which makes it a perfect fit for the international trading. Cut down the transaction fees Most of the time, we overlook the high transaction fees charged by the banks or credit card companies for writing checks, making a few purchases or transferring funds. Every month, this fee eats up a good amount of your asset. But, this is not the case with cryptocurrency. Read More: - Next-Gen Banking with Blockchain Technology