- March 25, 2020
- Posted by: Lara Tlass
- Category: Blog
Over the last couple of years, the term cryptocurrency has been rapidly gaining people’s attention. Some started adapting and following this trend immediately. Others are still confused. If you are not well-versed in this new movement, don’t worry you are not alone. Hopefully, below article will answer your questions and help you get ahead of this crypto world.
What are the Benefits of Cryptocurrency?
One of the most unique aspects of Cryptocurrency is its security. The reason that they are so safe is thanks to the cryptography system that is utilized, which is similar to having a huge digital puzzle that is impossible to crack. You require “Private Keys” for your cryptocurrencies to access them and that’s the only way you can sell, send or even pay with them.
The other revolutionary benefit is Cryptocurrencies are extremely fast as transfers happen via blockchain. Unlike some traditional payment methods like bank transfers and checks that can take hours, days or even weeks to clear, the majority of crypto transactions are completed within a matter of minutes if not seconds. Thanks to this, cryptocurrency can be a superb choice when you need to send or receive money instantly. Take for example EOS which is a blockchain-based operating system that has several functions as well as the ability to carry 3,997 transactions per second surpassing the speed of Visa transactions of 1,700 and PayPal’s 193 transactions per second.
There are several other benefits for cryptocurrencies and this one is worth highlighting. “Global Currency”, with millions traveling around the globe, it is almost mission impossible to find the best exchange rate, let alone losing fees while exchanging from your local currency to a foreign currency or even exotic currencies which are thinly traded in exchange markets and let’s not forget that fees could range anywhere from 2% to 38%. However, with cryptocurrencies, that’s not the case. Cryptocurrency is a global currency that can be sent and spent around the globe. There are all kinds of different places around the world that will accept a digital currency. Crypto exchange rates start from as little as 0.02% of the trade amount and transaction fees are from low as $0.0009 for digital currencies to $0.32 for bitcoin payments.
To cover all 3 benefits mentioned above in 1 scenario; A person working in country (A) typically sends money to country (B) on monthly basis. He/she always uses online international bank transfer, he/she also gets charged $15 for the bank fees and exchange rate, his/her money would take at least 2 working days and he could be exposed to a potential hack or human error if not logged out from their account whilst transferring the money from the bank account. If the individual transferred cryptocurrency then he/she will pay a fee of less than $0.50, the family would receive it in a few seconds and will be fully secured from potential hackers taping into the Wi-Fi. With Security, transaction speed and low fees, any transaction in many crypto-based sectors can be made. Take iOWNX, a crowd-investing platform based on Ethereum blockchain technology accepts iOWN Token as a method of payment to invest in equity in a business that is seeking funds, this can now be done swiftly, securely and with very low fees.
How Can I Buy Cryptocurrency?
There are several different ways for you to buy from thousands of listed cryptos. The most popular method is to purchase digital currencies from an exchange. Cryptocurrency exchanges operate similarly to a stock exchange. It’s a place where you can buy and sell digital currencies. There are 100s of Crypto-exchange websites like Binance and P2PB2B; for your own security, always make sure that the exchange is regulated, has an engaging community, and has a good customer support system, and allows the country you are a resident in to trade on their platform. Not to worry, there will always be the right exchange for you regardless of where you reside.
Another option for buying cryptocurrencies is through ATM machines. Much like you would use a regular ATM to access cash, cryptocurrency ATMs have been installed every day around the world. Instead of being given actual coins or paper money, you’ll receive the private key that will provide you with access to the funds that you’ve purchased. There are currently over 800 of these ATMs around the globe located in over 76 countries.
There are a few other options that we do not recommend you buying crypto from. Social Media pages that offer good rates and over the counter businesses, as there have been reported as scams and over 80% of them are not regulated.
Where Should I Store my Cryptocurrency?
Many people make the mistake of leaving their digital coins on the exchange where they purchased them. Our suggestion for you would be to use a cryptocurrency wallet, by leaving them on the exchange web wallet, there is a chance that your coins or tokens could be hacked or the exchange itself could go out of business and the access to your funds could disappear forever.
When purchasing your crypto, you should then go ahead and transfer the funds to a wallet. You will be able to access your balance and have the option to send and receive crypto with your unique address. Crypt wallets come in Software, Hardware, and Apps. Software wallet operates on your desktop or via a website or Google chrome-extensions, while hardware wallets are specialized USB sticks and are typically offline and you will need to connect it online when you decide to send your cryptos. Lately, we have seen many Wallet Apps introduced on both Apple and Android devices. iOWNX wallet for example, stores both Ethereum and iOWN Token securely and it is available to download from the Apple Store and Google Play. Recently many phone manufacturers began installing a built-in crypto wallet such as Samsung with the Galaxy Note 10 AKA “KlaytnPhone” which uses the Klayton blockchain network to keep your crypto safe and secure.
Finally, with cryptocurrency, it’s only about mass acceptance than about the technology itself as technology is present, and it is no doubt that everyone will soon have to accept it become part of their everyday’s lives
To conclude, cryptocurrency is a wide topic, and it will keep on having people’s curiosity and interests in terms of its future and consequences on our today’s life.
If you are interested to learn more about cryptocurrency or if you have a particular question related to the article, please write us on Twitter or Telegram, or an email and we will be glad to answer all your questions: email@example.com