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ADVANTAGES OF CRYPTOCURRENCY
What is cryptocurrency?
Cryptocurrency is digital money that doesn't require a financial institution to verify transactions and can be used for purchases or as an investment. Transactions are then verified and recorded on a blockchain, an unchangeable ledger that tracks and records assets and trades.
WHAT ARE THE ADVANTAGES OF CRYPTOCURRENCY ?
1. Easy Transactions
Crypto transactions are simple, low cost, and more private than most other online payment transactions. Using a simple smartphone app, hardware wallet, or an exchange wallet, anyone can send and receive numerous types of cryptocurrencies.
2. Incredible Security
Because they’re based on cryptography and blockchain security, decentralized cryptocurrencies tend to be a more secure form of payment. This is one of the greatest benefits of cryptocurrency overall.
3. Exponential Industry Growth
The cryptocurrency industry is one of the fastest-growing markets that most of us have seen in our lifetimes. Yes lifetime. It’s growing faster than the time the internet was first established.
4. Great Returns
It’s no secret that Bitcoin has been the best-performing asset of the last 15 years. When it began in 2009, Bitcoin basically had no value. In the following years it would rise to a fraction of a penny and then eventually to tens of thousands of dollars which translates to hundreds of thousands of rands. This represents millions of percentage points worth of gains.
5. Inflation Hedge
Another important point to mention is that mineable cryptocurrencies that use the “proof of work” protocol have a limited supply cap. These cryptos such as Bitcoin, Litecoin, and Monero, to name a few, are thought to be good hedges against inflation. Because monetary inflation can occur when central banks and governments print more money, increasing the supply, things that are more scarce tend to appreciate.