There are multiple cryptocurrencies: Libra, Litcoin and Ripple, but the most famous of them all is Bitcoin. The value of all these cryptocurrencies is pretty volatile and that is what the traders cash in on. Traders buy these cryptocurrencies through an exchange platform for fiat currencies.
Cryptocurrency versus fiat currency
Those who know about cryptocurrency can claim that it is much better than fiat currency. Cryptocurrencies have a huge set of benefits as compared to fiat currency. Cryptocurrency has been the center of attention ever since it became known in 2009.
Though in the beginning, people were not so sure about this digital currency, it has stood the test of time and now it has an edge over fiat currency.
- Secured transaction
The transaction of cryptocurrency is a more secure one compared to fiat currency. The transaction process of digital currency is based on the blockchain technology, a public ledger unassailable for the hackers. The system of blockchain is quite strong and complex, so the hacker needs to attack multiple times at once, which is not possible. So, blockchain technology makes cryptocurrency more secure despite being a digital form of currency.
- Independent currency
Cryptocurrency is an independent and decentralised currency. It is free from any third party controls like banks or government. No change in government policies have any kind of effect on this cryptocurrency. It is very beneficial for the traders, as it makes their investment secure, regardless of any change in business policies made by the government.
- Accepted everywhere
Due to the growing popularity of cryptocurrency, it is slowly being accepted everywhere. Many stores and websites have started accepting cryptocurrency as a mode of payment. Not just that, but many businesses have made their fund transactions through Bitcoin Pro Login for secure and complete outcome.
- Low transaction fees
The transaction fee for transferring of cryptocurrency is much less, irrespective of how much has to be transferred and where it has to be transferred. You can easily transfer millions of dollars at the cost of just a few hundred dollars. Isn’t it great? It has encouraged many traders to use cryptocurrency as it is more beneficial for them that way.
As far as fiat currency is concerned, it gets really expensive if you are considering transferring money to foreign lands. The bank charges 30% of the entire transaction and the process of transferring money is quite lengthy. It takes two to three working days to transfer money to the international border.
- Better option for investment
Last, but not least, cryptocurrency is a better investment option compared to fiat currency. The reason is pretty simple. The worth of money is going down every year, thanks to inflation. The situation is only a bit better for people saving money in the bank, with only a small interest rate, far below the rate of inflation.
So, the only way to earn a huge amount of profit and get better returns is through investment in stocks, proprieties and of course cryptocurrencies.