Crypto money is a newly emerging currency that has just started to become popular. However, many people still do not understand why they use crypto money.
Here are 10 good reasons to use crypto money:
When you pay a check from your own bank account to another bank, the bank usually keeps the money for a few days because you can not be sure if you are in a position to pay the money. Similarly, international transfers can take a long time. Crypto is much faster if it processes money.
If you are a “zero-approval” type, ie the person you trade with will accept a payment not yet approved by the crypto money blockchaini; your payment is instantaneous. If your payment is approved, it can take up to 10 minutes to process. This is faster than any transaction from one bank to another.
it is cheap
“But my credit cards are trading on the spot!” Could be. But you’re probably paying extra for this privilege. So you are paying a commission fee. The cost of crypto money transactions is quite low, even in some cases.
Central Governments Can not Take It From Your Hand
Do you know what happens in Cyprus in March 2013? The Central Bank has reacted quite a bit by the local people, seizing uninsured deposits of more than $ 100,000 to build up capital again. In fact, he actually wanted to make a cut from a deposit of less than $ 100,000. This is not the case if you use crypto money. Because this currency does not have a center and you are the owner. No central authority controls this unit, so no bank can receive it from you. This feature is very nice for people who do not trust the bank.
Once crypto money is sent, they can no longer be retrieved. The person who sent the crypto money can not retrieve the crypto money without the recipient’s consent. Fraudsters, like on a credit card, can not withdraw money by stopping the transaction by contacting the credit card company after receiving something. Such fraud does not take place in the use of crypto money.
People Can not Play Your Payment Information
This is an important event. Today, most of the payments on the internet are made by credit cards, but when the credit cards first appeared in the 1920s and 1930s, the internet had not been found yet. So credit cards are not designed to be used on the internet and are therefore not reliable. You are asked to enter all of your information (credit card number, expiration date, and CSV number) that is hidden in the form of a site on the Internet. A less reliable form of payment than this is a bit difficult to think. As a result, credit card numbers can still be played.
With crypto money transactions, you do not have to share any confidential information. Instead, you use two keys: one common and one private key. The public key (ie your crypto money address) can be seen by anyone but your private key is private. When you send a bitcoin, you sign the transaction using a common and private key and perform a mathematical function. To do this, you issue a certificate that the transaction came from you. As long as you do not do anything as naive as sharing your private key with others, you are quite safe.
Inflation There is no
The trouble with classical money we know is that governments can do as much as they want when they want it, and they do it quite often. If there is not enough Turkish Lira to pay the national debt, the Central Bank will make more money. If the economy is compromised, the government may infiltrate the country’s economy with a stage called quantitative facilitation, which takes the newly issued money. This causes the value of money to fall.
If you suddenly double the number of Turkish Lira in the country, then this means that there are now two in the place of a Turkish Lira. Someone who sells a chocolate to 1 lira, now has to increase the price of the chocolate product to get the old value. Because now the value of the Turkish Lira is reduced to half. The reason for the increase in the prices of services and products is inflation. Inflation is a difficult thing to control, and people can lose their buying power. Bitcoin is designed so that a certain number of coins can be created. Only 21 million coins can be created in the original version. So if the number reaches 21 million, the number of coins will not increase, so inflation will not be a problem. Conversely, even deflation (a decrease in the price of products and services) can occur.
It can be as confidential as you want
Sometimes we do not want people to know what we’re buying. Crypto money is a relatively secret currency. On the one hand – the blockchain is good – it’s a very clear process and everyone can see how much money you have on a given account. They know where those transactions come from and who they are sent to. On the other hand, unlike bank accounts, nobody knows who a particular account belongs to. It’s like a wallet you can see inside but you can not see your owner. Everyone can look inside but nobody knows who it belongs to. But we must still say that those who do not use the crypto-cash system very cleverly – those who use the same account in every transaction, transfer money in a single account in different accounts – make it easier to disclose their identities.
You are not forced to trust anyone
In the traditional banking system, you have to rely on people to look after your money. For example, you have to trust the bank. You can also have to trust the third party during an operation. Often you have to trust the merchant too. These organizations require important and sensitive information from you. But since crypto-money systems are not based on any center, you do not have to trust one. When you send a transaction to someone, it is legally signed and safe. An unknown miner acknowledges this transaction and your transaction takes place. You do not have to know who you are, if you do not intend to tell.
In any electronic money system, your money belongs to someone else. Take PayPal: If the company decides that your account is being used for bad purposes, it has the right to confiscate all the assets you keep in your account without consulting you. In order to get access to your account again, you need to overcome all kinds of obstacles. The crypto is owned by the public key, your private key and the public key that makes up your address. No one can receive them from you (unless you lose it yourself or offer it in a web-based wallet).
You can make your own money
If you go and make money while there are a lot of nice things you can get at home with colorful prints, the governments will not take good care of you. Crypto paradays are encouraged to make your own money. Of course you can buy crypto money from the open market, but at the same time you can dig your own crypto money if you have enough processing power. The only thing you need to do after digging out the money for the excavation equipment and the electricity bill is to leave the machine open and the software running. And who would not want his computer to make money when he was sleeping?