Bitcoin UP

by Alex Chap Cryptocurrencies Consultant
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Despite the fully digital nature of cryptocurrencies, they can be used to buy ordinary material values and pay for services. But in addition to the obvious and direct purpose of digital money, there are several other uses for them.

Anonymous payments. There are cryptocurrencies on the market that provide maximum anonymity to the one who sends the payment. These include Monero, Zcash and PIVX. Thanks to them, it is possible to transfer large sums of money without any problems or obstacles from banks, authorities.

Inexpensive money transfers. Cryptocurrency transactions are made directly, without the involvement of third parties, which means there are no large fees (which are charged by conventional payment systems). This allows payments to be made for minimal cost, and most importantly, to be done almost instantly.

For example, the Ripple platform (cryptocurrency XRP) has developed unique technology that allows international transactions at high speed. And the Litecoin network made a transfer of nearly $100 million in 2018, the process took only 2.5 minutes and cost the sender $0.4 (in the case of fiat money, the process would have taken several days).

A way to keep savings. It is virtually impossible to freeze or block cryptocurrency accounts from the outside, so crypto can be a good option for storing savings today. This is especially true for countries where the economic situation is extremely unstable and trust in the banking systems is very low.

Investments in startups. The emergence and spread of cryptocurrencies has made it easier and faster for startups to raise funds for their projects. On the other hand, digital currencies have opened up the possibility for many people to invest in promising ideas: with the help of cryptocurrencies, everyone can do it. Usually, the process takes place through an ICO - a form of fundraising, where a project attracts investments and sells specially created digital tokens to those who want them.

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About Alex Chap Junior   Cryptocurrencies Consultant

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Joined APSense since, January 5th, 2021, From New York, United States.

Created on Jan 5th 2021 09:35. Viewed 110 times.


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