5 Reasons to Embrace Cryptocurrencies
Cryptocurrencies in the recent past have transitioned from what was referred to as emerging trends in online trade platform to more acceptable and respectable players.
But what are cryptocurrencies? They are described as digital assets that are designed to work as standard currencies, but they use stout cryptography to offer safe or secure transactions. One good and most famous example of these currencies is Bitcoin.
Bitcoin is defined as a digital currency that does not have a single administrator or a central bank.
Bitcoin can be sent from user to user through what is referred to as the bitcoin peer to peer network. One such peer to peer platforms is paxful. It is important to note that the peer to peer networks do not have intermediaries.
How to create Paxful account is one of the first steps of your journey to trading in bitcoin. There are several distinctive advantages of trading with the cryptocurrencies compared to other traditional trading methods.
1.Eliminates the possibility of identity theft
For many years the financial world and individuals alike have grappled with what is required as identity theft. When buying a commodity and pay using a credit card you expose your entire credit line online. This can leave you at the mercy of online financial fraudsters. Which can have a devastating result to your credit status.
When trading with cryptocurrencies such as bitcoin you trade the exact amount you want to and without exposing any further information to the individual or organization you are transacting with. What this means is that it eliminates the possibility of identity theft.
2.The sense of ownership
Bitcoin and other cryptocurrencies allow you to have the ultimate power and control over your e-wallet. Traditional banking methods of bank act as a third party and can limit you to what you can or cannot do with your money. Besides that, they have the power to shut down your account if you violate certain terms and conditions.
3.Accessibility
As mentioned earlier bitcoin is an online platform. Availability of the internet in almost all the parts of the world makes the world become a one market place. But this time it eliminates the use of hard cash completely. Using the same online platforms you can sell gift cards, order and pay for anything using the bitcoins. Another point worth noting is that you can also convert your cryptocurrencies to cash.
4.Offers you the all needed confidentiality
Cash or credit systems are usually controlled by what is termed as a central bank, and most financial laws demand the sharing of your credit status and list of transactions. This information can affect future transactions with other financial institutions, especially when you violate specific terms and conditions of a financial institution.
What happens with Bitcoin is that the transaction happens between two users, and this is usually very confidential. The transactions only occur under mutual agreement, and once it is done is not possible to share information with other users.
5.The perfect solution to keep fraudsters away
You might have fell victim to fraudsters, especially when electronic funds transfer is involved. This occurs when you pay for goods and expect them to be shipped to you, but it never happens. Cryptocurrencies have reliable security systems that make sure that fraudsters face a difficult time.
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