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Cryptocurrency offers a variety of benefits over normal money. These include;
Cryptocurrencies however do provide a way to ensure that no one can cheat, fake or try and create a fake coin because the entire network must accept the validity of the coins being used in the transaction - the entire network must agree that everything is good and well and the transaction is allowed to go forth. Every single cryptocurrency mining computer or node carries a copy of the cryptocurrency database, and everyone of them checks and validates every single transaction and confirms it. Every transaction is protected through the use of cryptography - where a secret key is used to validate the coin and transaction hence why it is referred to as a cryptocurrency.
Anti-counterfeiting - A cryptocurrency can not be counterfeited because every coin in the system is accounted for. Because often the cost of counterfeiting is passed back to tax payers to recoup any losses due to counterfeiting, this alone plays a major role in economics.
Accessibility - There are many countries with rural areas where the residents have little or no access to conventional banking. In the world of cryptocurrencies, anyone with a wallet on their mobile device, laptop or desktop can have access to money without the need of a conventional bank. Even if you do not own a mobile device or computer - your cryptocurrency "bank" can be accessed from any internet cafe or library with a computer (Although this is not recommended as key loggers may be installed on public computers and your passwords can be accessed).
Probably - but that's not how things work, when you go into a store and buy a bag of groceries and hand over $100, the cashier has no way of checking the validity of that note other than looking at it, using a light or feeling it. And the reverse is also true, when they hand you your change - how do you check to see if the change you received is real?
Global recognition - The cost of doing business across countries includes the process of converting from 1 currency into another - often at a cost that eats into profit. Cryptocurrencies can be sent from 1 country to another with very low cost and no exchange rates applied.
Ownership - cryptocurrencies can not be taken away from you by anyone unless you give it up. Cryptocurrencies prevent this from happening as no one can take control of your money without your permission or without holding a gun to your head.
Anonymity - Transactions with cryptocurrencies can be done without divulging much, if any personal information about yourself. Speed - The average cryptocurrency transaction can take anywhere between 2 and 20 minutes to complete from sending to spending the received amount. Cryptocurrencies however do provide a way to ensure that no one can cheat, fake or try and create a fake coin because the entire network must accept the validity of the coins being used in the transaction - the entire network must agree that everything is good and well and the transaction is allowed to go forth. Every single cryptocurrency mining computer or node carries a copy of the cryptocurrency database, and everyone of them checks and validates every single transaction and confirms it. Every transaction is protected through the use of cryptography - where a secret key is used to validate the coin and transaction hence why it is referred to as a cryptocurrency.
Cheaper fees - cryptocurrency transactions cost a fraction of regular banking transactions.
Fraud prevention - Many online merchants and sellers have been subjected to buyer fraud where the buyer charges back to their credit card once they have received an item they purchased online. Because you can not charge back, cryptocurrencies prevent this.
What if the process of selling or buying anything with paper money had to include a step that scrutinized the money, checked the material used, triple and double checked the registration number of the note and checked that number against a massive database to see if a duplicate of that note exists anywhere? And if there is a duplicate or the note is proven to be a forgery, the transaction is halted and can not proceed? What if the note contained a very secret identity number with a built in secret password that must correlate when checked against the database of money and if the database's entry does not match the note you are holding, the transaction is rejected?
Anonymity - Transactions with cryptocurrencies can be done without divulging much, if any personal information about yourself. Recurring payments can be set up using cryptocurrency, but this is still a push, not a pull.
Speed - The average cryptocurrency transaction can take anywhere between 2 and 20 minutes to complete from sending to spending the received amount. Conventional banking can often take days to complete. An international wire can take up to 7 working days to be complete.
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