Cryptocurrencies have officially established themselves as a worldwide revolution, a digital currency that is secure, fast and oh-so-reliable. Based on the technology of Blockchain, there is nothing that the decentralized brilliance of cryptocurrencies cannot do.
A visionary alternative to traditional money exchanges such as cash or credit cards, digital currencies or cryptocurrencies have more endless possibilities to it.
The potential is large at hand with multiple possibilities yet to be explored.
Everyone views cryptocurrencies as a monetary means that is involved in all the wrong activities such as financial trading mediums for illegal transactions by criminals, scammers and fraudsters that is tough to be argued on owing to the underground doings being done on the Dark Web.
Although, Bitcoin's banging comeback highlighted the crypto users' interest in these exceptionally amazing cryptocurrencies who believed that there was more than what met the eye and there was definitely more in store, unprecedented developments that could be expected because of the power of crypto which was observed due to the million Online Bitcoin Exchanges that were being traded on the go.
Let's take a peep into pros of crypto as a smart FinTech innovation.
· Crypto Exchanges Integrity
As cryptocurrencies are decentralized, no third parties are involved in the entire transactional process without the permission of the crypto user. That is what makes cryptocurrencies so great, with crypto exchanges there are lesser possibilities of risk and cheating.
The integrity of the crypto exchange is maintained throughout and justified to be genuine always. With cryptocurrency exchanges, the user partaking in the trading journey is the rightful controller who can successfully tab the transaction along with the currency from a centralized network. This ensures more trust than what traditional banking does because of the numerous third parties lagging on its centralized network.
· Payment Tracking
The crypto user can constantly track payments; it is possible to keep a 24/7 tracking on a second to second basis as well as get a detailed insight on the most accurate time of delivery of the transaction and the sanctioned payment making it extremely secure and reliable. The plus point is that traditional banking systems need staff or more precisely mediators (senders and receivers) who are handled the task of tracking payments over system banking.
As for Blockchain, the technology promises more privacy, protection and security whenever online asset trading takes place. Blockchain is as crisp as it gets, the rules are laid down in an orderly fashion making the verification process hassle-free.
When you think of money, you think about the financial sector and everything that it stands for comes flashing in your face. The world is so fast-paced that technology inventions that are crypto-amazing should be advanced and nurtured with some great crypto hands. With so much identity theft happening with traditional banking, it is important to safeguard your transactions.
The current world has also become more progressive than its previous years. To ensure that no one steals your data and there's no misuse of cryptocurrencies, online shopping can come in handy.
Confidentiality and Privacy
Traditional banking systems demand you to shell in on a lot of personal details be it filling a small form or opening an account. In most cases, traditional banking asks for a lot of information indulgence, something that you are free to do or not.
Cryptocurrencies are so private that the interaction is deemed as confidential unless crypto demands you stare some details. The entire payment is completely between you and your recipient. As cryptocurrencies are so private and anonymous, it comes as no surprise that crypto is a hit.
For every basic transaction using cryptocurrencies, there is a minimum fee chargeable that is vital to accept any online sanctioned transaction on a virtual medium. Traditional banks were totally different however; every minute transactional process demanded a fee.
Now what happens with regular banking is that when a user opts for a cross border transaction the transferrable amount that is initiated is often too expensive and can leave the trader high and dry. These big bucks are totalled amassing the various costs incurred by service providers, banks and formal institutions involved in money trading. Although cross border transactions do charge a minimum priced fee when it comes to cryptocurrencies, banks always charge more.
As cryptocurrencies comprise of a peer-to-peer system, the total transactional costs are reduced owing to the almost-nil involvement of third parties.
To summarize it all, cryptocurrency prices may be unreliable with so many variations but Cryptocurrency Exchanges are cheap, easy to access and supremely for one and all. Only time will decide if the too good to be true digital currency is here to stay or not!