In the
initial years following the release of Bitcoin, virtual currencies were relegated
to the world of online gamers and shady Internet purchases. However, virtual
currencies are slowly gaining massive popularity across the globe as they truly
offer numerous benefits when compared to
traditional forms of currency.
Crypotcurrencies
offer many b benefits such as greater security, no middleman expenditures,
cross-border transactions, and secure investments. The two most popular
platforms, Bitcoin and Ethereum, are now valued at over a billion US dollars
each, and the value of crypotcurrency is only expected to rise. Ethereum's
emergence as a serious competitor to Bitcoin is also heating up the race to see
which blockchain becomes a truly indispensible system.
Virtual Currencies Are Secure
Bitcoin
and Ethereum are far more secure than credit cards, debit cards and other forms
of online transactions. The biggest advantage of crypotcurrencies lie in their
structural decentralization.
This
decentralization ensure that two parties in a transaction are not reliant on an
external third-party to process the transaction for them. One failure does not
affect the whole blockchain and the only real way an entire crypotcurrency can
fail is if all the computers it runs on simultaneously stop functioning, which
is a near mathematical impossibility. As a result, virtual currencies are far
less susceptible to online fraud. Ethereum is far more secure than Bitcoin as
it was able to develop on the principles laid out by the pioneer and rectify
structural flaws. Also as a benefit over hard cash, crypotcurrencies cannot be
physically stolen.
Borderless, Inclusive Currencies
Across-
border transactions using traditional forms of currency are expensive as they
are subject to currency fluctuation and burdensome transaction commissions.
Cryptocurrency transactions do not levy additional costs to a transaction based
on location nor will it give cuts to any middleman. As a result, the cost of
doing business is reduced.
Crypotcurrencies
are widely used to conduct cross-border transactions without needing to incur
additional charges on goods and service purchased abroad. Currencies such as YoCoin allow for speedy
transactions without worrying about privacy hacks. The blockchain is already
changing financial services as we know it, and largescale adoption of crypotcurrencies
simply seem inevitable.
Opportunities to Purchase Virtual Currency
The value
of Bitcoin has been soaring for a while now, and while its value may have
peaked, currencies developed on Ethereum are still relatively cheap. Virtual
currencies are viable secure investments that are now traded around like
commodities. Individuals are advised to follow the market for these currencies
as you can stand to make some incredible profits on your investment.
In the
current climate, as Bitcoin may have peaked, it would be more advisable to
invest in Ethereum currencies such as the Ether and YoCoin as their values are only
expected to rise barring some signficant problem. As the overall value of
Ethereum currencies have passed one billion US dollars, the blockchain has
positioned itself as Bitcoin 2.0 and hopefully, it can be better while forcing
Bitcoin to improve simultaneously.
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