Cryptocurrency is a digital medium of exchange that uses blockchain technology. It allows the network to operate publicly for anyone to transact worldwide. Cryptocurrency only started more than a decade ago, but has already proven its capabilities.
Since Bitcoin was introduced in 2009, it has changed the game for online transactions. Now, people from all over the world can send and receive money through a peer-to-peer network. Bitcoin solved a number of problems that people had when transacting with a third party such as a bank.
Cryptocurrency has become a trusted payment method for online and offline transactions. Perhaps, one of the most popular is online casinos like Bitcasino which is specifically catered for Bitcoin players.
If you’re looking into using cryptocurrency for your transactions, here are some of the benefits that you should know about:
Before, transacting with a bank, agent, broker and such may take a significant amount of time for processing. The longer procedure leads to wasted time. In cryptocurrencies, transactions go through a peer-to-peer network — eliminating the middleman. Thus, transactions are more direct and online data transfer is faster.
Fiat currency is controlled by the government. Usually, records of accounts and balances are managed by a central server which results in double spending.
On the other hand, cryptocurrency operates through a decentralised network — meaning there is no central authority. If you want to make a transaction, it will go through the peer-to-peer network. Miners are tasked to compute cryptographic puzzles to find a solution and confirm the transaction. In return, the miner will receive payment directly from the network.
Low transaction fees
Since users are not required to pay the miner for accepting the transaction, it allows for lower transaction fees compared to traditional banks. Sometimes, extra charges don’t even apply at all. The miners are compensated by the network and most of the time, transactions are not taxed.