Over the last couple of years, cryptocurrencies were set to play a major role. A cryptocurrency is a digital or virtual currency that uses cryptography for security and to make counterfeiting difficult. It is not like traditional currency because cryptocurrency is not issued by any central authority.
There are many types of cryptocurrency available in the market, such as Litecoin (LTC), Ethereum (ETH), Bitcoin (BTC), Zcash (ZEC), Ripple (XRP), Monero (XMR) and so on. (See more at https://icohoo.com/)
Compared with traditional currency, cryptocurrencies increase transactional security because cryptocurrencies are digital and encrypted. It will be much harder to steal cryptocurrencies. With cryptocurrency, people do not need to provide their personal financial information to the merchant, so it gives a fraud protection to customers. On the other hand, transactions through a cryptocurrency can achieve instant transfer which helps people save more time than using a credit card or debit card. It needs lower transaction fees while with credit and debit, you may need at least 3 percent transaction fees plus multiple hidden fees.
If you do business globally, or travel frequently, you will find a problem that the transaction can be affected by currency exchange rates. But using cryptocurrencies, you won’t get such annoyances. Digital currency is universally recognized at a given value. This helps you to save time in determining a price for a transaction.
Now cryptocurrencies are becoming more commonplace. Many merchants are considering accepting cryptocurrency as a form of payment. I cannot say that cryptocurrencies will change the world in the future but at least it will definitely bring people a lot of advantages now.
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