Why People Love Cryptocurrency

Everyone is talking about cryptocurrency nowadays, from the milkman to the news reporter. It’s undoubtable, the crypto phenomenon has shocked the world, and as time goes by it’s ever more clear that it’s here to stay. However, a lot of people still don’t fully grasp what crypto is really about and how it is different from fiat. Today we’ll be looking at how cryptocurrency can make life better and more convenient, so let’s get to it.

You’re in control

One of the most important pros of using cryptocurrency is the freedom that comes with it. Cryptocurrencies are not controlled by an all-mighty central bank that can print as much currency as it wants, devaluing our savings, for the benefit of a few. Instead, the decentralized nature of blockchain makes cryptocurrency not the government's money but the people’s money. At least, this was the original idea of the crypto enthusiasts who were at the origin of the cryptocurrency. Now, the future of many crypto projects can be decided by the consent of the active participants and stakers. And by working completely peer-to-peer the blockchain cuts the need for a centralized institution like a bank that processes your transaction.

Transact without borders

Red tape regulation and all sorts of laws make sending money all around the world complicated. On top of that banks also oftentimes incur difficulties when processing international payments. But with cryptocurrency, the middle man is cut off, so even from one end of the world to the other making a transaction is quick and easy.

Low fee transactions

Wire transfers or PayPal payments come with some expensive fees. The bank has to process the transaction, and that comes with a cost. On top of that, you’ll incur even higher fees if you’re doing international payments, which are a lot more expensive and impractical. Some payment providers also offer quicker transactions, but these come with even higher fees than standard.

On the other side, cryptocurrency usually offers cheaper transaction fees. Normally Bitcoin has an average transaction fee of just more than $1, and some competitors can offer even lower fees. However, sometimes the transaction fees are higher than we’re used to. For example, the increase in ETH fees happened when a huge amount of NFTs were created on the Ethereum base. But it doesn’t change the fact that most of the time crypto commission is quite low.

Very fast

Traditional payment methods are a long and tedious process. Wire transfers can take days to reach a destination, especially in the case of international payments. And even more modern options such as PayPal take their sweet time, often resulting in frustration on our part. On the other hand, cryptocurrencies offer varying degrees of speed, going from almost immediate to a couple of hours, blowing traditional payment methods completely out of the water.

Efficient to use

One of the first things that should come to mind with cryptocurrencies is the efficiency they provide. Anywhere you are, at any time, you can pull out your mobile wallet and send a transaction, make an exchange, and so on. You don’t have to worry about bank or market opening times as the blockchain, unlike the middle man, is always open for business. The efficiency provided by crypto can create a truly interconnected world. Everything crypto has to offer is at the tip of our fingers, all you need is a device and a working Internet connection.

A new exciting world

Investing and using crypto in everyday life, makes you part of a movement that is setting out to change how the world works, and there’s nothing more exciting than that. Even if crypto is growing in popularity, only a small percentage of the population took the time to research its inner workings and its real usefulness. Many people assume that there’s no other way to put it, if you’re a crypto user, you’re in front of the curve, part of an evolving counterculture that will rock the world in the years to come.The idea of being in this “private crypto club” is very tempting, it seems that buying NFTs became so popular for this very reason.

Growth opportunity

The dollar just hit an inflation rate of 8.5%. The relentless printing of money is devaluing all our savings, which can buy us less and less every year. At the same time, the cryptocurrency market has gone up exponentially. Of course, everyone knows that crypto goes up and down, often drastically, however over the long term it has appreciated hugely. The cryptocurrency’s potential is slowly being realized, and it shows itself not only as a convenient payment method but also as a try to make it an income source. However, it is important to remember that such lust for profit can be risky. So make sure to do your own research before entering the crypto market, the awareness may save your funds.

Crypto sure has a lot of advantages to love about it. The market goes up and down, but interest is growing by the day, and it’s only the beginning. We will see what the future brings us and keep you updated, so stay with SimpleSwap Blog!

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.