Cash and credit cards are fast losing its attraction sense as the world embraces a digital ecosystem. Dominated by paperless currencies like Bitcoin, Ethereum, Ripple, and other cryptocurrencies they are quickly gaining popularity. Investors are taking much interest in cryptocurrencies, as evident from the experience of Eric J Dalius, a seasoned marketing expert who has spent time and money in digital currencies.
However, the new currency that is one of its kinds has earned its share of controversy. Some people look upon it as a financial medium for terrorists, fraudsters. And criminals due to the use of cryptocurrency or trading in the Dark Web and its involvement in ransomware. But the upsurges in the value of Bitcoin has established it as a viable investment with the support of blockchain technology behind it that can have a positive impact on trading practices and wallets of mainstream investors across the world.
What is driving more and more people towards cryptocurrency will become clear on going through this article.
Straightforward transactions are attractive, says EJ Dalius
Since cryptocurrency trading happens in a paperless manner, it eliminates the complications faced in traditional business dealings involving agents, brokers, and legal representatives, which also entail additional expenses. The transactions of cryptocurrency happen directly between two individuals or entities on a peer-to-peer networking structure, so it does away with the need for middlemen. It results in more clarity in audit trails and greater accountability without any confusion about the payee and the recipient as the parties involved in the transaction know who they are dealing with.
More confidentiality in transactions
Each time you make a transaction using traditional cash/credit systems, it remains visible to the credit agency or bank involved because of the reference document attached to it. It could lead to a check on your account balances. And even more thorough examination of your financial history for complex transactions. Since cryptocurrency transactions involve a unique exchange between two parties. There is scope for negotiating terms on case to case basis. The information exchange happens by using a ‘push’ feature. It allows transmitting the exact amount you want to send to the recipient. It protects your financial history from unwanted exposure and protects your account from identity theft.
The cryptocurrency blockchain is like a large property rights database. That is usable for enforcing and executing two-party contracts on commodities like real estate or automobiles. One can use the blockchain cryptocurrency ecosystem for modes of transfer. You can design cryptocurrency contracts to include third-party approvals. Refer to external facts or earmark it for completion at a specified date and time in the future. Since you are the owner of the cryptocurrency and have the sole right. For its governance, it saves time and expenses involved in transferring assets.
Since there are no traditional agents and brokers involved in the transaction. That happens over the internet across digital platforms, anyone with some knowledge of cryptocurrency networks. Can access the services over the internet. Being the owner and executor of your currency allows you to enjoy complete ownership that is impossible. With traditional currencies control by central banks and governments.