There are numerous reasons why cryptocurrencies have become so popular. They are anonymous, safe and mostly completely decentralized. This differentiates them from conventional currency, which are either regulated or controlled by an authority. There is a also a high level of security attached to cryptocurrencies, with complicated coding systems encrypting every transfer, ensuring the anonymity and safety of every user. This makes them practically impossible to counterfeit.
They have become genuinely rewarding (if somewhat risky) investments and it is thought that even without government agencies lending credence to them, cryptocurrencies can only thrive and multiply.
Advantages Of Cryptocurrency
Let’s take a look at some of the advantages of using cryptocurrencies.
Fraud: All cryptos are digital and thus cannot be counterfeited or reversed by the sender, as they can with credit card charge backs.
Identity Theft: When giving your credit card to a merchant, you temporarily give them access to your full credit line. Credit cards use a “pull” mechanism, whereby the store initiates the payment, before pulling the designated amount from your account. Cryptocurrency on the other hand utilizes a “push” mechanism, which allows the cryptocurrency holder to send precisely what they want to the recipient or merchant with no further information.
Access To Everyone: There are over 2 billion individuals who have access to the internet who do not currently have access to traditional exchange systems. These individuals are perfect candidates for the cryptocurrency market.
More recently, more privacy-concerned coins are starting to gain traction in favour of the market leader Bitcoin, which despite having strict security protocols in place, still has loopholes which could potentially be exploited to gain access to personal data.
One such up and coming coin is DeepOnion, which has a similar finite total supply as Bitcoin, yet operates using the Tor network, enabling users to send transactions with 100% anonymity. You can read more about this fantastic new project here: https://steemit.com/deeponion/@mikerowave/deeponion-taking-privacy-to-another-level
Another interesting talking point is the apparent acceptance of Bitcoin in the educational industry. Yes that’s right, the University of Ohio recently began hosting classes about Bitcoin and other cryptocurrencies as part of its curriculum. On top of this, several colleges have taken the step to begin accepting Bitcoin as a means of payment. You would think that a move like this, will only help to push Bitcoin and other cryptos towards mainstream acceptance in the near future.
