THE CIRCULAR

Cryptocurrencies; Yes or no?!

Photo by Kanchanara on Unsplash

Cryptocurrencies come with some perks to those that utilize them for transactions, holding, staking, or even trading. The crypto space has continued to grow tremendously in recent times, as a result of the innovations that it offers.

Photo by Kanchanara on Unsplash

Below are some perks attached to this type of digital currency.

Transaction speed

Cryptocurrencies are known to have a fast transaction speed. Transferring funds via this type of virtual currency takes a short time to be completed. This is commonly seen during international transfers. sending fiat currency in a cross boarder transaction can be a Herculean task as it comes with obstacles and red tapes that make it slower.

Cryptocurrencies can be sent across the globe without having to deal with the aforementioned.

Transaction Costs

The cost of sending money via cryptocurrencies tends to be cheaper, especially when it is a cross boarder transaction. For example, a crypto enthusiast can send thousands of dollars using Tron coin TRX and pay a minute transaction fee, but this cant be said in fiat currencies.

Photo by Dylan Calluy on Unsplash

Decentralization

Cryptocurrencies are the epitome of decentralization which means that they are free from the interference of a centralized authority like the government , in most cases.

Typically, sending a token from one address to the other can be done without jumping through hoops or red tapes. People can do international transactions without worrying about the government getting involved in most cases.

Apart from the aforementioned, holders of a cryptocurrency can vote on what happens in the native eco system.

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