Cryptocurrency continues to gain momentum in the financial space. It was hugely criticized when it first appeared 12 years ago, many said it would soon disappear, others said it wouldn’t last for a decade. Today, cryptocurrency has become what everyone wants. It is rapidly changing the world, how payments are made and how the financial space operates. Electronic money, as crypto is alternatively called, has vast advantages and they continue to creep into more human endeavors. These digital currencies would bring a complete overhaul to how things are done in the financial space and some of these changes are yet to be seen.
The Cross-border Speed Payments Revolution
Cryptocurrencies can be sent and received in a matter of seconds. Unlike traditional money that faces the barrier of differences in currency and takes a lot of time to convert, cryptocurrencies can be easily received and converted. Blockchain-based systems eliminate the intermediaries that stall cross-border payments. Thanks to this feature, cryptocurrencies make more viable alternatives than fiat for cross-border payments. They are fast, secure, and can be sent and received in a matter of seconds.
The Remittance Cost Revolution
Another key reason everyone wants to transact with cryptocurrency is because of the little or zero transactional costs. Cryptocurrency, therefore, encourages more transactions because it liberates people from the burdens of transactional fees. With fiat currencies, the transaction costs are high for small amounts and even higher for larger amounts during cross-border remittance. The case is different for cryptocurrencies.
The e-commerce Revolution
Everything has moved online, especially the sales and purchase of goods and services. People need relatively safer and faster ways to pay and receive payments. For buyers, cryptocurrency can ensure that they do not get scammed. This is because they buy goods and services online without using their personal information. Credit card and bank account details will not be uploaded making you less prone to identity theft and other forms of fraud.
Businesses get to protect their reputation and receive payments easier and in real-time with cryptocurrency. As time goes on, cryptocurrency will eventually become the preferred option for facilitating online payments compared to traditional payments systems.
The Revolution of Financial Democracy
Cryptocurrencies are based on decentralized technology. This means no central authority has power over your holdings. Banks can’t freeze your cryptocurrency account or block you when the government feels threatened by your actions. Cryptocurrencies give power back to the people ensuring true financial democracy.
The Revolution of a Truly Cashless Society
Cryptocurrency will eradicate the need of travelling with cash, debit, or credit cards even when you’re going to another country. With time people would be able to book flights, pay for food, etc., with cryptocurrency straight from their phones. Cryptocurrency will provide more safe and secure options as opposed to carrying money around in the future.
Cryptocurrencies have started changing and will continue to change the financial space. While there are other non-financial applications of cryptocurrencies and the underlying technology, it is the most obvious use case. For more information about cryptocurrency and how to invest in them, check https://osom.finance/.