There are advantages of getting paid in crypto in today’s rush around the crypto market, we often forget about the benefits that cryptocurrency can bring as a long-term investment. On the Internet, you can find a lot of tips on investing in a particular coin, and they are not always of high quality. Let’s look at reasons why it is better to get pain in crypto.
Bitcoin can be significantly affected by the implementation of the first attempt to solve the scalability problem – Segregated Witness. On the Ethereum network, the division can also occur after adopting a protocol based on evidence of ownership. This event will fundamentally change the role of miners in the Ethereum ecosystem.
It is clear that many users are simply looking for easy money and do not think about the distant consequences of such events. But the blockchain technology has great potential. Smart contracts can be a new stage in the evolution of economic decentralization, which began in the late 20th century. Cryptocurrencies can become a new form of money that does not know inflation, borders or any restrictions.
The future of cryptocurrency is in the hands of their supporters, not investors seeking short-term gains. For those who have not yet noticed: a new era of real economic freedom begins. Digital currencies have a number of important advantages over traditional money and popular financial and physical assets. What is the reason? The fact is that cryptocurrencies solve numerous problems related to the centralized nature of paper currencies and other instruments.
In the cryptocurrency world, there is almost no inflation. However, to some extent, it is still present, since it is needed for financial incentives for miners who mine blocks. The transition to a protocol with proof of ownership will further reduce inflation and increase the value of cryptocurrencies (in the Ethereum network it is planned to introduce a hybrid version of POW / POS until the end of 2017). The most important thing is that the inflation rate is known and is not hidden by anyone. In the case of the banking system, the inflation rate is unknown, and central banks can print any amount of money without coordination with the public. This is one of the main reasons why cryptocurrencies are gaining more and more supporters.
No boundaries and transparency of actions
Cryptocurrencies transfer easily, and there are no boundaries for it. Being geographically in Thailand, you can work for an American company. In this case, getting money from another country can be very difficult. But now there is no such problem: cryptocurrencies do not recognize borders and can be transferred from point A to point B in a matter of seconds.
Another positive point is transparency. It is impossible to deceive this system or do something so that others do not know about it. That is why, although some attackers managed to use the loopholes in Bitcoin and Ethereum, such loopholes were quickly closed by the joint efforts of developers and the community, thanks to the fact that all network participants could see what was happening.
Another important factor is the ability to conduct operations with cryptocurrencies at any time, including at night, on holidays and weekends, when the vast majority of modern banks simply do not work. The principle of their functioning is that the work of the system is decentralized, in other words, it does not depend on any control center or a group of people, but is regulated by its users. In other words, to make a payment, there is no need to wait for morning or workdays, as it usually happens with traditional money.
Almost No fees
If you need to send money to a recipient located in another country, you will understand that cryptocurrency is the best option. Regular money transfer is not only expensive but also requires filling in a mass of related documents. Compared to SWIFT / SEPA, a crypto transaction takes place almost instantly. If to compare with VISA transactions, some digital coins are still slower, but developers are now actively working on solving this problem.
One of the advantages of cryptocurrency is the almost complete absence of fees for making payments, or their small size compared to other types of financial transactions. Such virtual money is not controlled by specific organizations or states, so the rules for their operation are regulated without their direct intervention. Cryptocurrency sales and exchange services charge fees at their own discretion, and the end user can only accept or not accept these conditions. The size of the commissions is at a low level, and in case of disagreement with its conditions, there is always an opportunity to search and find more lucrative offers.
Additional features of crypto in the modern world
The current feature of popular cryptocurrencies is their constant stable growth in price – the positive dynamics of the rate makes them an excellent direction for profitable long-term investments for those who have experience in Forex and other securities markets, and know how to follow stock market situations. Another advantage is the high divisibility of cryptocurrency, thanks to which it is possible to conduct operations with their hundredths and even thousandths, successfully completing transactions regardless of their size.
The last important advantage of using cryptocurrency is a high degree of security provided by the use of modern encryption technologies, thanks to which outsiders simply cannot access someone else’s wallet without knowing a complex cryptographic key. This ensures the reliable and effective protection of existing savings with minimal risk of their theft. Thus, at the present stage of development, popular cryptocurrencies really have a number of difficult disputed advantages, so you should not be surprised if in ten years, or even earlier, they can become one of the main means for conducting calculations in the global economy, gradually replacing all obsolete classic payment systems.
Recognition does not occur in one day. This will take a long time, but already there is a constant influx of people into the cryptocurrency market. And it pleases. Hacking systems occur and will inevitably occur in the future, but networks built on blockchain technology are constantly being upgraded to prevent possible attacks. Theft of coins occurred even in Bitcoin, but the network itself can and will cope with such problems.
About the Author
My name is Alexia Wolker, I am a blogger and work as an editor. I have a Master’s Degree in literature and love both reading and writing about books and literary topics. I also help students with their literary assignments – articles, essays and summmaries of books, my works you can see at freebooksummary website
The post Top 3 Reasons Why You Should Start Getting Paid In Crypto appeared first on ZyCrypto.