How Bitcoin and Other Cryptocurrencies Can Be Used Beneficially
-Despite the CBN’s ban on cryptocurrencies, there has been high demand and use of that virtual currencies
-Digital currencies can be used in areas where regular money is restricted
-Learn the major benefits of Bitcoin and other cryptos and how they can affect our lives
Cryptocurrencies like Bitcoin have been in existence for more than 10 years but they are just gaining popularity in some areas.
Today, while most people know about cryptos, not everyone knows how they can be used beneficially. Learn our beneficial cryptos can be in this article.
What is Cryptocurrency?
In simple terms, crypto is digital money that can be transferred and stored in Ewallets and monitored on the blockchain. Although data on the blockchain can’t be edited, it can be seen by everyone.
Benefits of Cryptocurrency
Reduced risk of fraud
Losing money to fraudsters is one of people’s greatest fears when transferring money over the internet.
In crypto transfer, the risk of fraud can be reduced as the blockchain records all transactions and allows you to monitor transfer. Basically, the safety of your money is in your hands.
Alternative to fiat currencies
Fiat currencies are usually at risk of inflation when left lying in the bank. Naira for example has witnessed high inflation over the years.
Cryptos can protect you from inflation. You can convert your money to a cryptocurrency like Bitcoin which can even win you profit.
Better financial control
Cryptocurrencies allow people to control how they transfer their money. With crypto, you don’t have to worry about regulations imposed on banks or by banks.
You can send and receive funds at any time and you alone have access to your account.