Here are some of the advantages of using Cryptocurrencies:
Instantaneous transactions: Send Money to anyone anywhere in the world, almost instantly, with no middle hand or excessive fees.
Inclusion: Include everyone in the financial system, not only the people who have access to modern day banking.
Fraud: The possibility to build on top and around the block chain to fundamentally change the way we use and interact with money.
Identity Theft: When you give your credit card to a merchant, you give him or her access to your full credit line, even if the transaction is for a small amount. Credit cards operate on a “pull” basis, where the store initiates the payment and pulls the designated amount from your account. Cryptocurrency uses a “push” mechanism that allows the cryptocurrency holder to send exactly what he or she wants to the merchant or recipient with no further information.
Decentralisation: A global network of computers use blockchain technology to jointly manage the database that records Bitcoin transactions. That is, Bitcoin is managed by its network, and not any one central authority. Decentralisation means the network operates on a user-to-user (or peer-to-peer) basis. The forms of mass collaboration this makes possible are just beginning to be investigated.
Recognition at universal level: Since cryptocurrency is not bound by the exchange rates, interest rates, transactions charges or other charges of any country; therefore it can be used at an international level without experiencing any problems. This, in turn, saves lots of time as well as money on the part of any business which is otherwise spent in transferring money from one country to the other. Cryptocurrency operates at the universal level and hence makes transactions quite easy.
Ultimately, the appeal of cryptocurrencies is based in the fact that it allows users ultimate control over their finances. Paired with secure, nearly instantaneous global transactions.
Bitcoin, s a first generation currency it will be the initiator of many novel emerging systems that will fundamentally change our understanding regarding the concept of what is money, with the potential to perform a kind of ‘social good’ to developing nations poor populations unable to access traditional banking institutions.