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What are the
Main Benefits Of Cryptocurrency Payments?
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Although the interest rates of
cryptocurrencies have fallen sharply recently, many people consider them to be
long-term, reliable investments that can bring substantial profits. However,
people have forgotten the benefits of cryptocurrency payments.
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Bitcoin's ability to pay is significantly
affected by the adoption of the SegWit protocol, which solves the scalability
problem. In addition, Bitcoin users can now take advantage of the features of
the Lightning Network, which also significantly increases the speed of Bitcoin
payments.
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In the Ethereum network, the critical point
must be the adoption of a proof of ownership agreement based on proof of
ownership. This event will completely change the role of miners in the Ethereum
ecosystem.
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Let's take a look at the three advantages of
cryptocurrency payments that have the potential to completely change our
traditional financial relationships.
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Cryptocurrencies
are not subject to inflation
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When dealing with cryptocurrencies, many users
are just looking for easy money and do not consider the further prospects of
using the money. However, blockchain technology has huge potential.
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Smart contracts can become a new stage in the
evolution of economic decentralization that began at the end of the 20th
century. Cryptocurrency can become a new type of currency that is not affected
by inflation, borders or any restrictions.
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The future of cryptocurrency is in the hands
of its supporters, not investors seeking short-term gains. For those who have
not yet understood: a new era of true economic freedom has begun.
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Compared with traditional currencies and
popular assets, digital currencies have many important advantages. Why? But
because it is different from legal paper money, cryptocurrency can solve many
problems related to the centralization of funds/tools. There is almost no inflation
in the cryptocurrency world.
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However, it exists to some extent because it
is necessary for miners to mine blocks. The transition to the Proof of Stake
(PoS) protocol will further reduce inflation and increase the cost of
cryptocurrency (planning to introduce a hybrid version of POW/POS on the
Ethereum network by the end of 2018).
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As far as the banking system is concerned, the
inflation rate is usually not reported to anyone, and the central bank can
print any amount of currency without the consent of the people. This is one of
the main reasons why cryptocurrencies are gaining more and more followers.
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No
boundaries and transparency of actions
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Cryptocurrencies are easy to transfer from one
wallet to another, and they have no boundaries. For example, in Thailand, you
may work for a US company. In this case, if you rely on a formal bank, it will
be difficult to obtain funds from another country. However, there is no such
problem now: cryptocurrency has no borders and can be transferred from point A
to point B in a few seconds.
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Another positive aspect is transparency. This
system cannot be deceived, or it can be used to do things without others
knowing. This is why the vulnerabilities of Bitcoin and Ethereum that hackers
used to exploit were quickly blocked by the joint efforts of developers and the
community.
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Another important factor is the ability to use
cryptocurrency for operations at any time, including nights, holidays and
weekends, when the bank is not working at all. The principle of operation of
cryptocurrency is that the work of the system is decentralized.
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In other words, it does not rely on any
control center or crowd, but is supervised by users. In other words, you don’t
need to choose a traditional bank’s working days/hours for payment.
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Nearly zero
commissions
If you need to send money to a recipient in
another country, then you will understand that cryptocurrency is the best
option. Traditional cross-border remittances are not only expensive, but also
require a lot of paperwork.
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Compared with SWIFT or SEPA, cryptocurrency
transactions are almost instantaneous. Compared with VISA transactions, some
digital coins are still slow, but developers are now actively working on
solving this problem.
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Compared with other types of financial
transactions, one of the main advantages of cryptocurrency is that there are
almost no or very small payment fees. Virtual currencies are not controlled by
specific organizations or countries, so their working rules are not subject to
their interference.
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The exchange's cryptocurrency service charges
commissions at its discretion, and users may or may not accept their terms.
However, the scale of commissions is usually very low. If there are objections
to the terms of certain services, there is always a chance to find a better
deal.
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Additional
features and benefits of cryptocurrencies
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The current characteristic of popular
cryptocurrencies is that their prices have almost always been on an upward
trend. The positive dynamics of exchange rates make them an excellent tool for
profitable long-term investments—especially for those with experience in the
foreign exchange and securities markets, and those who know how to monitor
stock market conditions.
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Another advantage of cryptocurrencies is their
high degree of divisibility, which makes it possible to operate even with
one-thousandth of a coin while successfully completing transactions.
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The last important advantage of
cryptocurrencies is their high level of security, which is ensured by modern
encryption technology. Therefore, without complex encryption keys, outsiders
cannot access other people's wallets at all. This ensures reliable and
effective protection of existing savings while minimizing the risk of theft.
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Therefore, at the current stage of
development, the popular cryptocurrency does have a huge advantage. Therefore,
if they completely replace outdated payment systems and become the main means
of settlement in the global economy in the next 10 years, you should not be
surprised.
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Recognition does not happen overnight, it
takes a long time. However, newcomers have been pouring into the cryptocurrency
market. This is good. Hacking is and will continue to happen, but the
blockchain network is constantly improving to deal with potential attacks. Coin
thefts have occurred even in Bitcoin, Bitcoin loophole, but the network itself
can and will deal with these issues.
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Conclusion
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In order to protect your business and
corporate funds and personal information, you have an account verification
process in the Bitcoin and Bitcoin loopholes at btcloopholepro.com/in. You must provide accurate personal
information when registering, and provide their payment details when
depositing. BTC and Bitcoin loophole also provide users with many other
benefits.