Cryptocurrencies have become a global phenomenon, and there is an increasing consensus that cryptocurrencies will play a vital role in the way we deal with money. It is quite fascinating that within a decade, the cryptocurrencies have found their place in the financial sector. Cryptocurrencies have exceptional transaction properties which set them apart from other fiat currencies. Let us take a brief look at them.
Instantaneous and borderless: Cryptocurrency transactions are jiffy and can be executed in real time. This is in contrary to the conventional bank transfers, which can take up to several days to complete. The geographical location of the sender and the recipient has zero effect on the transaction. You can buy from a buyer in France, while in India, without having to incur currency exchange rate.
Irreversible: Once the transaction is stamped legit by the miner, it is totally immutable in every way imaginable. No one on the planet has the authority to reverse the transaction. This attribute of the crypto transfer has its own pros and cons.
Safe and Secure: If you do not own a wallet, secured with a specified key, you can’t perform a transaction. Also, one cannot receive the currencies if they lack proper decryption cypher. Each block, the ledger, transaction, private stash are secured by a highly sophisticated encryption technique, making it impossible for hackers to invade. Also, you will be protected from identity thefts and the leakage of personal information.
Pseudonymous: Cryptocurrency transactions are completely anonymous and take place under the guise of pseudonyms. Nothing, not even your address can link you to the transactions. You can send cryptos to your next door neighbor, and he will not know it was you who sent them. Some fear that it could lead to money laundering and terrorism funding, which is definitely a cause of concern.
Free of permission: Literally, there is no gatekeeper in the cryptocurrency world. You don’t need to seek anyone’s permission to send, mine and receive cryptocurrencies. There is no governing and regulatory body to monitor and control the transaction and mining. All we need to do is to download the required software in your laptop or desktop, free of cost, to perform the transaction of a wide variety of Cryptocurrencies like Bitcoin, Ethereum and so on. Recently, news about Bitcoin Trader, the trading tool hit the finance market and many traders got impressed by its attribute of automation.