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What will keep people from getting into cryptocurrency?: What will keep people from getting into cryptocurrency? : Nigerialog.com - Nigeria's Premier Online Forum

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What will keep people from getting into cryptocurrency?

By: Bitssa |Time : September 21, 2018, 08:00:59 AM
We at bitssa.com believe that it is only the fear of the unknown that will keep people from getting into cryptocurrency. It is true that the majority has no idea what Cryptocurrency is all about, how does it work and what could be the possible advantages of investing in a cryptocurrency. And certainly, for any layman, such questions must be raising a lot of doubts in his or her mind for venturing into the world of cryptocurrencies. Humans have always believed in conventional wisdom since times immemorial. They have always opted for tried and tested methods but whenever the question of trying anything new and revolutionary arose humans have always trodden cautiously. It is only about time that people will realize the importance of investing in a highly advanced, sophisticated and secured value storing currency like cryptocurrency. We can say that it is only a lack of education that can be held responsible for people's ignorance and fear of cryptocurrencies. As far as unpredictability is concerned, who knows what the future hold for us. We may live for 10 thousand years on this planet or there could an apocalypse tomorrow. Same can be said about cryptocurrencies. All those investors who have reaped huge returns on their investments in cryptocurrencies must be wary of all the pitfalls of investing in it. The best advice is to do a thorough research before getting into cryptocurrencies. Instead of asking a question like what will people from getting into cryptocurrency? ask what is it that keeps people interested in cryptocurrency. Honestly, the answers are many to this question:

a) Cryptocurrencies facilitate Quicker, cheaper, and secure bank transfers

The way we or even transfers money is so obsolete. Some bank transfers even take a couple of days to complete the transaction, with correspondent banks and nation-specific clearing intermediaries involved on both sides. However, by using digital currency, bank transfers could be completed in no time as they are cheaper, safer, and quicker when compared to the conventional transactions.

b) An encouragement to global remittances

Utilizing digital currency, even private users can transfer money directly whoever they want through smartphones, of course, with the only rest fee being those taken by the exchange platforms. While conventional money transfer companies had to have carry principal just in case of any delay in international money transactions, capital requirements are very much necessary for companies who use digital currencies.

However, minimizing the fee may make it simpler for small players to take steps in the remittance picture or for current players to make transactions possible in even small towns and extremely remote countries.

c) Safe money for the poor

Digital currencies can become a safe and secure way of payment especially in nations where the majority of the citizens do not hold bank accounts. While utilizing Bitcoin as another currency in such nations would expose people in the country to a particular amount of risk, but still, it would be a better one when compared to the current options especially in high-inflation countries. For instance, it is safer than stashing hard cash at home or purchasing precious jewelry.

c) Discovering the potential of e-commerce

Since virtual currencies allow customers to transfer funds just like an email or a message, online shopping soon turns into a much smoother and more straightforward process. Digital currencies can also let SMBs in developing nations to more interact on a global level in e-commerce.

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