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Are People Actually Getting Benefited by Cryptocurrencies

Are People Actually Getting Benefited by Cryptocurrencies
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Cryptocurrencies have been on the rise for the past few years, and it is only expected to skyrocket not only in popularity but also in their use cases. They are emerging faster than ever before as they start seeing more investors believing in their growth and potential to change the world’s economic structure for the better. Today, we know many outlets such as Subway, Whole Foods, Home Depot, and Quiznos that accept cryptocurrencies and other forms of digital currencies. Moreover, there are many companies such as PayPal, Shopify, Expedia, Overstock and many more that accept them in their day-to-day businesses as a mode of payment.  

Earlier, when cryptocurrencies were in their infant stage, it was challenging to understand their mechanisms and help people realize the value they can bring to the world. But with tremendous amounts of information on websites, blogs, videos, and other forms of content channels, it has become more convenient for everyone to look for the right information as and when required.  

As investors are earning higher returns, many are interested in investing in cryptocurrencies with due diligence and having a thorough knowledge of cryptocurrency trends and volatility.  

Allows direct money 

Many countries such as China, India, Pakistan, Nigeria, and more still have the bulk of the population that does not have bank accounts. El Salvador is another country where a lot of citizens still do not have bank accounts. Carrying cash and staying safe with a bunch of currency in their pockets can be extremely dangerous and inconvenient. This is where cryptocurrencies play a part. They allow direct money to the recipient with minimal fees and the utmost convenience during the transfer process.  

Saving becomes easier 

Investing and saving through cryptocurrencies becomes easier with the vast availability of various cryptocurrencies in the crypto market. Each exchange office and storage method depends on your objective of investing in cryptocurrencies. One great way to save money with the help of cryptocurrencies is to open an account with a particular stock exchange that you trust and offer a deposit of a chosen amount of cryptocurrency. The crypto exchange is another efficient way through which you can conveniently buy cryptocurrencies to save money. You can invest in multiple cryptocurrencies to reduce the risk of losing all your money in one single cryptocurrency.  

Easier money transfers 

Not all cryptocurrencies, but some emerging ones such as XRP help the owners to transfer money within seconds. The transfer takes less than 4 seconds which is an equivalent of 0.00063 gallons of gas per transaction. XRP uses way less gas to make a transaction, saving money and the environment. If you transfer 100$ to an overseas bank account, that transaction is immediately reflected in the recipient’s bank account. 

Checking the authenticity of brands 

VeChain is a cryptocurrency that focuses on supply chain and logistics requirements for companies and the general public as well. But a unique contribution of VeChain is that it also helps people check the authenticity of goods and brands. Let’s say you want to verify if the medicines that you ordered are genuine and do not contain any malpractices such as enforcing child labor, VeChain helps you verify that as well.  

Final thoughts

There are newly introduced cryptocurrencies that are helping the real world and the everyday lives of people like us. Bitcoin has opened the path for many cryptocurrencies being the pioneer. And we are yet to see more such everyday uses of cryptocurrencies that are going to transform the world and the lifestyles of everyday people.  

About the author

Aiswarya MR

With an experience in the field of writing for over 5 years, I find my passion in writing for various topics including technology, business, creativity, and leadership. I have contributed content to hospitality websites and magazines. Currently looking forward to improving my horizon in technical and creative writing.