In the past couple of years, cryptocurrency has swept the financial industry like a tidal wave. Not only has the crypto market become more popular than ever, but it has also become the third most profitable and most invested-in market in the world, only exceeded by the forex market and the stock market.
In every walk of life, you can meet a person who has embraced the phenomenon. The development has led many experts to predict that cryptocurrency will become a standard form of payment in the near future. Understandably, many have asked the question: What are the advantages of cryptocurrency? In this article, we attempt to answer this question.
We would be remised if we did not discuss the popularity of crypto-based gambling. The online gambling industry has, recently, become a multi-billion-dollar market. Not only that, but online casinos were among the first to embrace the crypto craze.
For the uninitiated, online casinos are websites where you can go and play your favorite gambling games. From slots, to roulette, to blackjack, and even craps, you can have it all on these sites. Not only that, but many offer tutorials, explaining how to play craps, poker, or any other game you might be interested in.
But, why might you want to gamble using cryptocurrency? Well, one of the major downsides of gambling online is the long payout time. When you use FIAT money to place a deposit, the payouts will usually take a week or more to process.
However, if you pay using cryptocurrency, the withdrawal processing takes less than a day. Often, you will get your payout within the hour. If it does take longer, it will never take more than 24 hours. For this reason, most people have opted to gamble using Bitcoin over traditional FIAT currency.
The 21st century can aptly be described as “the Digital Age.” The internet is an omnipresent aspect of our lives. And while it is true that our lives have been significantly improved and made easier, the digital age has its own disadvantages. One of which is the rise of cybercrime.
With cybercrime on the rise, it is not surprising that many people are looking to protect their online data. One of the ways to do this is to stay anonymous no matter what. However, when you need to purchase something online, sharing your information is inevitable…or is it?
With cryptocurrency, you can retain your anonymity. Crypto is a “peer-to-peer” system. Meaning you can buy and sell Bitcoin anonymously. However, it also means you can use Bitcoin to purchase items anonymously, as the payment doesn’t need to be processed by any middleman.
International payments often come with hefty fees. There are banking fees, exchange fees, and sometimes delivery fees that you need to consider when making international payments. However, cryptocurrency provides an excellent advantage when it comes to international purchases.
Due to the fact that crypto is a decentralized form of payment, the fees for international transactions are usually low. Sometimes, they are even non-existent. Cryptocurrency is not beholden to any intermediaries; therefore, you don’t have to pay any extra fees. And as the currency is the same no matter where you are, no exchange fees are necessary.
Easier and cheaper international transactions is one of the main benefits of using cryptocurrency. However, it also leads to the last advantage of crypto we would like to discuss; Its potential for charitable donations.
Some might be surprised to learn that cryptocurrency can help with charitable causes. Indeed, plenty of charity organizations and non-profits have begun accepting crypto-based donations. The reason is simple; there are plenty of causes around the world that require cash. However, plenty of these causes also can’t accept FIAT currency. The solution? Fund these causes using Bitcoin, Ethereum, Tether, or any other reliable altcoin.
The benefits of using crypto to fund charity are numerous. For one, the payment process is a lot faster. Another benefit is that you don’t have to worry about money exchange rates, as crypto is the same everywhere. Finally, you don’t actually need to go through any organizations. You can simply get in touch with a charity directly, and wire them crypto from your account.