Lower Risk Than Traditional Currencies
Another prominent advantage of Cryptocurrency is its risk is lower than traditional currencies.
In this era, most people rarely have their cash in their possession now. Instead, they have an array of credit cards, debit cards and other payment cards available as their nations’ method of payment.
Nothing’s wrong with that, except however if the store’s connection to the server is disconnected or their machine is out of service, and you who do not possess any cash just ended up holding the line.
The thing about these cards are, any purchase you are making, you are giving the end-receiver access to your full-credit line. No matter how small the amount of the transaction is, the fact that you are giving someone your card to gain access to your account is already a form of ‘breach’.
Most of this ‘breach’ is considered secure nowadays using differing safety measures like ‘PIN enabled’ or ‘Pay wave’ methods.
Then, the store initiates payment by ‘pulling’ the designated amount from your account using the information provided within your card.
Cryptocurrency doesn’t work that way. Instead of a ‘pulling’ mechanisms, it ‘pushes’ the amount that needed to be pay or receive to other cryptocurrency holder without any further information needed.
Payments are possible without your personal information being tied to you the transaction. Your account can be backed up and encrypted to ensure the safety of your money.
By allowing users to be in control of their transactions helps keep Bitcoin, Ethereum or other distinguish Cryptocurrency safe for the network.