Is Cryptocurrency Secure and Safe? Why Should You Use it?
We have already written a detailed article to explain Cryptocurrency in which we discussed many questions, e.g. What is Cryptocurrency, What are the top Cryptocurrencies, How to protect Cryptocurrency, Who invented it, and so on… Today, we will tell you whether Cryptocurrency is secure or not and why should someone use it?
Why should you use Cryptocurrency or Digital Currency?
Speed of Transactions: It’s Quicker than Conventional Transactions
When you pay with a credit card or send a check to someone, conventional methods take 1-3 days to process the transaction with our current banking system. This is a flawed concept; especially in an era when speed and instant information is king. In summary, the current monetary system is a trip back into the prehistoric days of old. Digital currencies are the future for processing transactions, reducing transaction speeds to within minutes or even seconds. Transactions can be presumed to be instantaneous if they are zero-confirmation transactions. This means that the recipient may take a risk on accepting that transaction even though it hasn’t been confirmed by the blockchain.
The cost of Transactions: Low Transaction Fees
While you may be thinking credit card transactions are instantaneous and that it puts them on the same level as digital currencies, this is simply not true. When it comes to credit card payments, your merchant and yourself pay for transaction processing (though you may not actually notice it because it’s tied into the price of what you purchase). Credit card companies generally charge a transaction fee for every purchase you make. This transaction fee gets passed down for the merchant to pay, and ultimately you are on the receiving end of the fee. With digital currencies, there is a very minimal fee that gets charged per transaction in order to “confirm” or process it. These fees go to the miners, who are the ones ultimately supporting the network.
Decentralization: Central Governments & the Use of Digital Currencies
Throughout history, there have been several incidents where governments blocked the withdrawal or use of their official fiat currency. Even taking a step further, when the Great Depression hit the United States there was a major collapse in the entire monetary system. This caused mass panic and 10 years of economic depression. With digital currencies, everyone secures their own coins rather than being forced to rely on a central institution. No one else can control the money and no one can block you from your hard-earned currencies.
Fraud Protection: No Chargebacks & No Fraud
With the majority of digital currencies, chargebacks are impossible. Once you send a transaction, they are sent with no possible way of retrieval (unless the receiver volunteers to send them back). This ultimately protects the merchant from fraud. Oftentimes PayPal, credit card companies, and several institutions are in control of where fiat currency goes, which increases the chances of fraud significantly.
Identity Theft Protection: Solved
Most online transactions are insecure; especially in the case with credit cards. Credit cards do not have any degree of measure to protect you from identity theft, other than the trust that lies with the institution. You enter all your information and trust the site to keep your information secured. No wonder credit card theft is an issue! Remember the Target incident? Digital currencies do not require any personal information from the user. You have 2 keys: one is your address (to send and receive coins) and the other key is secret. No one can duplicate, replicate or know who uses it. You create
Digital currencies do not require any personal information from the user. You have 2 keys: one is your address (to send and receive coins) and the other key is secret. No one can duplicate, replicate or know who uses it. You create an individualized certificate when both of these keys are combined into a math formula. This makes it impossible to copy and reuse the same key. This is the underlying principle of how digital coin transactions work.
Anonymity: It’s As Private As You Want To Be
Have you ever purchased something that you didn’t want others to know about? Well, digital currencies have a solution for that. Whenever you make a transaction, your address — along with the transaction amount — is logged in the blockchain. The blockchain is a bookkeeper, but it can’t identify anyone at any time. Everything remains as anonymous as you want, but someone could reveal your identity through all the transactions you make from your address. There are certain features that can be offered to track a transaction. Often, this is an extreme and difficult process. You are always free to take certain measures to keep yourself totally anonymous with any transaction you make. Always remember that Bitcoin is secure but the Dash (previously known as DarkCoin) is almost untraceable that makes it the best as far as anonymity is concerned.
No Trust, No Fraud: You Don’t Need to Trust Anyone Else
Let’s talk about trust. How many people do you trust with your hard-earned money? You essentially trust giving your money to people and businesses around the world such as banks, your workplace, bankers, Internet sites, your stocks, 401k and much more. Essentially, there is no limit to who you trust because that is the system we are all manipulated to believe in. If the system fails, then everything will turn chaotic.
Digital currencies offer a simple solution to this. You are the master, you are the keeper and you are the owner of your money. You don’t have to trust anyone with your income. That’s the beauty that is hardly ever seen; being responsible for your own money and having ultimate control over it.
You Own Them: It’s Yours
You are the 100% owner of your digital currencies! Unlike the government’s monetary system or institutions you “create a personalized account” with, you will always have the luxury of what, where, why and how you use your digital currency. For example, let’s take the banking institution PayPal. You spend about half an hour filling out your social security number and every piece of information that reveals your identity to them. After all that, you are issued “your own” account. This isn’t actually the case. Deep in the heart of fine print within the Terms of Service, it is stated that PayPal is indeed the owner of all your cash and your account as a whole. Wait, what? That’s right, whenever you are using a banking or an electronic form of payment, you may be subject to an account closing and monetary losses. Obviously, these institutions can’t just take your money; that would cause a massive upstir. But they do have the power to do so if they wish.
Is CryptoCurrency Safe and Secure? Should You Use It?
I hope now you know the answer to this question. The features like Anonymity, Identity Theft Protection, Fraud Protection, etc. makes the Cryptocurrency very safe. And who won’t want to use such currencies in which you have full control and transaction fees are also low compared to banking transactions.