Top 9 Advantages of Cryptocurrency for Mobile Apps
The term Cryptocurrency is the growing trend now. It is rapidly gaining high score from all the technology geeks and the public. Initially, it looked much scarier concept which would be impossible for non-technical to understand but later its concepts proved to be lighter. That initial build-up was similar to the one we experienced during the introduction of the credit cards into the society. The cryptocurrency uses the blockchain technology to offer the service to the users.
Growth of Cryptocurrency
Although there are various controversies arising over the cryptocurrency, we can find many popular business organizations using the cryptocurrency. Staying ahead of the crowd is the main objective of those companies which is the vital cause behind coining the cryptocurrency in their business process. Cryptocurrency is nothing but a simple digital currency that is designed using encryption technology. The lead is that these currencies work independently of the normal banking system.
Most commonly it is used in buying and selling of the goods or services in online mode. Now, it is growing to be accepted payment mode among the vendors and their customers. If you are wondering whether to employ the cryptocurrency into operation for your business, then the answer is it depends upon your business needs. There are many cryptocurrency developers in Chennai whom you can consult to create your ideal one. Although there are certain advantages in using the cryptocurrency out of which some of them are listed below.
Cryptocurrency works on decentralized technology hence it does not require the involvement of the bank. There will be no necessity to verify each and every transaction. Since there is zero involvement of bank no fee is required. Thus, you save around 2 to 5 percent of the charge consumed over each transaction. By doing so, you completely eliminate the sharing of your hard earned money for simple transfer and verifications.
The transaction speed grows multiple times when compared to the normal online transaction. It is frustrating that you wait for your money to be transferred to your own account. In the case of the cryptocurrency almost there is zero waiting time. It is tested in the real-time and works very fine with a transaction speed of merely few minutes. While some banks are still slowing down their transaction rate, the cryptocurrency is growing to be the better alternative.
Stay Secure From Fraudulent
The blockchain technology is completely different from the normal online transaction. Once a payment is made there is no operation taking place at the server. Instead, the decentralized technology called the blockchain stores all the record making it impossible for anyone to access it other than the original user. Hence, there are no worries about the security of the money. You can enjoy a safer and faster transaction.
When it comes to normal currency we face a huge problem, especially while traveling abroad. There are wide variations in the value of the currency from one country to other; hence making international transactions are becoming a tough task. With cryptocurrency, all these barriers are broken. You can make business payments across the world using the bitcoin where the value of the cryptocurrency stays the same.
Meet New Customers
When you implement cryptocurrency into the business by default you take your business to the next level. You will get the opportunity to make business process with international clients. By enabling cryptocurrency into the business you will get a key to explore more in the market. This is much preferred by the clients around the world especially when the transaction amount is huge. There is no electronic interference that occurs in your transaction.
Track Your Payment
The normal banking transaction system will need the transaction ID to track the payment. This will take around 3 days to exactly complete the process. The time in between automatically creates uncertainty for both the sender and the receiver. With the cryptocurrency, tracking the transaction at every second is possible. More data as the exact time of delivery of the payment can be gathered within seconds. The process involved in the cryptocurrency is crystal clear hence tracking is much simpler at any instant of time.
High Confidentiality and Privacy
For accessing all the functionalities of the bank you need to provide all your personal details to the bank. Cryptocurrency does not require much information as in the case of the banking system. By switching to cryptocurrency your privacy will remain unaffected. However, different coins have different levels of privacy system. Before choosing your ideal cryptocurrency, make sure that you read all the conditions and make a thorough research of the currency. Overall cryptocurrency is the best deal for all those who are much conscious about revealing their identity.
Effective Push Mechanism
In a credit card system, you will provide your card to the staff to be swiped allowing him to access your credits even if it is a small amount. These credit cards operate on the ‘pull’ mechanism, which will initiate a payment and pulls away the designated amount from your account. Whereas in the cryptocurrency uses the ‘push’ mechanism, where the currency holders will decide on the amount to be sent. There is no further information shared with the vendor or any other middle-man.
Gives a Cutting Edge
Today, there is a cut throat competition prevailing in the market. In order to survive, you must always keep introducing something new to your business. Emphasizing on the use of cryptocurrency will give you niche over your other competitors.