The emergence of Bitcoin back in 2009 has changed the concept of modern transactions. People are no longer biased in favor of the fiat currency due to the embracing of cryptocurrencies. Though Bitcoin started its journey back in 2009, it grabbed the attention of media and investors in April 2013. At that time, the price of 1 BTC was equivalent to $266. This was the first time investors realized that its value would skyrocket shortly. Within the next 4 years, Bitcoin secured a record high in 2017 by trading at $20,000.
By seeing the steady increase in the demand of Bitcoin you can clearly understand it has a huge market value. Things are not only limited to Bitcoin as different types of cryptocurrencies have secured a decent place. So far, more than 2957 cryptocurrencies are available which works on the different algorithms.
So, what is the future of the crypto industry? Can we rely on it? Well, to get your answer you have to understand how cryptocurrencies will be used in mass transactions shortly. Read the article carefully and you will find the answer.
Anonymous transaction
Some investors and wealthy people love to spend money anonymously. They are not willing to disclose their personal information by any means. Even after following strict protocols, details are often leaked from the leading banks. But this is not going to the case for cryptocurrency users. As the transaction takes place based on unique blockchain technology, it’s very hard to track the source of the fund. It requires money and skill to know the details of the user.
At times, you might be able to get the address of the wallet but still, the user data will be safe. In terms of privacy, cryptocurrencies are most likely to become more popular shortly.
Low transaction
When the big players transact money via the traditional banking system, they have to spend a decent amount of money in the form of processing fees. But this can easily avoid by taking advantage of cryptocurrency transactions. For this reason, many big investors in Canada are looking to buy ripple at a possible price so that they can operate financial transactions in a low-cost environment.
Since there is no middle man involved in the cryptocurrency transaction, the process is must faster and cheaper. If you are looking to cut down your business cost by embracing crypto, you might have a look at bigX because they are a well-reputed exchange house for crypto users.
Secured payment options
Considering the traditional banking system, cryptocurrencies transactions are much more secure because every transaction is completed in a complex encrypted medium. It makes it hard for hackers to get access to big funds. In other words, the investors are going to enjoy a safer zone while operating with millions of dollars. Think about the regular banking system. Chances are very high that hackers can easily exploit personal and business information via malware or personal manipulation. But this is not going to happen if you start accepting cryptocurrencies in your business. Based on this fact, we can assume that more companies like IBM, Microsoft, etc. are going to embrace Bitcoin and other digital assets shortly.
Massive alternative
If you operate your business cost via online banking you are bound by fixed sets of rules. Failure from the banking industry might cause a temporary pause in your payment schedule. Regardless of the size of your business, you are directly connected to the banking system. But if you start using crypto, you have a massive alternative to use to conduct your financial transactions.
For instance, you can use Bitcoin, Ethereum, Dash and Ripple to pay the suppliers or employees. You can help your customers by enabling such payment options. So, you can clearly see that the scope of the crypto industry is insane.
