If you’ve been following the ups and downs of the value of cryptocurrency in the news, you likely have either read or seen news about banks, credit card companies and other financial institutions of note cracking down on the usage of digital coins by their customers. You might think that these precautions are the sensible response to a largely new technology whose potential and limitations are still not quite measurable. Yet it is more precisely is an effort by these large entities to tamp down a threat to their very existence.
For those who have adopted cryptocurrency as a use of replacing traditional money, there might concern about these measures, but it’s unlikely they’ll have the desired effect of squashing the technology. And investors are still doing well with crypto, especially those who are receiving the assistance of digitally-enhanced trading programs like Crypto Code. The following are just some of the reasons that these financial behemoths are sweating out cryptocurrency’s impressive rise.
1. Ease of Use
Even the most technologically-impaired individual should have no problems dealing with cryptocurrency in terms of paying or receiving the digital coins. It’s simply a matter of buying or downloading a digital wallet and touching a button or two on a keypad or screen. Just like that, you can either receive or send money anywhere in the world to other crypto adopters.
2. Fees Fly Away
When you make a purchase with a credit card, you have to worry about the interest and other sneaky fees that crop up. When you make a peer-to-peer purchase with cryptocurrency of some sort, those fees, for the most part, disappear, making it an extremely cost-effective method of payment.
3. In No Time
When you need a bank to process a payment or have to wait for someone’s check to clear, there is generally a lag between when you are promised payment and when you actually receive it. This can be a financial hindrance to both individuals and businesses alike. Due the to the digital nature of a cryptocurrency transaction, payments are reflected in the receiver’s account almost immediately.
4. Privacy Concerns
When you are dealing with credit card companies or banks, you have to yield a lot of your personal information to do business with them. By contrast, cryptocurrency does not require any of that transferal of personal information.
5. Who Needs Them?
The bottom line is that cryptocurrency, in its various forms, has the potential, if adopted on a worldwide basis, to eliminate the need for the financial entities to which we have grown attached. It would be a financial world where the people are in charge of their finances once and for all.
As you can tell, the banks and credit card companies have a vested interest in throwing obstacles into the path of cryptocurrency. Still, it’s unlikely they’ll completely succeed in squashing this financial revolution now that it’s underway. It could be just a case of delaying the inevitable.
