While reading about the consistently changing price of the cryptocurrency, Bitcoin the many different benefits available from the Web-based currency far outweigh any concerns which may be appearing from experts fearing an uncontrolled rise in currency prices will create a bubble around the digital form of money. Technology experts such as Saleh Stevens have been spending much of their time revealing the many benefits associated with the currency which can be seen as more important than any concerns which may have arisen regarding the price of individual coins.
The overall aim of founder and programmer Satoshi Nakamoto was to create a new, digital currency capable of replacing the existing paper and metal currencies used across the world in a simple and effective way. Reviews of different cryptocurrencies by technology experts such as Saleh Stevens detail the many benefits available to investors looking to make a long-term investment in digital currencies which are growing in popularity. The consistent rise of the currency over the latter half of 2017 has caused some concern but the value of a currency over a single period of time does not always outweigh the benefits for individuals across the world.
Avoid taxation issues
Over the course of the development of cryptocurrencies, one of the major benefits above the overall value of the currency is the fact the digital nature of transactions makes it impossible for any government agency to keep track of the transactions taking place at any time. Stanford University reports the only way for any transaction between cryptocurrency users to be taxed is for the individual to self-declare their taxation needs which can be difficult as many payments are made across international borders over the digital domain.
Safety through Blockchain
The blockchain is one of the most important parts of the development of cryptocurrencies as this is a way of the actual ownership of a coin to be traced back to the original miner sourcing the currency using complicated algorithms. Rising costs associated with cryptocurrency mining have arrived with more than 16 million of the original batch of 21 million coins already being mined and sucking up a large amount of electricity and time for technology experts who do not wish to lose their hard-earned money through scams or security breaches. Keeping track of every aspect of the movement of coins through Blockchain technology makes it easier than ever to ensure secure transactions are always taking place.
Banks are finally accepting cryptocurrencies
One issue many individuals have identified as an issue with cryptocurrencies is the lack of institutions accepting coins as a form of payment. Executives at Merrill Lynch have been reported as stating any trader investing in cryptocurrencies will have their employment terminated but banking institutions in Russia and many top European capitals are now accepting cryptocurrencies to add another layer of authenticity to this new form of currency. Profit Confidential reports a company in Sweden has already been incorporated by the government of the Scandinavian country despite only accepting cryptocurrency payments.
The chances of fraud are lower
Online retail and service providers are often defrauded by unscrupulous groups who order items before reversing credit card payments once the product has been mailed for delivery. Cryptocurrencies are given a private key which changes with the new owner meaning the issue of Online retailers losing their payment is reduced as the buyer does not have the opportunity to change their payment options once they have completed the transaction.
Lower transaction costs
The development of cryptocurrencies has largely been completed in a bid to take the majority of transactions Online with a move towards lowering the overall cost of a transaction when compared to credit cards and bank transfers. Overall, the average cost of a cryptocurrency payment is around 0.0005 coins per transaction which compares more than favorably with the average credit card cost of between three and five percent of every transaction completed.
In general, technology experts such as Saleh Stevens believe the rising value of Bitcoin should be seen as a benefit of the currency as this shows how important this form of digital currency is becoming to the traditional markets of the global economy. Volatility on the traditional markets has also had an effect on the cryptocurrency development seen in 2017 as mainstream investors are seeking new ways of developing the currency across multiple platforms as they see the success achievable with the development of investments in this new area of currency trading. Adding multiple layers of security through Blockchain and Wallet authentications has also made this one of the safest ways of completing Online transactions in the most secure way possible.