6 reasons why you should choose crypto over fiat

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ecodebase2021/07/26 00:43
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If you're yet to adopt crypto as your primary monetary system, you need to quit sitting on the fence and get your feet on the ground right away. In this post, I will be sharing with you 6 solid reasons why you should adopt and start using crypto in place of fiat.

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6 reasons why you should choose crypto over fiat

If you're yet to adopt crypto as your primary monetary system, you need to quit sitting on the fence and get your feet on the ground right away.

In this post, I will be sharing with you 6 solid reasons why you should adopt and start using crypto in place of fiat.

 

6 reasons why you should choose crypto over fiat

No queues to deposit or withdraw your money.

No explaining of the where, why and how of your transactions to anyone.

No exorbitant remitance fees.

Near-instant payment delivery.

No carrying of loads of cash around.

Be anonymous and ensure your privacy

Let's discuss each of the above points in detail below.

 

1. No queues to deposit or withdraw your money.

One of the unpleasant hallmarks of banks is their tendency to waste your time while trying to deposit or withdraw your own money.

You would usually have to queue in line for a few minutes and sometimes hours during peak periods, just to deposit or withdraw cash.

The situation is different from crypto.

From the comfort of your home, you can purchase crypto with your bank card and have it deposited into your wallet almost instantly.

More so, sending that coin or token to another wallet is also easy and fast, though some waiting is required for the money to arrive on the other side.

Depending on the blockchain you're transacting on, this could range from less than a second to a few minutes, and on very rare occasions and during heavy network congestion, hours.

However, unlike at the bank, you don't need to kill your time while waiting for the transaction to be confirmed.

Once you send a crypto transaction, you can move don't do whatever you want to do while the blockchain finalised your transaction.

 

2. No explaining of the where, why and how of your transactions to anyone.

Banks will require you to explain the source of your funds especially when it involves significant amounts, restrict how much of your own money you can move at a time, and give you other ridiculous conditions all under the excuse of "protecting your money" or preventing money laundering.

However, did you notice none of those explanations is present when you're making the deposits? It's only usually when you're taking the money out which means they want to make it difficult for your to take it back.

However, with crypto, you can send any amount of money you like, to any wallet address you want, at any time, without having to explain yourself to anyone.

But if you use centralized exchanges and other regulated platforms, your transactions will be subject to similar scrutiny as with the banks.

Therefore, the only way to avoid being questioned entirely is to use decentralized wallets and platforms to carry out your crypto transactions.

 

3. No exorbitant remitance fees.

Transaction fees for sending a crypto payment to any part of the world is negligible, compared to using traditional payment channels.

You can send billions of dollars worth of any cryptocurrency for pennies or just a few dollars transaction fees at most.

Traditional remittance settlements will take up to 7% of the total amount being sent.

This is literarily "sharing" your money with the payment processor for a service that would cost you less than $10 to handle with crypto.

Even using a centralized, crypto-based remittance company costs far less (about 2% to 3%).

 

4. Near-instant payment delivery.

Crypto payments are instantaneous.

It could take from a few days to weeks to send money from one country to another using international payment systems.

You wouldn't have to wait that long if you use crypto to send the money. Most cryptocurrency payments will finalise in a few seconds to a few minutes.

Though I must also tell you that, during periods of high network activity and congestion on naturally slow blockchains like Bitcoin and Ethereum, you may have to wait for a few hours for your payment to confirm.

But these are rare situations and are usually short-lived.

 

5. No carrying of loads of cash around.

You can hardly travel with any significant amount of physical unnoticed and without being harassed into explaining why you're carrying such large amounts around.

A trillion dollars worth of your favourite crypto would fit into a tiny app on your phone which you can move to and spend anywhere in the world absolutely unnoticed and without having to declare anything to anyone.

 

Be anonymous and ensure your privacy

Cryptocurrency transactions are anonymous and in some cases, absolutely private.

Nobody can tie your transactions to your physical identity, except you have exposed your wallet address prior.

However, with the right resources, and given sufficient time, any interested party can deanonymise your transactions and link them to you. And then they can see both your past, current, and future transactions wherever they go.

Therefore, to maintain your anonymity and some privacy, you just have to keep knowledge of your personal wallets private and use strong privacy coins like Monero if you really need to be invincible.

 

Conclusion

Aside from their investment appeal, cryptocurrencies are a better payment system than existing financial systems.

The cost of using cryptocurrencies for payments and settlements is lower, transactions are faster, more convenient, and secure.

 

What other reasons do use to justify crypto over fiat? Share with us in the comments section below.



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