Around four percent of Canadians own or use Bitcoin. That’s roughly 94,000 people, and that number grows each year.
This rapid growth is a result of many more people investing as they learn about the benefits of crypto. Despite this, a lot of people still don’t understand crypto or the advantages it brings.
For five of the most important benefits of investing in crypto, keep reading.
1. Transaction Costs
Depending on the blockchain you’re using, this can be one of the most significant crypto benefits. Financial transfers vary greatly in terms of the fees charged. International transfers, for example, tend to cost a lot more than domestic ones.
Most cryptocurrencies have incredibly low fees. You can often send crypto to another wallet for a fraction of a cent. There are no international fees as it works through a decentralized network.
2. Transaction Speed
There is a range of ways to move money around, but most can take quite a bit of time. A lot of financial institutions can take several days to complete a transfer. Even stock trades can take a few days.
One of the benefits of cryptocurrency is that it rarely takes over an hour, and is often just minutes or seconds, regardless of where it’s being sent. A block that carries out a transaction is confirmed by the network very quickly, and the funds will be available to use straight away.
Anyone with a computer or a smartphone and an internet connection can use crypto. It’s easy to set up a wallet and you can convert your fiat money to crypto through an online exchange.
Some are focused on certain countries. VirdoCX, for example, has a mobile app that lets Canadians buy Audius, Bitcoin, Ethereum, and other cryptocurrencies in minutes. You don’t need to wait for background checks or ID verification and you won’t need to deal with a bank or other centralized authority.
Of the various cryptocurrency benefits, this one appeals to many people the most. All transactions go through a publicly distributed blockchain ledger. Because of this, anyone can view transaction data. You can see any transaction along with details such as time/date, the amount, and the wallet addresses involved.
This hugely reduces the risk of fraud as people can view clear details of any transactions, or show proof of available funds.
5. Inflation Protection
One of the problems with saving fiat currencies is that they can’t protect against inflation. Cryptocurrencies, however, can. Many cryptocurrencies use capping methods to ensure there’s a limited number of coins available.
Because of this, as the growth of money goes beyond the growth of the crypto, the value of the coin should increase. Investing in crypto is therefore a great way to hedge against inflation.
Are the Benefits of Crypto Worth It?
When weighing up the pros and cons of crypto most people would agree that it’s worth investing in some. It’s easy to do, you can make quick, easy transfers, and your funds will be secure.
These are just some of the key factors, but there are many other benefits of crypto. If you’re interested in reading more tech articles check out some of our other blog posts.