Cryptocurrencies - why do we need them?
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Aug. 12, 2019
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Cryptocurrencies may just be causing a few sore necks of late. With more people turning to them and wanting to understand how they work, their uses are increasing, developing and expanding.

Cryptocurrency as a form of payment is being rolled out across several industries throughout the world. The online gaming industry is just one example where businesses are taking advantage of all the benefits that cryptocurrencies bring to the table. In fact, this trend is happening at such a pace that many believe that it is only a matter of time when established names including PartyCasino and other global operators will embrace it in every way possible. However, it’s not just poker players and slot enthusiasts that are benefiting from crypto. We need them for many purposes. This is what we will discuss here. Keep reading to discover what cryptocurrencies and related technology are good for – and why we need them.

1. Peer-to-Peer payments

Starting simple – but not small – cryptocurrencies allow anyone to transfer money to another person regardless of their location. Some state this can also be done with fiat currencies via banks and money transfer companies. Which is true to an extent but not with the same convenience that crypto affords.

First off, not everyone has a bank account and not everyone has easy access to money transfer services so crypto already takes the podium here. It could be argued that not everyone has access to the Internet but that argument is outweighed by the fact that over one billion people still do not have banking services.

Not perfect, but crypto is cheaper, safer and faster which helps everyone but especially those living in economic crisis!

2. Crypto affords full control

Cryptocurrency may allow anyone to have their own replacement banking service, but it is often overlooked that crypto also allows those with a crypto wallet to be their own bank managers. Having full control over finances is nothing new to many users, but it is of extreme importance to some peoples living in certain countries.

Countries that have been experiencing hyperinflation have been known to seize cash and assets from its citizens. This unfair and devastating action can be done on fiat currencies but crypto is borderless and not at risk to these shocking threats. One example is Venezuela, where the president decided that all 100-bolivar banknotes were invalid to try and help the economy.

Crypto again comes to the rescue of these problematic countries and helps citizens protect their wealth.

3. Microtransactions

There is also a plethora of advantages of crypto that is felt by everyone and not those under financial pressures. Microtransactions are one of them.

Microtransactions are small transactions that involve the equivalent value of a few cents or pennies. When these payments were needed online, say to watch a movie or read an article, the actual price was significantly higher because the banks wanted their cut too. This is where minimum card spends come from.

Crypto doesn’t have these barriers because the middleman is removed, and small fees remain small. This opens up opportunities for businesses and adds to cryptos overarching convenience factor.

These are just three reasons why crypto is needed to improve the lives of many and opportunities to businesses.

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